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What Is A Strategy Map And How Is It Different From A Balanced Scorecard? |
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Answer» Strategy MAP is a VISUAL REPRESENTATION of the organization’s strategy. It identifies the strategic objectives that the management team needs to focus on, and the linkages (cause- effect relationship) that exist between them. Strategy Map is the starting POINT for developing the Balanced Scorecard. The Balanced Scorecard translates the organization’s strategy, as identified in the strategy map, into a comprehensive set of performance measures, targets, and set of initiatives, providing a framework for performance management. Strategy map is a visual representation of the organization’s strategy. It identifies the strategic objectives that the management team needs to focus on, and the linkages (cause- effect relationship) that exist between them. Strategy Map is the starting point for developing the Balanced Scorecard. The Balanced Scorecard translates the organization’s strategy, as identified in the strategy map, into a comprehensive set of performance measures, targets, and set of initiatives, providing a framework for performance management. |
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