A balanced scorecard

From this early experience, the concepts of manufacturing/industrial ´efficiency´ were born with the underlying comparison of ´standard time´ to available hours usually calculated from the discipline of ´clocking in´. Whilst the concept of manufacturing efficiency is still a valid one even today, the shortcomings of such an approach are now well recognised particularly in terms of the way such measures can drive behaviours, which are unhelpful to the overall objectives of most modern businesses. Modern measurements are now more directed at providing a balanced set of numbers, which together portray the health of any business in a more rounded way. ´Balanced scorecard´ is the shorthand way that such overall approaches to measurement are now referred. The authors give some factors that must be borne in mind when establishing performance measures