Foundations of Management, Anderson University DBA

Summer 2001
The Balanced Scorecard: Historical
Development and Context, As Developed
by Robert Kaplan & David orton
KARL R. KNAPP
Anderson University Anderson IN
ABSTRACT
This paper discusses the genera theory of the Baanced Scorecard and
traces its historica origins! The Baanced Scorecard is "ased on three main
areas# Measurement, $uman %eations, and &ustomer 'aue Discipines!
The "asis in measurement dra(s on Management "y )"*ectives! The human
reations schoo of management and open+"oo, management theories are
in-uentia! The customer vaue discipine in,s the scorecard to the strategy
of the .rm!
The Balanced Scorecard
The Balanced Scorecard is
a theory and management
approach frst proposed in the
Harvard Business Review by
Robert S. Kaplan & David .
!orton "#$$%&. ' subse(uent
boo)* The Baanced Scorecard*
was published +ollowing this
article "#$$,&. The most recent
refnement o+ this theory and
management approach appears
in Kaplan & !orton-s boo)* The
Strategy+Focused )rgani/ation
".//#&. This paper attempts to
present a high0level overview o+
this management theory* along
with a description o+ its
historical +oundation and
development.
's defned by Kaplan and
!orton "#$$,&* 1The Balanced
Scorecard translates an
organi2ation-s mission and
strategy into a comprehensive
set o+ per+ormance measures
that provides the +ramewor) +or
a strategic measurement and
management system3. This
strategic management system
measures organi2ational
per+ormance in +our 4balanced-
perspectives5
Financial 6 summari2es 1the
readily measurable economic
conse(uences o+ actions
already ta)en3.
Customer 6 contains
measures that 1identi+y the
customer and mar)et
2001"y 0ar %! 0napp age # o+ #% 0122322001
Foundations of Management, Anderson University DBA
Summer 2001
segments in which the
business unit will compete
and the measures o+ the
business unit-s per+ormance
in these targeted segments3.
Internal Business Process
6 measures the 1critical
internal processes in which
the organi2ation must e7cel3.
Learning & Growth 6
measures the 1in+rastructure
that the organi2ation must
build to create long0term
growth and improvement3.
To create a Balanced
Scorecard an organi2ation-s
management team translates
the mission* vision* and strategy
o+ the frm into a scorecard. The
scorecard measures should
represent both long0term and
short0term success in the
e7ecution o+ the strategy. The
measures are arranged in the
+our perspectives. The
scorecard should contain both
outcome measures that indicate
e7cellent prior per+ormance*
along with the per+ormance0
drivers that create success+ul
+uture per+ormance.
This 4balanced- +ramewor)
enables a management team to
e7ecute the +ollowing +our
strategic management
processes5
8lari+y and translate vision
and strategy.
8ommunicate and lin)
strategic ob9ectives and
measures.
lan* set targets* and align
strategic initiatives.
:nhance strategic +eedbac)
and learning.
These +our strategic
management processes are the
)eys to the Balanced Scorecard
theory.
Strategy-Focused Organization
The latest refnement o+
this concept developed +rom the
e7periences o+ companies
implementing the Balanced
Scorecard into their strategic
management processes. Kaplan
and !orton +ound that
implementation o+ strategy is as
important as the development o+
strategy. They propose that
success+ul strategy
implementation incorporates
the +ollowing fve strategic
management principles "Kaplan
& !orton* .//#&5
Translate the strategy to
operational terms.
'lign the organi2ation to the
strategy.
;a)e strategy everyone-s
everyday 9ob.
;a)e strategy a continual
process.
;obili2e change through
e7ecutive leadership.
2001"y 0ar %! 0napp age . o+ #% 0122322001
Foundations of Management, Anderson University DBA
Summer 2001
<ithin the fve principles
there are several elements.
These new elements add the
+ollowing new sections to the
theory5
Strategy Maps 6 Strategy
aligned with the value
proposition "see fgure #&.
Personal Scorecards 6
Strategy aligned with
personal ob9ectives.
Balanced Paychecks 6
=ncentive compensation
aligned with team0based
goals "scorecard&.
Strategic & Operational
Budgeting 6 Strategy
+unded.
Open eporting 6 'll
employees get the
in+ormation and management
meetings held to discuss
per+ormance.
Change Management 6 The
Balanced Scorecard is a
change management
program* enabled by the
scorecard.
>ne o+ the most use+ul
additions to the Balanced
Scorecard theory is the
Balanced Scorecard Strategy
;ap "Kaplan & !orton* .//#&. '
well0developed strategy map
clearly illustrates the company-s
strategy and the measures o+
success +or the strategy. '
template +or a strategy map is
illustrated on the +ollowing
page.
2001"y 0ar %! 0napp age ? o+ #% 0122322001
Foundations of Management, Anderson University DBA
Summer 2001
Balanced Scorecard Strategy Map
2001"y 0ar %! 0napp age @ o+ #% 0122322001
Shareholder Value
ROCE
Customer Satisfaction
Asset Utilization New Revenue Sources
Customer Value Proposition
Product
Leadership
Customer
Intimacy
Operational
Excellence
Increase Customer Value
Price Quality Time Functio
nanlity
Relationship
Service Relation
ships
Imae
!rand
Customer Profitability Cost er Unit
Improve Cost Structure !uild the Franchise Improve "sset #tili$ation Increase Customer Value
Productivity Strategy Revenue Growth
Strategy
Improve Shareholder Value
Customer Ac!uisition Customer Retention
Build the
Franchise
Innovation
Processes!
Increase Customer
Value
Customer
"anagement
Processes!
#chieve
$perational
%&cellence
$perational
Processes!
Be a Good
Corporate Citi'en
Regulatory (
%nvironmental!
Climate %or "ction Strateic Technoloies Strateic Competencies
# "otivated and Prepared )or*+orce
Figure 1: Balanced Scorecard Strategy Map (Kaplan &
Norton, 2001)
Foundations of Management, Anderson University DBA
Summer 2001
Balanced Scorecard ,istorical -Family .ree-
Principles of Management
Administration industrielle
Henri Fayol
1916
Management by Objectives
The practice of management
Peter Drucker
1954
Measurement & Goals
Hierarchy of Needs
Toward a psychology of being
Abraham Maslow
1962
Human Relations
Hawthorne Studies
Eldon Mayo
1945
Theory Y
The human side of enterprise
Douglass McGregor
1960
Open Book Management
The great game of business
Jack Stack
1992
Open Book Management
Open book management
John Case
1995
Eight Stage Change process
Leading change
John Kotter
1996
Communication, Motivation & Human Relations
Value Discipline
Discipline of market leaders
Micheal Treacy & Fred Wiersema
1995
Customer Value Discipline
Balanced Scorecard
The balanced scorecard
Robert Kaplan & David Norton
1996
Stategy Focused Organization
The strategy focused organization
Robert Kaplan & David Norton
2001
Figure 2 - Balanced Scorecard Hitorical !Fa"ily #ree!
Historical Analysis
The Balanced Scorecard is
based on three general
management concepts5
;easurement and Aoal
Setting.
8ommunication* ;otivation
and Human Relations.
Business Strategy.
The remainder o+ this
paper discusses the historical
evolution o+ each o+ these
management concepts.
Measurement & Goal Setting
The Balanced Scorecard
concept uses a 1strategic
measurement system3 at the
root o+ the theory. >ne o+ the
most widely used measurement
and management practices is
Management "y )"*ectives.
=n The 4ractice of
Management* eter Druc)er
"#$%@& introduced a concept
called Management "y
)"*ectives 5MB)6. 's defned by
Aeorge >diorne "#$,%&*
;anagement by >b9ectives is 1a
process whereby the superior
and subordinate managers o+ an
organi2ation 9ointly identi+y its
common goals* defne each
individual-s ma9or areas o+
responsibility in terms o+ the
results e7pected o+ him* and use
these measures as guides +or
operating the unit and assessing
the contribution o+ each o+ its
members3. =n this defnition* the
)ey is that subordinates
participate in the goal setting
2001"y 0ar %! 0napp age % o+ #% 0122322001
Foundations of Management, Anderson University DBA
Summer 2001
process. =t is the involvement o+
subordinates that allows
Druc)er the credit +or
development o+ ;anagement by
>b9ectives. 1This would dismiss
many o+ the claims made +or
previous use o+ ;B> by such
people as ;cKinsey* Barnard*
Bayol* or by such corporations
as Duont* Aeneral ;otors* and
Standard o+ !ew Cersey 6 frms
that >diorne claims used an
early ob9ective0based
management style o+
organi2ation3 "Areenwood*
#$D#&.
rior ob9ective based
management research and
implementation clearly
inEuenced the development o+
;anagement by >b9ectives.
Henri Bayol +ounded the
earliest thin)ing about the
+unctions o+ management. =n his
wor)* Administration
industriee et g7n7rae* Bayol
+ounded the +ourteen principes
of management "Bayol* #$#,&5
Division o+ labor "9ob
speciali2ation&.
'uthority & responsibility
"authority derived +rom
e7pertise* leadership* s)ill*
and )nowledge&.
Fnity o+ command "everyone
has one manager and only
one manager&.
Gine o+ authority "chain o+
command&.
8entrali2ation "pre+erred less
centrali2ed&.
Fnity o+ direction "singleness
o+ purpose&.
=nitiative "causes creativity &
innovation&.
:(uity "+air treatment +or
employees&.
>rder "eHiciency & career
opportunity&.
Discipline "en+orce rules to
achieve goals&.
Remuneration o+ ersonnel
"bonuses and proft sharing&.
Stability & Tenure o+
:mployees "encouraged long0
term employees&.
Subordination o+ =ndividual
=nterests to the 8ommon
=nterest "employees need to
understand how their
per+ormance aHects the
entire organi2ation&.
:sprit de 8orp.
;anagement by >b9ectives
and The Balanced Scorecard are
greatly inEuenced by Bayol-s
+our functions of management
"Bayol* #$#,&5
lanning.
>rgani2ing.
Geading.
8ontrolling.
Communication, Motivation &
Human Relations
>ne o+ the )ey
+oundational concepts o+ The
Balanced Scorecard is that
2001"y 0ar %! 0napp age , o+ #% 0122322001
Foundations of Management, Anderson University DBA
Summer 2001
employees are motivated by a
clear 4line o+ sight- +rom their
activities to the strategy o+ the
organi2ation. :mployees want
to understand the lin)age
between what they do* and what
the organi2ation-s mission*
vision* values and strategy are.
These ideas are based mainly on
the Human Relations School o+
management theory.
Open-Book Management
' ma9or premise that the
Balanced Scorecard is
constructed upon is that
employees need to understand
the business strategy* and have
in+ormation available to them
that enables them to e7ecute
and adapt their actions to
success+ully e7ecute the
strategy. This idea is clearly
inEuenced by the theory o+
>pen0Boo) ;anagement.
Cac) Stac) introduced the
concept o+ >pen0Boo)
;anagement The 8reat 8ame
of Business "#$$.&. =n this boo)
Stac) argues that 1the best*
most eHicient* most proftable
way to operate a business is to
give everybody in the company
a voice in saying how the
company is run and a sta)e in
the fnancial outcome* good or
bad3 "Stac)* #$$.&. Cohn 8ase
has +urther developed this basic
concept in several boo)s and
articles.
>pen0boo) management is
revolutionary because
conventional business operates
under two assumptions "8ase*
#$$%&5
' 9ob must be defned as
narrowly as possible.
<or)ers need close* direct
supervision.
The )ey steps to the
development o+ this archaic
management paradigm are
"8ase* #$$%&5
The rise o+ engineering* and
o+ the engineering0inspired
movement )nown as
scientifc management.
The pro+essionali2ation o+
management 6 the creation*
in eHect* o+ a separate
managerial class.
The rise o+ the adversarial
union.
8hanges in the
organi2ational and social
environment have prompted
changes in the approach to
management.
'ccording to 8ase "#$$%&*
1open0boo) management is a
way o+ running a company that
gets everyone to +ocus on
helping the business ma)e
money3. 8ase +urther argues
that open0boo) management
1ta)es those trendy new
management ideas 6
empowerment* TI;* teams and
2001"y 0ar %! 0napp age J o+ #% 0122322001
Foundations of Management, Anderson University DBA
Summer 2001
so on 6 and gives them a
business logic. =n an open0boo)
company* employees understand
why they-re being called upon
to solve problems* cut costs*
reduce de+ects* and give the
customer better service3.
=n open0boo) management
there are three essential
diHerences to a conventional
business "8ase* #$$%&5
:very employee sees 6 and
learns to understand 6 the
company-s fnancials* along
with all the other numbers
that are critical to trac)ing
the business-s per+ormance.
:mployees learn that*
whatever else they do* part o+
their 9ob is to move those
numbers in the right
direction.
:mployees have a direct
sta)e in the company-s
success.
The implementation o+ the
open0boo) management concept
is very similar to the
implementation o+ a Balanced
Scorecard strategic
management system. 8ase
posits that there are +our steps
to implementing open0boo)
management "8ase* #$$%&5
#. Aet the in+ormation out
there.
.. Teach the basics o+ business.
?. :mpower people to ma)e
decisions based on what they
)now.
@. ;a)e sure everyone 6
everyoneK 6 shares directly in
the company-s success* and
in the ris) o+ +ailure.
These +our steps have
been refned and organi2ed in
the +ollowing +our management
practices ";c8oy* #$$,&5
!ducate.
Big picture education.
8ustomer education.
>perating process
education.
Binancial results
education.
!na"le.
=n+ormation sharing.
=n+ormation e7change
systems.
:mployee participation
and involvement systems.
!mpower.
8onvincing employees
they have the right and
responsibility to ma)e
decisions and ta)e action.
!ngage "reward systems&.
'+ter reviewing the basic
+undamentals o+ open0boo)
management* it is easy to see
the lin)ages to the Balanced
Scorecard. The Balanced
Scorecard shares the basic
+undamentals o+ open
communication and the
2001"y 0ar %! 0napp age D o+ #% 0122322001
Foundations of Management, Anderson University DBA
Summer 2001
engagement o+ employees
through incentive0based pay.
The Balanced Scorecard refnes
this approach by going beyond
fnancial measurements using a
balanced +our0perspective
approach* highlighting the
cause0and0eHect relationships
between business drivers and
outcome measures "fnancial&. =t
also lin)s the business strategy
to the strategic measurement
and management system.
Assumptions About Human Nature
'ssumptions about human
nature and motivation underlie
both the Balanced Scorecard
and >pen0Boo) management.
Douglass ;cAregor-s inEuential
wor) on managerial
assumptions about human
nature was inEuential to the
development o+ these modern
management theories.
The Balanced Scorecard
and >pen0Boo) management
are based on Theory L
assumptions about human
nature.
'ccording to ;cAregor
"#$,/&* the Theory L
assumptions are5
#. :7pending physical and
mental eHort at wor) is as
natural as play and rest. The
average human being does
not inherently disli)e wor).
.. :7ternal control and the
threat o+ punishment are not
the only means to direct
eHort toward organi2ational
ob9ectives. eople will
e7ercise sel+0direction and
sel+0control in the service o+
ob9ectives to which they +eel
committed.
?. 8ommitment to ob9ectives is
a +unction o+ the rewards
associated with their
achievement. The most
signifcant rewards 6 the
satis+action o+ ego and sel+0
actuali2ation needs 6 can be
direct products o+ eHort
directed toward
organi2ational ob9ectives.
@. 'voidance o+ responsibility*
lac) o+ ambition* and
emphasis on security are not
inherent human
characteristics. Fnder proper
conditions* the average
human being learns not only
to accept but to see)
responsibility.
%. =magination* ingenuity*
creativity* and the ability to
use these (ualities to solve
organi2ational problems are
widely distributed among
people.
=n accordance with the
approach to the Balanced
Scorecard and >pen0Boo)
management* Theory L
assumptions would view the
tas) o+ management as +ollows
";cAregor* #$,/&5
#. ;anagers are responsible +or
organi2ing the elements o+
2001"y 0ar %! 0napp age $ o+ #% 0122322001
Foundations of Management, Anderson University DBA
Summer 2001
productive enterprise 6
money* materials* e(uipment*
people 6 in the interest o+
economic ends.
.. Because people are
motivated to per+orm* have
potential +or development*
can assume responsibility*
and are willing to wor)
toward organi2ational goals*
managers are responsible +or
enabling people to recogni2e
and develop these basic
capabilities.
?. The essential tas) o+
management is to arrange
organi2ational conditions and
methods o+ operation so that
wor)ing toward
organi2ational ob9ectives is
also the best way +or people
to achieve their own personal
goals.
roponents o+ the
Balanced Scorecard and >pen
Boo) management would
certainly argue that point ?
above is the essential tas) o+
management.
Theory L assumptions
about people was heavily
inEuenced by the human
relations perspective o+
management thought. The
development o+ this perspective
was inEuenced by :ldon ;ayo
and 'braham ;aslow.
:ldon ;ayo-s research in
the +amous Hawthorne studies
provided empirical evidence on
theories o+ human motivation.
;ayo was heavily inEuenced by
the wor) o+ 'braham ;aslow.
;aslow "#$$D& believed
that 1people sought meaning in
their wor)* wanted to commit to
causes larger than themselves*
and were capable o+ 4roaring oH
the +ace o+ the earth- when
engaged with a tas)* role* or
responsibility that was worth
doing3.
;aslow introduced the
hierarchy o+ needs or sel+0
actuali2ation theory. This theory
was based on the assumption
that people are inherently
see)ing 4sel+0actuali2ation-* as
they move up the hierarchy o+
needs.
Physiological Needs
Safety Needs
Love Needs
Esteem Needs
Self
Actualization
Malo$% (1&'2) Hierarc(y o)
Need
To move up the hierarchy
o+ needs* the needs below must
be generally satisfed.
The Balanced Scorecard is
an e7tension o+ the concept o+
open0boo) management* based
on Theory L assumptions about
2001"y 0ar %! 0napp age #/ o+ #% 0122322001
Foundations of Management, Anderson University DBA
Summer 2001
people* who see) sel+0
actuali2ation. The Balanced
Scorecard is also a tool +or
organi2ational change. Kaplan
and !orton borrow heavily +rom
the wor) o+ Cohn Kotter on
change management.
Leading Change
=+ success+ully used* the
Balanced Scorecard will identi+y
areas where the frm-s strategy
is success+ul and where it needs
improvement. These areas o+
improvement will undoubtedly
re(uire change. Cohn Kotter
developed a highly regarded
approach to the implementation
o+ change recommended by
Kaplan and !orton ".//#&.
Kotter argues that the
success+ul implementation o+
change should +ollow an eight0
step process "Kotter* #$$,&5
#. :stablishing a sense o+
urgency.
8reate a crisis.
:liminate obvious
e7amples o+ e7cess.
Set targets so high that
they can-t be reached by
conducting business as
usual.
Stop measuring subunit
per+ormance based only on
+unctional goals. =nsist on
broader measures o+
per+ormance.
Send more data to more
employees.
=nsist that people tal)
regularly to unsatisfed
customers.
Fse consultants and other
means to +orce more
relevant data and honest
discussion into
management meetings.
ut more honest
discussions o+ the frm-s
problems in company
newspapers and senior
management speeches.
Stop senior management
4happy tal)-.
Bombard people with
in+ormation on +uture
opportunities* on the
wonder+ul rewards +or
capitali2ing on those
opportunities* and on the
organi2ation-s current
inability to pursue those
opportunities.
.. 8reating the guiding
coalition.
Position power5 're
enough )ey players on
board* especially the main
line managers* so that
those le+t out cannot easily
bloc) progressM
!#pertise5 're the various
points o+ view relevant to
the tas) at hand
ade(uately represented so
that in+ormed* intelligent
decisions will be madeM
Credi"ility5 Does the
group have enough people
2001"y 0ar %! 0napp age ## o+ #% 0122322001
Foundations of Management, Anderson University DBA
Summer 2001
with good reputations in
the frm so that its
pronouncements will be
ta)en seriously by other
employeesM
Leadership5 Does the
group include enough
proven leaders to be able
to drive the change
processM
?. Developing a vision and
strategy.
$ision5 a sensible and
appealing picture o+ the
+uture.
Strategies5 a logic +or
how the vision can be
achieved.
Plans5 specifc steps and
timetables to implement
the strategies.
Budgets5 plans converted
into fnancial pro9ections
and goals.
@. 8ommunicating the change
vision.
%. :mpowering employees +or
broad0based action.
,. Aenerating short0term wins.
J. 8onsolidating gains and
producing more change.
D. 'nchoring new approaches in
the culture.
Kotter-s eight0step process
can be applied both to the
implementation o+ change
identifed as a result o+ the
Balanced Scorecard* and to the
implementation o+ the Balanced
Scorecard itsel+.
Customer Value Discipline
The sub9ect o+ business
strategy is deep and wide. The
Balanced Scorecard* especially
the latest version o+ the theory
presented in The Strategy+
Focused )rgani/ation ".//#&* is
heavily based on the concepts
presented by ;ichael Treacy
and Bred <iersema "#$$%& in
Discipine of Mar,et 9eaders.
The +ormulation o+
strategy is not specially
addressed in either o+ the wor)s
on the Balanced Scorecard.
<hat the authors propose is
that the customer perspective o+
a company-s scorecard and
strategy map* must match the
company-s strategy towards its
customers. =t must match its
customer 4value discipline-.
Treacy and <iersema
"#$$,& propose that* to
accomplish ma7imum
eHectiveness* a company must
pursue one o+ three customer
value disciplines "Treacy &
<iersema* #$$,&.
2001"y 0ar %! 0napp age #. o+ #% 0122322001
Foundations of Management, Anderson University DBA
Summer 2001
The Three Customer Value Disciplines
Operational e#cellence5
providing customers with
reliable products or services
at competitive prices*
delivered with minimal
diHiculty or inconvenience.
Product leadership5
providing products that
continually redefne the state
o+ the art.
Customer intimacy5 selling
the customer a total solution*
not 9ust a product or service.
>ne o+ the )eys to
+ormulating a success+ul
Balanced Scorecard is the
lin)age between the measures
in the customer perspective and
the company-s value discipline.
The measures in the customer
perspective should indicate the
success or +ailure o+ the
company-s value discipline.
The customer value
discipline also has a great eHect
on the other measures in the
company-s scorecard. ;easures
in the business process
perspective +or instance* should
directly support the company-s
customer value discipline. Bor
e7ample* a company that
pursues a product leadership
value discipline should have a
+ocus on innovation. This +ocus
on innovation should be
reEected as measures in the
business process perspective o+
their scorecard. The lac) o+
these innovation measures
identifes a wea) lin) between
the stated value discipline and
the operational processes o+ the
company that e7ecute the
strategy.
Summary & Next Steps
The Balanced Scorecard
management approach
developed by Kaplan & !orton
"#$$%& is based upon several
+oundational management
theories* including5
;anagement by ob9ectives
"Druc)er* #$%@&.
rinciples o+ management
"Bayol* #$#,&.
>pen0boo) management
"8ase* #$$%&.
Geading change "Kotter*
#$$,&.
Theory L ";cAregor* #$,/&.
Hierarchy o+ needs ";aslow*
#$,.&.
Nalue disciplines "Treacy &
<iersema* #$$%&.
The Balanced Scorecard is
a strategic management tool
that is gaining in popularity.
=nitial results +rom companies
using the Balanced Scorecard
have been +avorable. The
concept fts with current
management thin)ing and is
enabled by technological and
social changes in the current
wor) environment.
2001"y 0ar %! 0napp age #? o+ #% 0122322001
Foundations of Management, Anderson University DBA
Summer 2001
The ne7t step in the
development o+ the Balanced
Scorecard management theory
should be an analysis o+
success+ul "and unsuccess+ul&
implementations o+ this
approach. 's with the concept
o+ customer value disciplines
"Treacy & <iersema* #$$%&*
common threads +or success+ul
implementations might be
identifed. Success+ul companies
may prove to use similar
scorecards* or +all into specifc
categories o+ similarity. >nce
identifed* these common
4themes- could be used to
develop best practice
scorecards matched to specifc
types o+ business strategies.
2001"y 0ar %! 0napp age #@ o+ #% 0122322001
Foundations of Management, Anderson University DBA
Summer 2001
Bibliography
Barnard* 8. "#$?D&* The functions
of the e:ecutive. 8ambridge.
Harvard Fniversity ress.
8ase* C. "#$$%&. The >pen0Boo)
Revolution. =nc. ;aga2ine* Cune
#$$%* .,0@?.
8ase* C. "#$$%&. )pen+"oo,
management. !ew Lor)5 Harper0
8ollins.
8handler* '. & Salsbury* S. "#$J#&.
4ierre S! Du4ont and the ma,ing
of the modern corporation. !ew
Lor)5 Harper & Row
Druc)er* . "#$%@&. The practice of
management. !ew Lor)5 Harper &
Row.
Bayol* H. "#$#,&. Administration
industriee et g7n7rae. Bulletin
de la Soci7t7 de l-=ndustrie
;in7rale. #/"%
e
serie* !o. ?&* #0
#,..
Areenwood* R. "#$D#&.
Management "y )"*ectives# As
Deveoped "y 4eter Druc,er,
Assisted "y $arod Smiddy.
'cademy o+ ;anagement Review*
Nol ,* !o .* ..%0.?/.
Kaplan* R. & !orton* D. "#$$,&.
The "aanced scorecard. Harvard
Business ress.
Kaplan* R. & !orton* D. ".//#&.
The strategy focused organi/ation*
Harvard Business ress.
Kotter* C. "#$$,&. 9eading change*
Harvard Business ress.
;aslow* '. "#$,.&. To(ard a
psychoogy of "eing* D. Nan
!ostrand 8ompany* Gtd.
;aslow* '. "#$$D&. Maso( on
management. !ew Lor)5 Cohn
<iley & Sons* =nc.
;c8oy* T. "#$$,&. &reating an
;open+"oo,< organi/ation. !ew
Lor)5 ';'8>;.
;cAregor* D. "#$,/&. The human
side of enterprise. !ew Lor)5
;cAraw0Hill* pp.??0?@* @J0@D.
>diorne* A. "#$,%&. Management
"y o"*ectives# a system of
management eadership. !ew
Lor)5 itman.
Stac)* C. "#$$.&. The great game of
"usiness. !ew Lor)5 8urrency &
Doubleday.
Treacy* ;. & <iersema* B. "#$$%&.
Discipine of mar,et eaders.
'ddison0<esley.
2001"y 0ar %! 0napp age #% o+ #% 0122322001