A Strategy Map of Balanced Scorecard in Academic Institutions for Performance Improvement

Traditional ways of measuring an institutions' performance have given way to more broad and comprehensive models like the balanced scorecard. The need for balancing short-term compulsions with long-term survival made organizations commit themselves to more pervasive and comprehensive models that captured among others the financial, customer, internal process and learning perspectives. In doing so, the traditional disregard for intangible processes and outcomes was overcome and the notion that value lay in intangible resources was reinforced yet again. Traditionally, the balanced scorecard has been used in performance evaluation of an organization's strategy. It is observed overtime that its applicability to nonbusiness situations has gained ground. In this study, we discuss the importance of the balanced scorecard using strategy maps. These maps describe how the four perspectives: financial, customer, internal process, learning and growth are linked and how they create a balance between the more tangible outcomes through intangible resources. Lists of objectives in each perspective were identified using past literature and linkages between each perspective were illustrated to indicate a strategy map for an educational institution. Although the number of objectives in each perspective cited in this paper is not conclusive, we believe the model is a beginning of a change in thinking in that direction