Formulation of the Strategy for Constructing a Balanced Scorecard (Academic Scorecard) for a University

One of the performance measurements tools to evaluate the success of an organization nowadays is the Balanced Scorecard having four different perspectives. These are the Financial, the Customer, the Internal Process and the Learning and Growth perspective. In the back-drop of growing criticism against performance measurement solely through financial perspective, balanced scorecard is one of the earliest successful breakthroughs. It successfully combines financial and non financial indicators in order to give a clear view of the present and the future of the organization. The balanced scorecard is the product of the chosen metrics (Key Performance Indicators) of each perspective times the statistical weights of each metric. The successful implementation of the balanced scorecard depends heavily on the accurate definition of its metrics and their respective statistical weights. The purpose of this paper is to describe in a concise manner what methods are used to select these metrics and determine their weight, which is not done explicitly in the existing bibliography