Balanced Scorecard for Universities
Last modified: October 26, 2015
In the past few decades, universities and higher education institutions are increasingly being called upon to prove their accountability and performance by providing indicators or the empirical evidence of their value to their all their stakeholders: the government, the staff
and the students, the parents and the community in which they operate. Economic profitability is not an indication of the university’s standing, as it is not a business organization. The various other factors that underwrite it must be measured and evaluated in order to make it feasible to study them by comparison and choose the proper factors that need further improvement.
There are many types of grades and ratings assigned to universities by bodies such as the boards of regents and state commissions based on performance reviews in their multifarious activities in keeping with their levels. There are also surveys prepared by the print and electronic media that grade the universities constructed on the proportions of retention and graduation, the available infrastructure facilities and the academic status of the institution. The Balanced Scorecard is a tool that can be used in such cases to assess and grade universities in all their aspects.
The Balanced Scorecard was created by Kaplan and Norton of the Harvard University in 1992 (Kaplan & Norton, 1992). It is based on four perspectives that are built around the financial and non-financial indices derived from the vision and mission statement of the institution, including the financial perspective, customer perspective, internal process perspective and learning and growth perspective (Nistor, 2010). The Balanced Scorecard can be used by the management of the university to assess the institution from four viewpoints: the user perspective that evaluates service or satisfaction with service; the internal processes perspective that reflects on the efficiency of the processes; the finance perspective that reports the cost effectiveness; and the latent learning/growth perspective that envisages the readiness of the institution to tackle new challenges or initiate new courses of action.
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