Balanced Scorecard In terms of Performance Management System (PMS), the Balanced Scorecard model has become mainstream during the last decade. This approach was initially published by Harvard professors Robert Kaplan and David Norton in the early 90s. The Balanced Scorecard takes a holistic approach, tying process performance to the strategic directions of an organization. It has been welcomed by the management world as a successful method of communicating strategies in operative terms and aligning actions towards goals. The key element of the Balanced Scorecard is its focus on strategy, which is visualized in the Strategy Map with its four suggested perspectives: Finance, Customer, Internal Business Process, and Learning & Growth.

Stratorama’s approach for PMS is tied to the structure and standards of the Balanced Scorecard model, and the model’s elements inform PMS’s fundamental structure.

Quality management gurus have brought the TQM philosophy into the business world to provide structured frameworks with the objective of continuous improvement and customer satisfaction. To encourage organizations in that quest, various models have emerged. Meanwhile even nations establish and utilize some of those same models to promote industrial and economic competition.
The following frameworks are some of the models available. They actually vary little in their core concept, but have the objective to achieve excellence for organizations:

• Malcolm Baldridge National Quality Award (MBNQA)
• European Foundation for Quality Management (EFQM)
• Singapore Quality Class (SQC)
• Canadian Framework for Business Excellence
• Australian Quality Framework

Despite the fact that such models centralize quality and prioritize customer satisfaction, they still aim for performance improvement. For that reason we include them for consideration as possible frameworks or models for PMSs. Organization aiming for any of the awards mentioned above may find it useful to combine the PMS with those TQM models.