Balanced Scorecard Measurement + Control Charting Theory
Control charts have long been used in manufacturing, stock trading algorithms, and in other process improvement methodologies like Six Sigma and Total Quality Management (TQM). The purpose of a control chart is to set upper and lower bounds of acceptable performance given normal variation. In other words, the control chart serves to "sound the alarm" when a process shifts (like a machine suddenly breaking on a factory floor) or if someone has a good breakthrough that needs to be documented and standardized across the larger organization. Here is an illustration: (citation) The Balanced Scorecard system typically uses a baseline, regular measurement and tracking against a target. Actual control charts might not be ideal for your Scorecard, however, the theory is still valuable
June 2021
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