Miguel works at LoftCo, Inc., and has been asked to help lead the development of the company's new balanced scorecard. He and his multifunctional team developed strategic objectives and performance metrics for each of the four perspectives. This work constitutes the complete set of steps in developing a BSC performance management system.

Multifunctional Team

A team composed of members from different functional areas of an organization working towards a common goal.

BSC Performance Management System

A strategic planning and management system used to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organizational performance against strategic goals.

Strategic Objectives

Long-term goals that help to convert a mission statement from a broad vision into more specific plans and projects.