MBA Programs Worldwide

The Master of Business Administration Degree (MBA) is the most popular business qualification in the world, and is fast becomming a prerequisite for management positions.

The MBA is by its nature a general management qualification. An MBA program usually consists of a core curriculum covering the functional areas of management, including information systems, finance and accounting, and human resources, to name a few. The second stage of the MBA course is usually made up of a choice of electives (optional courses), to allow the student to either continue with general studies or to specialise in a particular subject or area. All this is taught through a variety of means, for example, lectures, study groups and case studies.

This site aims to help you choose the right MBA program for you, whether by full time study or via an online MBA. The articles in the left hand navigation bar offer general advice by geographic region whilst our mba programs article index contains a range articles on more specific MBA courses and advice in general. Best of all we also offer a Free Application & Information Service.

The MBA qualification began in the US about 90 years ago. Today, well over 1000 business schools, universities and other institutions across the world offer MBA programs, and these can differ vastly according to tradition and background. There are also innumerable methods of study, for example, full-time, part-time, modular and distance learning. With this bewildering choice on offer, how can a potential student decide which is the best programme for them?

Cost Considerations
Undertaking an MBA course is a large commitment both in terms of time (full-time programmes run for one or two years) and money (good quality courses cost in the region of £15,000 to £20,000). Therefore, before selecting an MBA program, it is important to ask yourself why you are pursuing the qualification in the first place.

The main reasons quoted by students for choosing to embark upon this route of study are for an increase in salary; to open new career opportunities; to further a career and to extend personal networks. A good quality course will allow for all of these by developing participants' personal skills at the same time as extending their knowledge base in the general management disciplines in the context of global business. MBA programs are an educational course, and as such should challenge students' assumptions and attitudes. Furthermore, knowledge accrued on the course should be highly transferable to the world of work. The courses which achieve this most effectively bring together top quality faculty with students from a variety of backgrounds who possess a wealth of experience and ambition (at Cranfield, for example, students on the full-time programme have an average of nine years' business experience). This combination produces the best possible educational experience which broadens horizons and equips the individual to embrace challenge and change in the future.

Management information system

Management information systems (MIS) are information systems, typically computer-based, that are used within an organization. WordNet describes an information system as "a system consisting of the network of all communication channels used within an organization". A management information system may also be defined as "a system that collects and processes data (information) and provides it to managers at all levels who use it for decision making, planning, program implementation, and control". An information system is comprised of all the components that collect, manipulate, and disseminate data or information. It usually includes hardware, software, people, communications systems such as telephone lines, and the data itself. The activities involved include inputting data, processing of data into information, storage of data and information, and the production of outputs such as management reports.

As an area of study it is commonly referred to as information technology management. The study of information systems is usually a commerce and business administration discipline, and frequently involves software engineering, but also distinguishes itself by concentrating on the integration of computer systems with the aims of the organization. The area of study should not be confused with computer science which is more theoretical in nature and deals mainly with software creation, or computer engineering, which focuses more on the design of computer hardware.

In business, information systems support business processes and operations, decision-making, and competitive strategies.

The functional support role

Business processes and operations support function is the most basic. It involves collecting, recording, storing, and basic processing of data. Information systems support business processes and operations by:

• recording and storing sales data, purchase data, investment data, payroll data and other accounting records
• processing these accounting records into income statements, balance sheets, ledgers, management reports, and other forms of financial information
• recording and storing inventory data, work in process data, equipment repair and maintenance data, supply chain data, and other production/operations records
• processing these operations records into production schedules, production controllers, inventory systems, and production monitoring systems
• recording and storing personnel data, salary data, employment histories, and other human resources records
• processing these human resources records into employee expense reports, and performance based reports
• recording and storing market data, customer profiles, customer purchase histories, marketing research data, advertising data, and other marketing records
• processing these marketing records into advertising elasticity reports, marketing plans, and sales activity reports
• recording and storing business intelligence data, competitor analysis data, industry data, corporate objectives, and other strategic management records
• processing these strategic management records into industry trends reports, market share reports, mission statements, and portfolio models
• use of all the above to implement, control, and monitor plans, strategies, tactics, new products, new business models or new business ventures.

The decision support role

The business decision making support function goes one step further. It is an integral part of making decisions. It allows users to ask "What if…?" questions: What if we increase the price by 5%? What if we increase price by 10%? What if we decrease price by 5%? What if we increase price by 10% now, then decrease it by 5% in three months? It also allows users to deal with contingencies: If inflation increases by 5% (instead of 2% as we are assuming), then what do we do? What do we do if we are faced with a strike or a new competitive threat?

The most basic and most versatile business decision making tool is the spreadsheet, but spreadsheets are not user friendly. More sophisticated programs often seamlessly incorporate statistical decision making tools like sensitivity analysis, Monte Carlo analysis, risk analysis, break even analysis and Bayesian analysis. If, for example, you are using the information system to decide about a new product introduction, the program should incorporate tools like logit analysis, B.C.G. Analysis, conjoint analysis, contribution margin analysis, multi dimensional scaling, G.E. Multi Factoral analysis, factor analysis, cluster analysis, discriminant analysis, Quality Function Deployment, preference regressions, and preference-rank translations.

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The communication decision support system role

Information systems can support a company's competitive positioning. Here are three levels of analysis:

1. The supports for help in piloting the chain of internal value. They are the most recent and the most pragmatic systems within the reach of the manager. They are the solutions to reductions of costs and management of performance. They are typically named "Business Workflow Analysis" (BWA) or of "Business Management Systems p2p". Tool networks, they ensure control over piloting the set functions of a company. The real-time mastery in the costs of dysfunctions cause distances from accounts, evaluation and accounting that are presented in the evaluation and qualitative reports.

2. All successful companies have one (or two) business functions that they do better than the competition. These are called core competencies. If a company's core competency gives it a long term advantage in the marketplace, it is referred to as a sustainable competitive advantage. For a core competency to become a sustainable competitive advantage it must be difficult to mimic, unique, sustainable, superior to the competition, and applicable to multiple situations. For a small or medium business a nice alternative is a MSP or a Managed Service Provider such as Virtual IT Solution, LLC http://www.virtualitsolution.com .This is a cost effective solution compared to paying for a IT staff or local technicians. Other examples of company characteristics that could constitute a sustainable competitive advantage include: superior product quality, extensive distribution contracts, accumulated brand equity and positive company reputation, low cost production techniques, patents and copyrights, government protected monopoly, and superior employees and management team. The list of potential sustainable competitive advantage characteristics is very long. However, some experts hold that in today's changing and competitive world, no advantage can be sustained in the long run. They argue that the only truly sustainable competitive advantage is to build an organization that is so alert and so agile that it will always be able to find an advantage, no matter what changes occur.

3. Information systems often support and occasionally constitute these competitive advantages. The rapid change has made access to timely and current information critical in a competitive environment. Information systems, like business environmental scanning systems, support almost all sustainable competitive advantages. Occasionally, the information system itself is the competitive advantage. One example is Wal-Mart. They used an extranet to integrate their whole supply chain. This use of information systems gave Sam Walton a competitive advantage for two decades. Another example is Dell Computer. They used the internet to market custom assembled PC's. Michael Dell is still benefitting from this low-cost promotion and distribution technique. Other examples are eBay, Amazon.com, Federal Express, and Business Workflow Analysis Oberon-bwa.

The performance monitoring role

MIS are not just statistics and data analysis. They have to be used as an MBO (Management by Objectives) tool. They help:

• to establish relevant and measurable objectives
• to monitor results and performances (reach ratios)
• to send alerts, in some cases daily, to managers at each level of the organisation, on all deviations between results and pre-established objectives and budgets.

from :http://en.wikipedia.org

Potential benefits of MIS investments

Potential benefits of MIS investments

There are many ways that a company can benefit from investing in information systems.

1. Leverage IT investment that supports their core competency. Successful firms tend to have one or two core competencies that they can do better than their competitors. It may be anything from new product development to customer service. Information technology is often an important input into this core competency. This IT investment in a company's core competency can be a significant barrier to entry for other companies.
2. Leverage IT investment in supply chain networks. Firms that are a part of an integrated supply chain system have established relationships of trust with suppliers. This usually ensures quicker deliver times, problem-free delivery and an assured supply. It can also entail price discounts and other preferential treatment. The inability of new entrants to get onto a supply chain/inventory management system can be a major barrier to entry.
3. Leverage IT investment in distribution channel management. As with supplier networks, investment in distribution channel management systems can ensure quicker delivery times, problem free delivery, and preferential treatments. The investment in this technology, and the experience gained in learning how to use it, can be an important barrier to entry. When the distribution channel management system is exclusive, it may give you some control over access to the retailers involved.
4. Leverage IT investment in brand equity. Often firms have invested large sums of money in brand advertising. This is facilitated by investment in marketing information systems and customer relationship management system. An indomitable brand name is a formidable barrier to entry.
5. Leverage IT investment in production processes (1). Information systems have become a necessity in managing large production runs. Automated systems are the most cost efficient way of organizing large scale production processes. These firms can obtain economies of scale in promotion, purchasing, and production; economies of scope in distribution and promotion; reduced overhead allocation per unit; and shorter break-even times more easily. This absolute cost advantage can be an important barrier to entry.
6. Leverage IT investment in production processes (2). Investment in IT allows a company flexibility in their overall output level. Michael Porter claims that economies of scale are a barrier to entry, aside from the absolute cost advantages they provide. This is because, a company producing at a point on the long-run average cost curve where economies of scale exist has the potential to obtain cost savings in the future, and this potential is a barrier to entry.
7. Leverage learning curve advantages from experience with IT. As a company gains experience using IT systems, they become familiar with a set of best practices that are more or less known to other firms in the industry. Firms outside the industry are generally not familiar with the industry specific aspects of using these systems. New entrants will be at a disadvantage unless they can redefine the industries best practices and leap-frog existing firms.
8. Leverage IT investment in mass customization production processes. IT controlled production technology can facilitate collaborative, adaptive, transparent, or cosmetic customization. This flexibility can increase margins, increase customer satisfaction, and be a significant barrier to entry.
9. Leverage IT investment in computer aided design (1). CAD systems facilitate the speedy development and introduction of new products. This can create proprietary product differences. Product differentiation can be a barrier to entry.
10. Leverage IT investment in computer aided design (2). CAD systems facilitate the speedy development and introduction of new products. Proprietary product differences can be used to create incompatibilities between competing products (as every computer user knows). These incompatibilities increase consumers’ switching costs. High customer switching costs is a very valuable barrier to entry (Just ask Bill Gates.).
11. Leverage IT investment in E-commerce. Company web sites can be personalized to each customers interests, expectations, and commercial needs. They can also be used to create a sense of community. Both of these tend to increase customer loyalty. Customer loyalty is an important barrier to entry.
12. Leverage IT investment in stability. Technologically sophisticated firms with multiple electronic points of contact with customers, suppliers, and others appear to be more stable. This monumental appearance of stability can be a barrier to entry. This is particularly true in financial services.
13. The simple fact that IT investment requires funds make it a barrier to entry. Anything that increases capital requirements is a barrier to entry.

Historical development

The role of business information systems has changed and expanded over the last four decades.

In the incipient decade (1950s and '60s), “electronic data processing systems” could be afforded by only the largest organizations. They were used to record and store bookkeeping data such as journal entries, specialized journals, and ledger accounts. This was strictly an operations support role. By the 1960s “management information systems” were used to generate a limited range of predefined reports, including income statements (they were called P & L’s back then), balance sheets and sales reports. They were trying to perform a decision making support role, but they were not up to the task.

By the 1970s “decision support systems” were introduced. They were interactive in the sense that they allowed the user to choose between numerous options and configurations. Not only was the user allowed to customize outputs, they also could configure the programs to their specific needs. There was a cost though. As part of your mainframe leasing agreement, you typically had to pay to have an IBM system developer permanently on site.

The main development in the 1980s was the introduction of decentralized computing. Instead of having one large mainframe computer for the entire enterprise, numerous PC’s were spread around the organization. This meant that instead of submitting a job to the computer department for batch processing and waiting for the experts to perform the procedure, each user had their own computer that they could customize for their own purposes. Many poor souls fought with the vagaries of DOS protocols, BIOS functions, and DOS batch programming.

As people became comfortable with their new skills, they discovered all the things their system was capable of. Computers, instead of creating a paperless society, as was expected, produced mountains of paper, most of it valueless. Mounds of reports were generated just because it was possible to do so. This information overload was mitigated somewhat in the 1980s with the introduction of “executive information systems”. They streamlined the process, giving the executive exactly what they wanted, and only what they wanted.

The 1980s also saw the first commercial application of artificial intelligence techniques in the form of “expert systems”. These programs could give advice within a very limited subject area. The promise of decision making support, first attempted in management information systems back in the 1960s, had step-by-step, come to fruition.

The 1990s saw the introduction of “strategic information systems”. This was largely because of developments in the subject of strategic management by scholars like M. Porter, T Peters, J. Reise, C. Markides, and J. Barney in the 1980s. Competitive advantage became a hot management topic and software developers were happy to provide the tools.

The role of business information systems had now expanded to include strategic support. The latest step was the commercialization of the Internet, and the growth of intranets and extranets at the turn of the century. manager are mad to study all thesed drap

from :http://en.wikipedia.org

Academic programs in information systems

Research Centers

• European Research Center for Information Systems (ERCIS), Münster
• ISRC at the University of Houston

Universities

• Management Information Systems, University of Alabama
• Department of Management Information Systems, University of Arizona
• School of Information & Management Systems, University of California, Berkeley
• Department of Computer Information Systems, California State Polytechnic University, Pomona
• Management Information Systems, Brigham Young University
• Master of Information Systems Management, Carnegie Mellon University
• Department of Information Systems, Case Western Reserve University
• School of Information Systems and Technology, Claremont Graduate University
• Department of Management Information Systems, University College Dublin - National University of Ireland, Dublin
• Department of Management Information Systems, University of Central Florida
• Department of Management Information Systems & Operations Management, East Carolina University
• Department of Decision and Information Sciences, Warrington College of Business Administration, University of Florida
• College of Information, Florida State University
• College of Management, Georgia Institute of Technology
• Department of Management Information Systems, University of Georgia
• Department of Computer Information Systems, Georgia State University
• Department of Decision and Information Sciences, University of Houston
• Information Systems Department, Kelley School of Business, Indiana University
• Department of Management Information Systems, Indiana University of Pennsylvania
• Department of Information Systems, London School of Economics
• Systems & Accounting Graduate Programs, Kelley School of Business, Indiana University
• Graduate School of Library and Information Sciences,University of Illinois at Urbana-Champaign
• Department of Information and Decision Sciences, University of Illinois at Chicago
• Department of Information Systems, University of Maryland Baltimore County
• Department of Information Systems, University of Melbourne
• School of Information, University of Michigan
• Department of Information and Decision Sciences, Carlson School of Management, University of Minnesota-Twin Cities
• Management Information Systems, University of Missouri - St. Louis
• Department of Information Systems, Münster School of Business Administration and Economics, University of Münster
• Master of Science in Information Systems, New York University
• School of Information Sciences, University of Pittsburgh
• Department of Information Systems, California Polytechnic State University, San Luis Obispo
• [1], Department of Management Information Systems, The University of Southern Mississippi
• Department of Information, Risk, and Operations Management, University of Texas at Austin
• Management Science, University of Washington Business School, University of Washington, Seattle
• Operational Research & Information Systems Group, Warwick Business School, University of Warwick
• Department of Management Information Systems, University of Wisconsin - Eau Claire
• [2], University of Wisconsin-Milwaukee
• Department of Accounting and Information Systems, North Dakota State University

from:http://en.wikipedia.org

Morphological analysis

Morphological analysis is a technique developed by Fritz Zwicky (1966, 1969) for exploring all the possible solutions to a multi-dimensional, non-quantified problem complex.

In linguistics it refers to identification of a word-stem from a full word-form. (See Morphemes).

As a problem structuring and problem solving technique, morphological analysis was designed for multi-dimensional, non-quantifiable problems where causal modeling and simulation do not function well or at all. Zwicky developed this approach to address seemingly non-reducible complexity. Using the technique of cross consistency assessment (CCA) (Ritchey, 2002), the system however does allow for reduction, not by reducing the number of variables involved, but by reducing the number of possible solutions through the elimination of the illogical solution combinations in a grid box.

References

• Ritchey, T., General Morphological Analysis: A general method for non-quantified modeling (2002). Available at http://www.swemorph.com/ma.html
• Zwicky, F., Discovery, Invention, Research - Through the Morphological Approach, Toronto: The Macmillian Company (1969).
• Zwicky, F. & Wilson A. (eds.), New Methods of Thought and Procedure: Contributions to the Symposium on Methodologies. Berlin: Springer (1967). Available at http://www.swemorph.com/ma.html

from:http://en.wikipedia.org

Engineering management

Engineering management is a field that bridges the gap between engineering and management.

Engineering Management involves the overall management of organizations with an orientation to manufacturing, engineering, technology or production. Programs are available that provide Bachelor's, Master's and Ph.D degrees. Undergraduate programs provide generalist degrees that enable engineers to better deal in the business environment. Master's Degrees in Engineering Management provide a technical-based alternative to traditional MBA programs. Industrial and professional associations such as engineers' societies also offer certification programs that validate Engineering Management knowledge and skills. Specialization areas in both degree and certification programs may include management of technology, product and process, quality, organizational management, operations management, program management, marketing and finance

Professional bodies

• American Society of Mechanical Engineers (ASME)
• American Institute of Chemical Engineers (AIChE)
• American Society of Civil Engineers (ASCE)
• American Institute of Mining, Metallurgical, and Petroleum Engineers (AIME)
• American Society for Engineering Management
• Canadian Society for Engineering Management

Professionl certification

• Engineering Management Certification International

from:http://en.wikipedia.org

management:Benchmarking

Benchmarking (also "best practice benchmarking" or "process benchmarking") is a process used in management and particularly strategic management, in which organizations evaluate various aspects of their processes in relation to best practice, usually within their own sector. This then allows organizations to develop plans on how to adopt such best practice, usually with the aim of increasing some aspect of performance. Benchmarking may be a one-off event, but is often treated as a continuous process in which organizations continually seek to challenge their practices.

A process similar to benchmarking is also used in technical product testing and in land surveying. See the article benchmark for these applications.

 

Markets

Benchmarking may be performed in the public equity, private equity, public debt and private debt markets.

Public Equity

NAREIT, Wilshire, Morgan Stanley

Private Equity

NCREIF Family of Index Products

Public Debt

Lehman Brothers Indexes

Private Debt

Gilberto-Levy, Index of Whole Loan (Life Insurance Company’s) Returns

Benchmarking is very effictive, but there all problems with benchmarking in private equity as follows:

1. Smoothing – Not too serious of a problem because evaluation periods are long and in most cases, the returns are being compared to the NCREIF benchmark which are also smoothed.

2. Random Error (“noise”) – Need more than one observation to infer the quality of the manager. Maybe the manager just got lucky over the period in question.

Procedure

1. Identify your problem areas - Because benchmarking can be applied to any business process or function, a range of research techniques may be required. They include: informal conversations with customers, employees, or suppliers; exploratory research techniques such as focus groups; or in-depth marketing research, quantitative research, surveys, questionnaires, reengineering analysis, process mapping, quality control variance reports, or financial ratio analysis.
2. Identify organizations that are leaders in these areas - Look for the very best in any industry and in any country. Consult customers, suppliers, financial analysts, trade associations, and magazines to determine which companies are worthy of study.

Cost of benchmarking

Benchmarking is a moderately expensive process, but most organisations find that it more than pays for itself. The three main types of costs are:

• Visit costs - This includes hotel rooms, travel costs, meals, a token gift, and lost labour time.
• Time costs - Members of the benchmarking team will be investing time in researching problems, finding exceptional companies to study, visits, and implementation. This will take them away from their regular tasks for part of each day so additional staff might be required.
• Benchmarking database costs - Organizations that institutionalize benchmarking into their daily procedures find it is useful to create and maintain a database of best practices and the companies associated with each best practice now.

Competitive benchmarking

Some authors call benchmarking "best practices benchmarking" or "process benchmarking". This is to distinguish it from what they call "competitive benchmarking". Competitive benchmarking is used in competitor analysis. When researching your direct competitors you also research the best company in the industry (even if it serves a different location or market segment and is therefore not a direct competitor). This benchmark company is then used as a standard of comparison when assessing your direct competition and yourself.

Collaborative benchmarking

Benchmarking, originally invented as a formal process by Rank Xerox, is usually carried out by individual companies. Sometimes it may be carried out collaboratively by groups of companies (eg subsidiaries of a multinational in different countries). One example is that of the Dutch municipally-owned water supply companies, which have carried out a voluntary collaborative benchmarking process since 1997 through their industry association VEWIN.

Advantages of Benchmarking

Benchmarking is a powerful management tool because it overcomes "paradigm blindness." Paradigm Blindness can be summed up as the mode of thinking, "The way we do it is the best because this is the way we've always done it." Benchmarking opens organizations to new methods, ideas and tools to improve their effectiveness. It helps crack through resistance to change by demonstrating other methods of solving problems than the one currently employed, and demonstrating that they work, because they are being used by others

from :http://en.wikipedia.org/

management : Balanced scorecard

In 1992, Robert S. Kaplan and David Norton introduced the balanced scorecard (BSC), a method for measuring a company's activities in terms of its vision and strategies. It gives managers a comprehensive view of the performance of a business.

It is a strategic management system that forces managers to focus on the important performance metrics that drive success. It balances a financial perspective with customer, internal process, and learning & growth perspectives. The system consists of four processes: 1. Translating the vision into operational goals; 2. Communicate the vision and link it to individual performance; 3. Business planning; 4. Feedback and learning and adjusting the strategy accordingly.

A comprehensive view of business performance

The scorecard seeks to measure a business from the following perspectives:

• Financial perspective - measures reflecting financial performance, for example number of debtors, cash flow or return on investment. The financial performance of an organization is fundamental to its success. Even non-profit organizations must make the books balance. Financial figures suffer from two major drawbacks:
  • They are historical. Whilst they tell us what has happened to the organization they may not tell us what is currently happening, or be a good indicator of future performance.
  • It is common for the current market value of an organization to exceed the market value of its assets. Tobin's-q measures the ratio of the value of a company's assets to its market value. The excess value can be thought of as intangible assets. These figures are not measured by normal financial reporting.
• Customer perspective - measures having a direct impact on customers, for example time taken to process a phone call, results of customer surveys, number of complaints or competitive rankings.
• Business process perspective - measures reflecting the performance of key business processes, for example the time spent prospecting, number of units that required rework or process cost.
• Learning and growth perspective - measures describing the companies learning curve, for example number of employee suggestions or total hours spent on staff training.

The specific measures within each of the perspectives will be chosen to reflect the drivers of the particular business. The method can facilitate the separation of strategic policymaking from the implementation, so that organizational goals can be broken into task oriented objectives which can be managed by front-line staff. It can also help detect correlation between activities. For example, we might find that the internal business objective of implementing a new telephone system can help the customer objective of reducing response time to telephone calls, leading to increased sales from repeat business.

In many senses, the objectives chosen are leading indicators of future performance. Effort we make today is reflected in the future profits of the company. In this way, current expenditure can be viewed as investment in the future of the company.

Public sector Balanced Scorecard

Originally introduced as a tool intended for commercial organisations (which are focused on financial performance), the Balanced Scorecard has found considerable support and is widely used in the public sector. It is particularly popular as a public sector performance management tool in the USA, UK , Australia and Scandinavia.

Purpose of the balanced scorecard

Kaplan and Norton found that companies are using the scorecard to:

• Clarify and update strategy
• Communicate strategy throughout the company
• Align unit and individual goals with strategy
• Link strategic objectives to long term targets and annual budgets
• Identify and align strategic initiatives
• Conduct periodic performance reviews to learn about and improve strategy

Evolution of the Balanced Scorecard

In 1997 Kurtzman found that 64% of companies questioned were measuring performance from a number of perspectives in a similar way to the balanced scorecard.

It is difficult to interpret the impressive survey based adoption statistics for the Balanced Scorecard, however, without being clear on how the term was both defined and understood by those participating in the survey. In practice, it appears, there are wide variations in understanding between organisations. In 2002, Cobbold and Lawrie developed a classification of Balanced Scorecard designs based upon intended method of use within an organisation. They describe how Balanced Scorecard can be used to support two distinct management activities, management control and strategic control, and assert that due to differences in the performance data requirements of these applications, planned use should influence the type of Balanced Scorecard design adopted. They also describe characteristics of Balanced Scorecards appropriate for each purpose, and suggests a framework to help select between them.

Later that year the same authors reviewed the evolution of the Balanced Scorecard as a strategic management tool, recognising three distinct generations of Balanced Scorecard design. In their paper, they relate the empirically driven developments in Balanced Scorecard thinking with literature concerning strategic management within organisations. Cobbold and Lawrie argue that over the dozen years that have passed since its introduction significant changes have been made to the physical design, application and the design processes used to implement the tool within organisations. This Balanced Scorecard evolution can largely be attributed to empirical evidence of changes driven primarily by weaknesses in earlier design processes, rather than in the architecture of the original idea they write. They conclude that it is these changes, in what they refer to as 3rd Generation Balanced Scorecard that have enhanced the utility of Balanced Scorecard as a strategic management tool.

from: http://en.wikipedia.org/