The third generation Balanced Scorecard considered as a new version of the conventional Balanced Scorecard. This is a refinement of the second generation Balanced Scorecard. This also has new features that meant to give great functionality and added strategic relevance while dealing with the practical issues connected with the second generation Balance Scorecard approach. There are four main components in the third generation Balanced Scorecard. – Destination statement. This is a description of the organization at a definite point in the future, normally that ‘s 3 to 5 years away and supposedly the latest strategy is implemented. Descriptions of successful future are divided into various perspectives. Some of the examples include, customer & external relationships, organization & culture, processes & activities, and financial & stakeholder expectation. – strategic linkage model. It is the version of the conventional strategy map that holds 12-24 strategic objectives and divided into 2 different perspectives; outcomes and activities, similar to the logical framework. – set of definitions for every strategic objectives. – set of definitions for every measures that is chosen to monitor all strategic objectives. This also includes targets. The third generation Balanced Scorecard process needs the participation of the whole management team who will use the balanced scoreboard. In this case it is not the external experts that decide on the balanced scoreboard content; it is the managers. The third generation Balanced Scorecard was created in the late 1990s to improve the design problems that are common in creating this new management approach. The third generation enhanced the approach in Balanced Scorecard, which also helped in recognizing the inconsistencies in previous versions.

 

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