THE BALANCED ROCKET MODEL FOR MEASURING AND MANAGING ORGANIZATIONAL PERFORMANCE

Purpose-The purpose of this paper is to develop a new generic holistic performance measurement framework - The Balanced Rocket Model - that incorporates the best of the existing performance measurement frameworks and methodologies. Design/methodology/approach- The paper reviews performance measurement frameworks and methodologies and identify the key characteristics that they exhibit. Building on these, the researcher seeks to develop a new generalizable holistic performance measurement framework that incorporates the best of the existing frameworks and methodologies and builds upon the latest view to strategic management, the intellectual capital based view (ICBV). Findings - The findings of the study have been weaved together in a proposed holistic framework for measuring organizational performance (internal and external - financial and nonfinancial - determinants and results). It traces the value creation process from IC (human capital, structural capital and relational capital) to service quality (tangible and intangible outputs) to performance consequences (monetary and non-monetary revenues & internal and external performance consequences). Practical implications - The generic holistic model developed for measuring performance can be used by enterprises to evaluate their overall organizational performance periodically. Originality/value - The generic holistic model for balanced performance measurement is novel and seems suitable for adaptation to different types of organizations and can contribute significantly to existing literature on organizational performance measurement and management. Research limitations/implications - This paper is a theoretical review, a holistic performance measurement framework has been proposed but has not yet been tested empirically.