Purpose – Though a few critics have questioned the effectiveness of the balanced‐scorecard approach in measuring business performance this approach has taken the academic and business community by storm. However, the approach proposed by Kaplan and Norton is not all‐encompassing as they...

Management system standards (MSS), such as ISO standards, TQM, etc. are widely -used standards adopted by millions of organizations worldwide. It is still an unclear question whether these standards are beneficial for an organization, besides the fact that they might be required or expected by...