Measurement Of Performance Index Of Higher Educational Institutions By Using The Balanced Scorecard In The Northern State Of India

Abstract

Higher Education plays a paramount role in the growth and development of the country which is linked to the efficacious management and an imperative factor to be considered to achieve the objectives of promoting quality education by higher education institutions. This study projects the performance measurement index for academic institutions as per the Balanced Scorecard approach based on the extracted factors from stakeholders' perceptions and the interpretation of the results, and this has been formulated with the help of four perspectives. In this research, a Multistage sampling scheme was used to comprise various stakeholders like students, faculty and Management people from 22 institutions both private and public in the Northern State (Punjab). The data has been collected from the 715 respondents which include all the stakeholders of the educational fraternity and empirically verified the Balanced Scorecard Approach with the help of Factor Analysis Approach to clinch out the diverse factors. The development of the performance measurement index is very important because it integrates the large information in a single easy format and it also allows us to set the benchmark and compare the performance for improvements in the future. Even this index provided input to the top management for strategic planning for improvement. Hence, the effectiveness of higher education institutions can be obtained by setting the benchmarking, evaluating and comparing the performance. Therefore, this study proves that the performance index is very efficacious for academic institutions for making the strategy for academic.