ECONOMICS

Detailed explanation-1: -The balanced scorecard is a management system aimed at translating an organization’s strategic goals into a set of organizational performance objectives that, in turn, are measured, monitored and changed if necessary to ensure that an organization’s strategic goals are met.

Detailed explanation-2: -Description: Balanced scorecard approach is a system that is designed to divide the company’s mission statement into small, but well-defined goals. It helps the company to monitor the performance with respect to the overall goal and objectives set in the mission statement.

Detailed explanation-3: -The heart of the balanced scorecard is a framework of four major categories or perspectives for strategy implementation – financial, customer, internal business, and innovation and learning: The financial perspective asks how the organization should appear to shareholders so that the company can succeed financially.

Detailed explanation-4: -The Balanced Scorecard is a tool for strategy implementation. It translates an organization’s vision and strategy into measurable objectives, links them to individual performance in different areas, and creates a feedback loop which allows to adjust objectives accordingly.