ECONOMICS

Detailed explanation-1: -The balanced scorecard involves measuring four main aspects of a business: Learning and growth, business processes, customers, and finance. BSCs allow companies to pool information in a single report, to provide information into service and quality in addition to financial performance, and to help improve efficiencies.

Detailed explanation-2: -The four perspectives of a traditional balanced scorecard are Financial, Customer, Internal Process, and Learning and Growth.

Detailed explanation-3: -The name “balanced scorecard” comes from the idea of looking at strategic measures in addition to traditional financial measures to get a more “balanced” view of performance. The concept of balanced scorecard has evolved beyond the simple use of perspectives and it is now a holistic system for managing strategy.

Detailed explanation-4: -These 4 perspectives of a balanced scorecard are interconnected hierarchically. The main aim of most organizations is to achieve enhanced financial results. This is made possible when there is a focus on learning and growth within the organization. Learning and growth enhance the internal capacity of the organization.