ECONOMICS

Detailed explanation-1: -The concept of BSCs was first introduced in 1992 by David Norton and Robert Kaplan, who took previous metric performance measures and adapted them to include nonfinancial information.

Detailed explanation-2: -The balanced scorecard, first proposed in the January-February 1992 issue of HBR (“The Balanced Scorecard-Measures that Drive Performance”), provides executives with a comprehensive framework that translates a company’s strategic objectives into a coherent set of performance measures.

Detailed explanation-3: -The business performance management framework was laid out in a 1992 paper published in the Harvard Business Review by Robert S. Kaplan and David P. Norton, who are widely credited with having developed the balanced scorecard system.

Detailed explanation-4: -The Balanced Scorecard was originally developed by Dr. Robert Kaplan of Harvard University and Dr. David Norton as a framework for measuring organizational performance using a more balanced set of performance measures. Traditionally companies used only short-term financial performance as the measure of success.

Detailed explanation-5: -In their first book, “The Balanced Scorecard: Translating Strategy Into Action, ” Norton and Kaplan highlight many case studies of organizations that use the BSC to design a scorecard reflective of their individual strategies. But their research didn’t stop there.