ECONOMICS

Detailed explanation-1: -A balanced scorecard is a strategic management performance metric that helps companies identify and improve their internal operations to help their external outcomes. It measures past performance data and provides organizations with feedback on how to make better decisions in the future.

Detailed explanation-2: -A balanced scorecard (BSC) is defined as a management system that provides feedback on both internal business processes and external outcomes to continuously improve strategic performance and results.

Detailed explanation-3: -A balanced Scorecard refers to a strategic planning and management system used to identify, modify and control various internal business functions and their resulting outcomes.

Detailed explanation-4: -The Balanced Scorecard approach helps organizations design key performance indicators (KPIs) for their various strategic objectives. This ensures that companies are measuring what actually matters. The BSC approach provides high-quality management information and offers data-driven insight to assist in decision-making.

Detailed explanation-5: -The four perspectives of a traditional balanced scorecard are Financial, Customer, Internal Process, and Learning and Growth.