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: -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 allows you to ensure that every department sees and understands clear linkages between its own strategy and the strategy of the organization as a whole.

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