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: -This methodology consists of six different steps which are: developing a system for organization, selecting stakeholders’ most important objectives and target, identifying organization’s objectives and their KPIs for different BSC aspects, developing strategy map, targeting, and selecting initiatives.

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: -A balanced scorecard helps in drafting organizational strategy by defining what is important to the company. Reporting production, program operations and service delivery metrics helps your company evaluate how well it is doing and where it needs to pay more attention, based on the company’s vision and mission.

Detailed explanation-5: -The balanced scorecard communicates your strategy so everyone knows where you want to go and how they can help your organization get there. Strategic alignment means every department, team, and even individual employee are all working towards common organizational performance goals.