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. BSCs were originally developed for for-profit companies but were later adapted for use by nonprofits and government agencies.

Detailed explanation-2: -Kaplan & Norton’s Balanced Scorecard model was developed in the early 1990’s as an attempt to help firms measure business performance using both financial and non-financial data.

Detailed explanation-3: -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-4: -Developed by Robert Kaplan and David Norton in the early 1990s, the balanced scorecard is more than a measurement system-in fact, it’s a management system.

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.