ECONOMICS

Detailed explanation-1: -The balanced scorecard (BSC) is a strategic planning and management system. Organizations use BSCs to: Communicate what they are trying to accomplish. Align the day-to-day work that everyone is doing with strategy.

Detailed explanation-2: -It guides the managers and employees to take actions and decisions that will enhance achievement of the company’s strategy. It serves as a motivator for managers to take actions that will lead to improvement in financial performance instead of managers focusing too much on innovation and quality as an end.

Detailed explanation-3: -A Balanced Scorecard is a way to measure an organization’s performance and shows whether management is achieving desired results. The Balanced Scorecard translates purpose, mission, and vision statements into objectives and performance measures that can be quantified and appraised.

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.