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: -The balanced scorecard system aims to provide a more comprehensive view to stakeholders by complementing financial measures with additional metrics that gauge performance in areas such as customer satisfaction and product innovation.

Detailed explanation-3: -The four perspectives of a traditional balanced scorecard are Financial, Customer, Internal Process, and Learning and Growth.

Detailed explanation-4: -The balanced scorecard is a strategic planning and performance management framework that tracks financial and non-financial measures to determine an organization’s effectiveness and when corrective action is necessary.

Detailed explanation-5: -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.