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: -The BSC enables companies to track financial results while simultaneously monitoring progress in building the capabilities and acquiring the intangible assets they need for future growth."

Detailed explanation-3: -Balanced Scorecard translates an organisation’s mission and strategy into a comprehensive set of performance measures by providing a framework for the strategic alignment between an organisation’s strategy and its business units.

Detailed explanation-4: -The four perspectives of a traditional balanced scorecard are Financial, Customer, Internal Process, and Learning and Growth.