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: -A balanced scorecard (BSC) is defined as a management system that provides feedback on both internal business processes and external outcomes to continuously improve strategic performance and results.

Detailed explanation-3: -The Balanced Scorecard is a tool for strategy implementation. It translates an organization’s vision and strategy into measurable objectives, links them to individual performance in different areas, and creates a feedback loop which allows to adjust objectives accordingly.

Detailed explanation-4: -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.

Detailed explanation-5: -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.