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 vision defines where we are going. The scorecard keeps everyone honest. The challenge lies in a management team’s ability to learn from the feedback that the scorecard provides and to change business strategy accordingly.

Detailed explanation-3: -What is a balanced scorecard (BSC)? The balanced scorecard is a management system aimed at translating an organization’s strategic goals into a set of organizational performance objectives that, in turn, are measured, monitored and changed if necessary to ensure that an organization’s strategic goals are met.

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

Detailed explanation-5: -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.