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 (BSC) is a tool used to represent and evaluate the overall business activity. It translates all the aspects that make up an organisation’s strategy and mission into a set of performance indicators.

Detailed explanation-3: -Dashboards offer a broad way to track strategic goals and measure a company’s overall efficiency. Scorecards, on the other hand, provide a quick and concise way to measure KPIs and give a clear indication of how well organizations are working to achieve their targets.

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

Detailed explanation-5: -Scorecards tell health systems how they’re doing overall; dashboards tell systems what’s happening now using interactive metrics with drill-down capabilities. In short, a dashboard is a performance monitoring system, whereas a scorecard is a performance management system.