ECONOMICS

Detailed explanation-1: -The concept of BSCs was first introduced in 1992 by David Norton and Robert Kaplan, who took previous metric performance measures and adapted them to include nonfinancial information. BSCs were originally developed for for-profit companies but were later adapted for use by nonprofits and government agencies.

Detailed explanation-2: -Robert Kaplan and David Nor-ton created the balanced scorecard approach in the early 1990s. Most traditional management systems focus on the financial performance of an organiza-tion.

Detailed explanation-3: -In their first book, “The Balanced Scorecard: Translating Strategy Into Action, ” Norton and Kaplan highlight many case studies of organizations that use the BSC to design a scorecard reflective of their individual strategies. But their research didn’t stop there.

Detailed explanation-4: -The concept of the balanced scorecard was first touted in the Harvard Business Review in 1992 in a paper written by Robert S Kaplan and David P Norton.

Detailed explanation-5: -The Balanced Scorecard was originally developed by Dr. Robert Kaplan of Harvard University and Dr. David Norton as a framework for measuring organizational performance using a more balanced set of performance measures. Traditionally companies used only short-term financial performance as the measure of success.