ECONOMICS

Detailed explanation-1: -Used to measure and provide feedback to organizations, balanced scorecards are common among companies in the United States, the United Kingdom, Japan, and Europe. Data collection is crucial to providing quantitative results as managers and executives gather and interpret the information.

Detailed explanation-2: -Specific reasons that a company would use a Balanced Scorecard might include: Communicate the business vision and strategy. Share objectives that support the business’s vision and strategy. Show how these strategic objectives impact long-term goals and budgets.

Detailed explanation-3: -The Executive Scorecard provides an at-a-glance snapshot of your organization from a people-perspective and provides HR leaders with more point-in-time numbers. This is beneficial when companies are looking for data, progress and status towards meeting specific goals.

Detailed explanation-4: -The balanced scorecard is a conceptual framework for translating an organization’s strategic objectives into a set of performance indicators distributed among four perspectives: Financial, Customer, Internal Business Processes, and Learning and Growth.

Detailed explanation-5: -BSCs are used extensively in business and industry, government, and nonprofit organizations worldwide.