ECONOMICS

Detailed explanation-1: -Developed by Robert Kaplan and David Norton in the early 1990s, the balanced scorecard is more than a measurement system-in fact, it’s a management system.

Detailed explanation-2: -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-3: -The balanced scorecard, first proposed in the January-February 1992 issue of HBR (“The Balanced Scorecard-Measures that Drive Performance”), provides executives with a comprehensive framework that translates a company’s strategic objectives into a coherent set of performance measures.

Detailed explanation-4: -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.