ECONOMICS

Detailed explanation-1: -Kaplan and David P. Norton’s concept of the balanced scorecard revolutionized conventional thinking about performance metrics. By going beyond traditional measures of financial performance, the concept has given a generation of managers a better understanding of how their companies are really doing.

Detailed explanation-2: -David Norton, co-founder of the consulting company, Renaissance Solutions, and Robert Kaplan, the Marvin Bower Professor of Leadership Development at Harvard Business School, developed the concept in research sponsored by KPMG.

Detailed explanation-3: -Kaplan & Norton’s Balanced Scorecard model was developed in the early 1990’s as an attempt to help firms measure business performance using both financial and non-financial data.

Detailed explanation-4: -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.