ECONOMICS

Detailed explanation-1: -Developed by Robert Kaplan and David Norton, the balanced scorecard method translates an organisation’s strategy into performance objectives, measures, targets and initiatives. It is based on four balanced perspectives, and links them together with the concept of cause and effect.

Detailed explanation-2: -The balanced scorecard first saw the light of day early in the 1990s. 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: -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-4: -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.