ECONOMICS

Detailed explanation-1: -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-2: -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-3: -A balanced scorecard is a strategic management performance metric that helps companies identify and improve their internal operations to help their external outcomes. It measures past performance data and provides organizations with feedback on how to make better decisions in the future.

Detailed explanation-4: -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.