ECONOMICS

Detailed explanation-1: -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.

Detailed explanation-2: -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-3: -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-4: -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-5: -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.