ECONOMICS

Detailed explanation-1: -The four perspectives of a traditional balanced scorecard are Financial, Customer, Internal Process, and Learning and Growth.

Detailed explanation-2: -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-3: -What is a balanced scorecard (BSC)? The balanced scorecard is a management system aimed at translating an organization’s strategic goals into a set of organizational performance objectives that, in turn, are measured, monitored and changed if necessary to ensure that an organization’s strategic goals are met.

Detailed explanation-4: -Balanced Scorecard and EFQM are the most complete models for the continuous improving of the organization’s performance that can be used also to measure the performance of the innovation processes. Both of them are specific, requiring managers to find the proper measures in order to be applied.