ECONOMICS

Detailed explanation-1: -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-2: -Question: Which of the following statements about a balanced scorecard is true? (d) The advantage of a balanced scorecard approach is that it can best be used as a single, comprehensive measure of corporate performance.

Detailed explanation-3: -It’s in the name; the balanced scorecard approach gives you more accurate insights into the state of your business by looking at your organization from four perspectives: financial, customer, internal process, and learning and growth.

Detailed explanation-4: -A balanced scorecard (BSC) is defined as a management system that provides feedback on both internal business processes and external outcomes to continuously improve strategic performance and results.

Detailed explanation-5: -A balanced scorecard is an integrated set of performance measures that should be designed to support management’s strategy throughout the organization.