What is Balanced Scorecard?
The balanced scorecard (BSC) is a performance metric used in strategic management in order to identify and improve various internal functions of a business. It is a tool which enables managers to monitor and measure different levels of performance done by the staff members. It also helps them to control and make decisions basis on performance results. The attribute of balanced scorecard is derived from financial and non financial framework. It includes internal business process and performance based on external outcome. The founder of balance scorecard Kaplan-Norton, defines the balance scorecard as it provides a relevant range of financial and non-financial information. Kaplan and Norton devised a framework based on four perspectives – financial, customer, internal, learning and growth. Benefits of balanced scorecard · Better strategic planning · Improved strategy communica...