DEFINITION AND CONCEPTS
The balanced scorecard is a strategic management approach developed by Kaplan and Norton (1992). The balanced scorecard clearly prescribes what an organization should measure to balance its financial perspectives. In its true sense, the balanced scorecard can be better referred to as a management system rather than only a measurement tool to track the degree of balance in the financial results of an organization.
Through balanced scorecards, organizations can realize their vision and strategies, translating those into action plans. In the process of translating the activities into the balanced scorecard, organizations can develop the strategic framework and achieve the performance goals. Also the scorecard can set the ...
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