Balanced Scorecard: A Comprehensive Management Tool
Understanding the Balanced Scorecard
A balanced scorecard (BSC) is a strategic management tool that assists organizations in evaluating and improving their overall performance. It goes beyond traditional financial metrics to encompass non-financial factors crucial for long-term success.
Origins and Purpose
The balanced scorecard was developed in 1992 by Harvard Business School professors Robert Kaplan and David Norton. Its purpose is to align an organization's activities with its strategic goals and ensure that all levels of the company are working towards a common objective.
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