Balance Score Card { BSC }

Balance scorecard ( BSC ) was first introduced by David Norton and Robert Kaplan in the year 1992. It is a performance management metric based on the balance between leading and lagging indicators, which can respectively be thought of as the drivers and outcomes of the company goals. It is a strategic management metric that is used by organizations to gather data, measure it and provide feedback to the organizations for efficient decision making.

The balanced scorecard involves measuring four main aspects of a business:

  • Learning and Growth
  • Business Processes
  • Customers
  • Finance.

With a Balanced Scorecard, a company will have the capability to:

  1. Describe the strategy.
  2. Measure the strategy.
  3. Track the actions to improve the results.