Balanced Scorecard

It is a strategic management framework that helps organizations measure and manage their performance in a balanced and comprehensive manner. It was developed by Robert Kaplan and David Norton in the early 1990s. The Balanced Scorecard takes into account multiple dimensions of organizational performance, beyond just financial measures(additional perspectives are: customer, internal business process & Learn and Growth). It recognizes that financial indicators alone are not sufficient to provide a complete picture of an organization's success.