What Is Meant By Balanced Scorecard?

What Is Meant By Balanced Scorecard?

1 Answer

  1. Balanced scorecard is a strategic management tool used by organizations to communicate their priorities, strategy to accomplish goals and how they will measure and monitor progress.
    A balanced scorecard has four components. They are Financial, Customer, Internal Process and Learning and Growth.
    1. Financial: In this view organizations specify their financial goals and how they plan to accomplish those goals.
    2. Customer: It views organization’s performance from the perspective of the target market to whom the business is supposed to serve.
    3. Internal Process: It measures the efficiency and quality standards of the product that a business offers to its target audience.
    4. Learning and Development: This view includes the various opportunities that the organization provides to employees in the form of training to help them in career progression as well as personal development.

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