Balanced Scorecard

The balanced scorecard is a strategic management concept developed by Robert Kaplan and David Norton. The idea behind the balanced scorecard is that the organization’s vision needs to be translated into actions that have an impact on both internal staff and external stakeholders about the bottom line. A scorecard may be viewed as a performance management system, that focuses on the most important strategies (those being measured, tracked, and reported) that guide the organization toward goal attainment and progress toward its vision.

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