What is a Balanced Scorecard Approach?
The balanced scorecard approach is used as a simple tool to measure performances to a management system and strategic planning traditionally. This function was developed into daily basis marching orders. And we are now using this approach to provide frameworks that aid planners to figure out the tasks that should be done and things to be measured. It was created by Dr. David Norton and Dr. Robert Kaplan. The main purpose is to help executives and managers obtain a balanced view on non-financial strategic methods and the financial metrics. The term Balanced scorecard was made up during the early part of the 90’s. This phrase came from a work of General Electrics in the 50’s and the French engineer’s working process in the first part of 20th century. This approach is not just a measurement system. It is also a management system that brings to action the strategies, visions and goals. It serves as a guide so these strategies and visions can be easily understood to make it attainable. It g
