Balanced Scorecard

In 1992, Robert S. Kaplan and David P. Norton introduced the balanced scorecard, a concept for measuring whether the activities of a company are meeting its objectives in terms of vision and strategy. By focusing not only on financial outcomes but also on the human issues, the balanced scorecard helps to provide a more comprehensive view of a business which in turn helps organizations to act in their best long-term interests. The strategic management system helps managers focus on performance metrics while balancing financial objectives with customer, process and employee perspectives. Measures are often indicators of future performance.
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1. a method of measuring and managing business performance giving a balanced view of financial and operational perspectives to accelerate the management process.
2. a set of weighted measures that give the manager a fast but comprehensive view of the business; questions must be asked using four important driver areas; customer, finance, internal business, innovation and learning; how these areas add value for customers and shreholders.

= Balanced Scorecard (BSC)
Ex: The Balanced Scorecard is a management technique that translates mission statements and their strategies into a set of objectives and performance measures that can be quantified and appraised.