Balanced Scorecard:

Robert S. Kaplan and David P. Norton introduced the balanced scorecard in 1992. The balanced scorecard is a performance measurement system that enables organizations to make clear their vision and strategy and translate them into action. This provides feedback around both the internal business processes and external outcomes in order to constantly improve strategic performance and results. While fully implemented, the balanced scorecard transforms strategic planning from an academic exercise into the nerve centre of an enterprise. The four perspectives of balanced scorecard are depicted in Figure. The balanced scorecard suggests, collecting data, developing metrics, and analyzing it associated to four perspectives:      

Financial

How do we look to shareholders?

Internal Business Processes

What should we excel at?

Learning and Growth

May we continue to develop and create value?

Customer

How do customers see us?

Figure: Four Perspectives Visions for Balanced Scorecard