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Meaning & Definition

Balanced Scorecard

The Balanced Scorecard, referred to as the BSC, is a framework to implement and manage strategy. It links a vision to strategic objectives, measures, targets, and initiatives. It balances financial measures with performance measures and objectives related to all other parts of the organisation. It is a business performance management tool.

It was originally published by Dr Robert Kaplan and Dr David Norton as a paper in 1992. And then formally as a book in 1996. Both the paper and the book led to its widespread success. It is interesting to note that although Kaplan and Norton published the first paper, they were anomalously referenced in a work by Art Schneiderman who is believed to be the balanced scorecard creator.

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