Describe the Concept of the Balanced Score Card

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The Answer is Organizations can use the balanced score card approach to measure success of organizational mission and strategy initiatives. Using the balanced score card methodology, business measure past financial performance, metrics related to customers, internal business processes, to learn how to position a firm for future performance. A firm can develop critical success factors based on these measurements and can track the progress made on each periodically, creating a score card each time progress is measured.
Companies that use a balanced scorecard tend to have a better return on investment than those that rely on traditional financial measures alone. Many companies use some sort of scorecard or "dashboard" to track a variety of different metrics of organizational health.

Describe the Concept of the Balanced Score Card

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