The balanced scorecard is a management system that enables organizations to clarify their vision and strategy and translate them into action. The balanced scorecard approach provides a clear direction as to what companies should measure in order to "balance" the monetary standpoint.
The balanced scorecard method builds on some key concepts of preceding management ideas such as Total Quality Management, including customer-defined quality, continuous improvement, employee empowerment, and primarily measurement-based management and feedback.
Balanced scorecard methodology is an analysis technique designed to translate an organization's mission statement and overall business strategy into specific, quantifiable goals and to monitor the organization's performance in terms of achieving these goals. Balanced scorecard methodology assesses in defined direction and put organization in to right platform to attain goal.
