what is BALANCE SCORECARD? Explain its components in detail?

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A balanced scorecard is a tool of business which is used to measure the management performance and improve various internal business functions alongwith their outcomes. Balanced scorecards are tupically used to measure and give feedback to organizations.

The balanced scorecard is used to achieve the objectives, measurements, initiatives, and goals of a business. With the help of balanced scorecards, Companies can easily identify factors being constraints in business performance.

Components-

Learning and growth are studies through the investigation of training and knowledge resources. It is concerned with how efficiently the employees use the information for the benefit of organization.
Business processes are analysed by investigating how well products are manufactured. It tracks any gaps, delays, bottlenecks, shortages, or waste.
Customer perspectives are analysed by watching customer satisfaction with quality, price, and availability of products or services. Customers provide feedback in this aspect.
Financial data, in this, financial information like sales, profits, costs etc are analysed alongwith certain ratios to understand the business performance.

ekkarill92 answered 2 years ago

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what is BALANCE SCORECARD? Explain its components in detail?

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