It is a performance metric used for strategic management and measurement systems to improve and identify various internal functions and their expected outcomes. It was devised by David Norton and Robert Kaplan in the year 1992. It is meant to enable an organization to link its actions to the vision and strategy devised in the beginning.
It basically helps the organizations to measure and get feedback in terms of their performance in four main areas viz: financial performance, internal business processes, customer knowledge and learning and growth.
Data collection is an important part of this method as this helps in taking better decisions for the future growth and development of the organization.
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