A brief history or background of the Balanced Scorecard:
- Balanced Scorecard is not at all new in the market. It was initiated in 1992 with many companies especially Fortune 1000 adopting the BSC with phenomenal result.
- It was originally developed in the early 1990’s by Dr Robert Kaplan ( Prof Harvard Univ) and David Norton (Consultant). Both men researched on exploring new methods of performance measurement. They believed that financial measures of performance alone were ineffective for the modern business enterprise.
- Their study identified four areas of performance measures :
- Customer issues
- Internal business process
- Employee activities
- Shareholder concerns
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