A balanced scorecard is a performance framework to measure the performance of a business. The framework was developed by the authors Norton and Kaplan who say that a business should not only be measured by financial measures but by other perspectives too, such as, people, process and customer.
An example maybe that if you want increase revenues in your business by 20% then in order to achieve this you need invest in your people, if you invest in your people you will have excellent processes, if you have excellent processes you will have happy customers and finally if you have happy customers you will see increased revenues.
The other term for scorecard can be used for anything, i.e keeping the score for a game of golf.
Hope that helps, for more information on Balanced Scorecard google Norton and Kaplan.
A Scorecard is a collection of KPIs, scored against their targets. Balanced Scorecard is a framework for organizational change and a strategic management system for Strategy Execution, integrating both strategic performance & risk. For more details on the XPP (Execution Premium Process), which is the modern BSC framework built by Drs. Robert Kaplan and David Norton and their team at Palladium, go to:
Kaplan-Norton BSC Certified since 2009