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Balanced Scorecard

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Definition: The Balanced Scorecard is a strategic management and measuring process used to help align specific business activities with an organization's strategy and vision. Developed by Dr. Robert Kaplan and Dr. David Norton, it is designed to also help communicate and measure goals and performance. The Balanced Scorecard system includes financial goals and measurements but moves beyond that one indicator to also include three other indicators or perspectives. The four areas or perspectives considered as part of The Balanced Scorecard system include: internal business processes, customer, learning and growth and financial.

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