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The Balanced Scorecard is a strategic management framework used by organizations to translate their vision and strategy into a comprehensive set of performance objectives and measures. It was developed by Robert S. Kaplan and David P. Norton in the early 1990s as a response to the limitations of traditional performance measurement systems that focused mainly on financial indicators. Financial measures such as profit, revenue, return on investment and cash flow are important, but they mainly reflect past performance. The Balanced Scorecard complements these measures with non-financial indicators that provide information about customers, internal business processes, and organizational learning and growth. Thus, it enables managers to evaluate both current performance and the capabilities required for future success. The basic idea behind the Balanced Scorecard is that organizational performance should be viewed from multiple perspectives rather than through financial results alone. The traditional framework consists of four major perspectives: financial, customer, internal business process, and learning and growth. These perspectives are interconnected and help an organization convert its strategic objectives into measurable actions. The financial perspective examines whether the organization's strategy is contributing to improved financial performance. It focuses on outcomes that matter to owners, shareholders and other financial stakeholders. Common measures include revenue growth, profitability, return on capital employed, cash flow, cost reduction, economic value added and market share. Financial objectives may differ according to the organization's stage of development. A growing organization may emphasize sales growth and investment, while a mature organization may focus more strongly on profitability and efficient use of resources. In the Balanced Scorecard, financial performance represents an important ultimate outcome of successful strategy implementation. The customer perspective considers how the organization is viewed by its customers and whether it is creating sufficient value for them. Customer _____ _____ __________ ___ __________ __________ _________ _____ _________ _________ ________ ___.
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