What is a balanced scorecard?

Balanced scorecard is a planning and management system that is used by organizations to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against defined strategic goals. The metrics for balanced scorecard were developed by Dr. Robert Kaplan and David Norton as a performance measurement framework that added strategic non-financial performance measures to traditional financial metrics to give managers and executives a more balanced view of organizational performance.