What is a balanced scorecard?

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The balanced scorecard methodology, an outgrowth of prior measurement and management methodologies like total quality management (TQM), has existed for decades, but it was formalised in the early 1990s by Robert Kaplan and David Norton. Kaplan and Norton not only gave it a formal name but also put structure around the way organisations can measure how well they are functioning and how to predict future performance.
Basically, it's a way to map and translate complex business information into something that's understandable to everyone. The methodology starts with targets defined by the organisation, followed by scorecard measures. These usually include both corporate targets and business unit targets, which are then honed into individual measures and targets. It's a very flexible approach, designed to be adapted to any organisation's needs. And virtually anything can be measured.

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