Balanced Scorecards

ALSO CALLED: Information Technology Scorecards, Balanced Scorecard Methodology, Scorecards, IT Scorecards, and Information Management Scorecards
DEFINITION: Balanced scorecard methodology is an analysis technique designed to translate an organization's mission statement and overall business strategy into specific, quantifiable goals and to monitor the organization's performance in terms of achieving these goals. Developed by Robert Kaplan and David Norton  … 
Definition continues below.

BALANCED SCORECARDS DEFINITION (continued): …  in 1992, the balanced scorecard methodology is a comprehensive approach that analyzes an organization's overall performance in four ways, based on the idea that assessing performance through financial returns only provides information about how well the organization did prior to the assessment, so that future performance can be predicted and proper actions taken to create the desired future.

The methodology examines performance in four areas: financial analysis, the most traditionally used performance … 
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