Developments on Balanced Scorecard: A Historical Review

Balanced Scorecard is considered as the world widely used Performance Management System by organizations. Around 57% organizations of the world are using the Balanced Scorecard tool for improving their Organizational Performance (1). This technique of performance evaluation and management was coined by the Kaplan and Norton in 1992. From that date to 2012 a lot of work has been done by the academicians and practitioner on the Balanced Scorecard. This study is summarizing the major studies conducted on Balanced Scorecard from 1992 to 2012. Summing up all the criticism and appreciations on Balanced Scorecard, the study is suggesting some guidelines for improving the Balanced Scorecard in the light of previous researches conducted on Balanced Scorecard.