The Balanced Scorecard is a strategy evaluation tool. It uses both quantitative and qualitative measures to evaluate strategies.
A Balanced Scorecard analysis requires firms to answer these questions:
1. How well is the firm continually improving and creating value along measures such as innovation, technological leadership, product quality, operational process efficiencies, etc.?
2. How well is the firm sustaining or improving upon its core competencies and competitive advantages?
3. How satisfied are the firm’s customers?