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Evolution of the 3rd Generation Balanced Scorecard

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This paper describes the changes to the definition of the Balanced Scorecard that have occurred since it became popular as a performance measurement framework during the early 1990s.

The paper tracks development of the Balanced Scorecard across three distinct generations of thinking. This paper concludes that these changes have improved the utility of Balanced Scorecard as a strategic management tool, and helped minimise the risk of Balanced Scorecards becoming merely elaborate performance reporting systems as opposed to effective strategic management systems.

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