Write a paper on the Balanced Scorecard and what is means for the decision-makin
ID: 2800499 • Letter: W
Question
Write a paper on the Balanced Scorecard and what is means for the decision-making process – 100 points possible:
Length will be at least 5 to 7 pages.
Student's name will be in the header only. No page numbers.
One inch margins. Unjustified right margin.
Font should be Times New Roman, size 12
APA Formatted document.
Double spaced with one extra space between paragraphs.
The paper should start on the first line. No extra spaces at the beginning.
Please spell check, grammar check and proof read.
At least three scholarly/peer reviewed resources of information should be used and they should be cited within the paper (No pedia’s ie. Wikipedia and .com is not a resource).
Provide an extra page at the end of the paper listing your sources of information (reference page).
Review the rubric (grading criteria) for this assignment.
Explanation / Answer
Answer :- Balanced Scorecard is a set of financial and non-financial measures relating to a company's critical success factors. It is an approach which provides information to management to assist themselves in strategy formulation and strategy implementation. An ideal balanced scorecard combines financial measures of past performance with the measures of the firm's drivers of future performance. The following perspectives are evaluated in the balanced scorecard :-
(i) Customer perspective - Measures of price / quality / support / delivery etc.
(ii) Internal perspective - Measures of efficiency / sales penetration and new product introduction etc.
(iii) Innovation & learning perspective - Measures of technology / cost leadership / research & development.
(iv) Financial perspective - Sales / Cost of sales / Return on capital employed / Profitability performance etc.
It is very important for firms / companies to understand the concept of balanced scorecard because it provides very useful information to the management of firms / companies which will help themselves in proper strategy formulation, strategy implementation and decision-making on the timely basis. Balanced scorecard help firms to measure their past performance and compare it with firm's present as well as the future performance.
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