Benefits of using balanced scorecard, Strategic Management

Assignment Help:

Benefits of using balanced scorecard (BSC)

- BSC encourages a long-term view of improving performance through time.

- BSC considers both non-financial as well as financial measures to give a better overall picture and holistic view of performance.

- BSC performance measures can be ‘tailor made' e.g. bespoke performance measurement that can be more specific to an industry.

- BSC can monitor and control operations e.g. spot problems such as product returns, complaints, warranty claims, failure to innovate or satisfy customers.

- BSC can communicate and publicise goals and objectives to all stakeholders.

- BSC perspectives can be linked to the remuneration of management and staff to improve overall performance.


Related Discussions:- Benefits of using balanced scorecard

Internal buying decisions, Transfer pricing is applied internally within a ...

Transfer pricing is applied internally within a group for management accounting purposes e.g. to measure the performance of divisions.   Increasing or decreasing an internal transf

What is organizational design, 1.Middle managers are often at the center of...

1.Middle managers are often at the center of efforts to develop tactical plans to implement established strategies. How are tactical plans typically established? What challenges co

Calculate capacity of the system, Cookie company is open for all day and ni...

Cookie company is open for all day and night, 24 hrs. Enough demand exists to keepthe cookie company busy 24 hrs. Assume you have: (i) One oven which can accommodate one tray

Ideal mission statement of a business organisation, Question 1: Elabora...

Question 1: Elaborate on the following business strategies giving examples, and discuss under what circumstances these business strategies are applied. a) Forward integrati

Statistical procedure for management, A highly perishable drug spoils after...

A highly perishable drug spoils after three days.  That is, a fresh unit on day t may be used on day t, day t+1, and day t+2, but must be disposed of at the end of day t+2. Each

What is minimum pricing, Q. What is Minimum pricing? The minimum transf...

Q. What is Minimum pricing? The minimum transfer price an internal seller would accept will depend on whether it has spare capacity to utilise or not.    If spare capacity e

What is the average contribution and selling price per unit, Division X has...

Division X has a target return on investment (ROI) of 12%.  It has fixed costs of £400,000 and a variable cost per unit of £5.  The net assets of the division forecast for the next

Explain zero based budgeting, Q. Explain Zero based budgeting? Zero bas...

Q. Explain Zero based budgeting? Zero based budgeting (ZBB) is a method of budgeting, which requires each cost element within the budget to be specifically justified as though

Student, explain the role of communication in strategy implementation

explain the role of communication in strategy implementation

Benefits of shared service centres, Q. Benefits of shared service centres ?...

Q. Benefits of shared service centres ? ¸ Economies of scale e.g. sharing overhead of a centralised function or process across divisions in the same group, it avoids divisions

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd