COST ACCOUNTING
BALANCED SCORECARDS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A business management model that allows linking strategies and key objectives with performance and results through four critical areas in any organization: financial performance, customer knowledge, internal business processes, and learning and growth.
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It is an element of the administrative process that includes all the activities that are undertaken to ensure that actual operations match planned operations.
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It is one of the fundamental functions of the administrative process. As such, it is the part of the process that involves carrying out a set of tasks and operations.
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It is a tool, it contains the complete visual representation of an organization’s strategy, it describes the value creation process through a series of cause and effect relationships between the objectives of the four perspectives.
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Detailed explanation-1: -The four perspectives of a balanced scorecard are learning and growth, business processes, customer perspectives, and financial data. These four areas, which are also called legs, make up a company’s vision and strategy.
Detailed explanation-2: -A balanced scorecard (BSC) is defined as a management system that provides feedback on both internal business processes and external outcomes to continuously improve strategic performance and results.
Detailed explanation-3: -What is a balanced scorecard (BSC)? The balanced scorecard is a management system aimed at translating an organization’s strategic goals into a set of organizational performance objectives that, in turn, are measured, monitored and changed if necessary to ensure that an organization’s strategic goals are met.
Detailed explanation-4: -A balanced scorecard is used to help in the strategic management of organizations. The balanced scorecard is anchored on four perspectives, which include financial, business process, customer, and organizational capacity.