COST ACCOUNTING
BALANCED SCORECARDS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Change the organization’s strategy
|
|
|
Debate and prioritize the problems
|
|
|
Follow up on the actions that are being taken in the organization to improve results
|
|
|
All of the above
|
Detailed explanation-1: -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-2: -A balanced Scorecard refers to a strategic planning and management system used to identify, modify and control various internal business functions and their resulting outcomes.
Detailed explanation-3: -The Balanced Scorecard approach helps organizations design key performance indicators (KPIs) for their various strategic objectives. This ensures that companies are measuring what actually matters. The BSC approach provides high-quality management information and offers data-driven insight to assist in decision-making.
Detailed explanation-4: -The four perspectives of a traditional balanced scorecard are Financial, Customer, Internal Process, and Learning and Growth.