COST ACCOUNTING
BALANCED SCORECARDS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Consider the company from an internal and external perspective
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It is a key tool for achieving a strategic direction
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Enables the design of strategies aimed at obtaining improvements in critical areas of the organization
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It allows to know the evolution of the process and assess the result obtained and Raise degree of versatility
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All of the above
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Detailed explanation-1: -The most important advantages include the ability to bring information into a single report, which can save time, money, and resources. It also allows companies to track their performance in service and quality in addition to tracking their financial data.
Detailed explanation-2: -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-3: -The four perspectives of a traditional balanced scorecard are Financial, Customer, Internal Process, and Learning and Growth.
Detailed explanation-4: -What are the advantages of using a balanced scorecard?-A combination of performance measures directed toward the company’s long term and short term goals and used as the basis for awarding incentive pay.
Detailed explanation-5: -The balanced scorecard system aims to provide a more comprehensive view to stakeholders by complementing financial measures with additional metrics that gauge performance in areas such as customer satisfaction and product innovation.