COST ACCOUNTING
BALANCED SCORECARDS
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Describe and communicate your strategy
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measure your strategy
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rate products
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Detailed explanation-1: -The balanced scorecard involves measuring four main aspects of a business: Learning and growth, business processes, customers, and finance. BSCs allow companies to pool information in a single report, to provide information into service and quality in addition to financial performance, and to help improve efficiencies.
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: -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-4: -The Balanced Scorecard allows you to ensure that every department sees and understands clear linkages between its own strategy and the strategy of the organization as a whole.
Detailed explanation-5: -The four perspectives of a traditional balanced scorecard are Financial, Customer, Internal Process, and Learning and Growth.