COST ACCOUNTING
BALANCED SCORECARDS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Knowing well the characteristics of the market sector to define the strategy must be supported by an analysis of variations and trends.
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A model for its definition is the Balanced Scorecard based on cause-effect relationships that make it easier to achieve objectives through initiatives or projects.
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It is a functional operation and allows aligning processes, resources and personnel towards strategic planning. For its execution it is necessary to have details of structured activities or actions based on the principles of project management.
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A control or monitoring system that with indicators measures whether or not the planned actions are fulfilled, in addition to the goals and objectives.
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Detailed explanation-1: -Strategic planning is a process in which an organization’s leaders define their vision for the future and identify their organization’s goals and objectives. The process includes establishing the sequence in which those goals should be realized so that the organization can reach its stated vision.
Detailed explanation-2: -SWOT analysis is a strategic planning technique that provides assessment tools. Identifying core strengths, weaknesses, opportunities, and threats leads to fact-based analysis, fresh perspectives, and new ideas.
Detailed explanation-3: -Effective strategic planning is a process that should be broken down into three separate, equally important components: strategic thinking, long-range planning, and operational planning.
Detailed explanation-4: -Several components are involved in developing a comprehensive corporate strategy. The four most widely accepted key components of corporate strategy are visioning, objective setting, resource allocation, and prioritization.