COST ACCOUNTING
BALANCED SCORECARDS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
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.
|
|
|
It is an element of the administrative process that includes all the activities that are undertaken to ensure that actual operations match planned operations.
|
|
|
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.
|
|
|
It is a tool, graphic and visual representation of the strategic objectives related and structured through perspectives according to strategic action.
|
Detailed explanation-1: -A strategy map is a simple graphic that shows a logical, cause-and-effect connection between strategic objectives (shown as ovals on the map). It is one of the most powerful elements in the balanced scorecard methodology, as it is used to quickly communicate how value is created by the organization.
Detailed explanation-2: -The classic Balanced Scorecard includes four perspectives: Financial, Customer, Internal Processes and Learning & Growth.
Detailed explanation-3: -A strategy map is a diagram that shows your organization’s strategy on a single page. It’s great for quickly communicating big-picture objectives to everyone in the company. With a well-designed strategy map, every employee can know your overall strategy and where they fit in.
Detailed explanation-4: -Strategy maps describe how organisations create value by building on strategic themes such as ‘growth’ or ‘productivity’. They provide a way for companies to ‘tell the story’ of their strategy to employees and other corporate stakeholders, thereby increasing engagement in the strategic process.