COST ACCOUNTING
BALANCED SCORECARDS
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Lower cost, improve profitability, improve profit
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Less wait time, improve customer retention
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Increase efficiency, lower cycle time
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Improve knowledge and skills, Improve tools and technology
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Detailed explanation-1: -The four perspectives of a traditional balanced scorecard are Financial, Customer, Internal Process, and Learning and Growth.
Detailed explanation-2: -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-3: -The heart of the balanced scorecard is a framework of four major categories or perspectives for strategy implementation – financial, customer, internal business, and innovation and learning: The financial perspective asks how the organization should appear to shareholders so that the company can succeed financially.
Detailed explanation-4: -The balanced scorecard is a management system aimed at translating an organization’s strategic goals into a set of organizational performance objectives that, in turn, are measured, monitored and changed if necessary to ensure that an organization’s strategic goals are met.