COST ACCOUNTING
COST MANAGEMENT SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the strategy map and the BSC are unrelated.
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the strategy map deals with the strategy component of the BSC.
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the strategy map provides a guide to implementing the BSC by linking the critical success factors.
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the strategy map is a subset of the BSC.
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Detailed explanation-1: -Requirement 1 Ans: The strategy map provides a guide to implementing the BSC by linking the critical success factors The Balanced Score Card although has perspectives, but it cannot be called subsets.
Detailed explanation-2: -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-3: -Strategy maps help clarify the strategy and the related strategic objectives, whereas balanced scorecards are used to establish metrics and targets to measure and manage the performance of the organization against those strategic objectives.
Detailed explanation-4: -Strategy Map. Combining the four-tier Balanced Scorecard framework with the concept of strategic themes yields a strategy map-an architecture for describing strategy in a reliable and consistent way. The strategy map provides a shared model of the organization’s strategy to help translate vision into action.
Detailed explanation-5: -The classic Balanced Scorecard includes four perspectives: Financial, Customer, Internal Processes and Learning & Growth.