which of the following is an advantage of the balanced scorecard
(i) BSC adopts a balanced and comprehensive approach for judging and controlling an organization’s performance; by setting objectives and performance measures in four key perspective viz. It allows managers to translate a firm's vision into measureable operational goals.
Which of the following statements about the balanced scorecard is true? A theory that states that the most important aspect in leadership is the follower's expectation that a task can be accomplished and that it will lead to rewards.
What aspects of the process do we want to measure? Which of the following statements is true about the financial perspective of a balanced scorecard? Nowadays, the Balanced Scorecard (BSC), which comprises the main four dimensions of an organization – Financial, Customer, Internal processes, Learning and growth – is widely used by many companies activating in a wide range of industries: manufacturing, transportation, utilities, retail, hospitality and so forth.
It allows managers to translate a firm's vision into measureable operational goals.
Smarter Solutions, Inc. is an internationally recognized organization, which provides coaching, training, and software in enhanced predictive performance metrics reporting and improvements so that the enterprise as a whole benefits. Content Filtrations 6. It minimizes the chances of sub optimization.
The balanced-scorecard approach is popular in managerial practice because it has several advantages. Offshoring is used to lower costs in a firm's value chain.
Increased understanding, awareness and alignment on operations across the whole management team arising from the discussions during the design process; The impact of initiatives to improve one area of performance is monitored across the wider process; The explicit mapping of causal links between objectives, which in turn helps add meaning and relevance to measures and facilitate target setting; A single concise management report that describes operational performance across perspectives.
It eliminates the need to communicate the details of the plan to the employees. Which of the following is an advantage of the balanced scorecard? Which of the following is the most valuable benefit of the balanced scorecard? C. It increases the pay for all employees in the organization regardless of their performances. The approach also helps to identify relevant measures that allow managers to control and monitor organisational performance against these objectives. This preview shows page 38 - 40 out of 60 pages. In addition, scorecards should give focus on the alignment of its performance scorecard measures to what is done when producing its product and services. Reaching consensus and articulation of a holistic set of key strategic objectives aligned to corporate vision; An explanation of the cause and effect linkages between objectives and to the financial or other key outcome requirements of the organisation – this also identifies areas where ‘trade-offs’ between objectives are required (e.g. Time and time again we see problems in performance management, that stem from the lack of a rationale for measure selection. What process do we want to monitor? Image Guidelines 5. The purpose of this application of Balanced Scorecard is to help managers monitor and control the delivery of a pre-defined set of activities – often with a view toward achieving ‘best practice’ performance levels.
88% of members from organisations regularly using the Balanced Scorecard reported improvements in operating performance; and. It is a more or less a one-dimensional metric of measuring competitive advantages of a firm.
Balanced Scorecard used for Operational Control, Balanced Scorecard used for Strategic Management, Client Feedback – Tangible and Intangible benefits. (iii) BSC brings organization’s strategy and vision, to the centre of management focus; so that management may never deviate from these.
Operational control involves asking the following questions: 1. Greater than the resistance to change and cost of change that employees experience. Which of the following is an advantage of using balanced scorecard? Plagiarism Prevention 4. Which of the following is an advantage of the balanced-scorecard? All Rights Reserved.
Some companies find it valuable to monitor the amount customers spend on their products relative to all other products. According to the formula that makes up the change equation, the combination of with the status quo, a new model for the organization , and the process for change must be? For Olve, Roy and Wetter (2002), the BSC has the advantage of being a compact model, where its correct
The triple-bottom-line approach considers a combination of economic, social, and ecological concerns. financial, customer, business and internal processes and learning and growth. Report a Violation, Four Perspectives of the Balanced Scorecard, Perspectives in Balanced Scorecard (4 Perspectives ), Relationship between Planning and Controlling (With Diagram). What is considered best practice?
It eliminates managerial effort when providing incentives to employees. For a limited time, find answers and explanations to over 1.2 million textbook exercises for FREE! 3. Which of the following is an advantage of the balanced scorecard It allows from EXAM 2 at Kennesaw State University With the IEE system, organizations can obtain predictive balanced scorecards that are in alignment with work that is performed in the business. Leaders have the flexibility and range of skills to adapt their behavior to the maturity of their subordinates.
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