Question

The performance measures on a balanced scorecard tend to fall into four groups. Name them?

1) Financial measures
2) Customer measures
3) Internal process measures
4) Learning and growth measures

Answer 1

Balanced scorecard performance measures include Financial measures, Customer measures, Internal process measures, and Learning and growth measures, encompassing both financial results and factors that contribute to long-term success.

Step-by-step explanation:

The performance measures on a balanced scorecard indeed fall into four primary groups: Financial measures, Customer measures, Internal process measures, and Learning and growth measures. This concept is crucial in business and management as it helps organizations balance and measure their performance not solely on financial outcomes but also on factors that contribute to long-term success. For example, Financial measures might include profit margins and return on investment (ROI), while Customer measures could involve customer satisfaction and retention rates. Similarly, Internal process measures assess the efficiency of operations, and Learning and growth measures track the development of organizational capital and employee skills.