Question

Managers today need to look past traditional viewpoints in determining the success of their company's strategy. One way to do this is to use what is known as the balanced scorecard. This approach involves looking past just one measure and instead taking a comprehensive view of the organization.

This activity is important because the balanced scorecard gives managers a quick and comprehensive view of organizational performance.
True or False?

Answer 1

True

Step-by-step explanation:

A balanced scorecard is a system of strategic management and planning used by managers to align business activities to the strategy of a firm by comparing the performance of the firm against the goals set.

The concept of balanced scorecard is to give a quick and comprehensive view of a firm's performance as performance of strategic goals is seen right next to the goal set. The concept was first seen in a 1992 publication by Kaplan and Norton.

A balanced scorecard is used so as to ensure a balance in the management and planning of a firm as against the traditional way of using the financial aspect as a means of determining whether or not a firm has met its goals or not.

Balanced scorecard is good because it checks out everything that matters about a firm and its goals and performance, it also helps to increase focus of getting results, it helps to prioritize tasks, among other things.

Cheers.