Question

Explain the relationship between the balanced scorecard:!the strategy map and thr budget

Answer 1

BALANCED SCORE CARD- is a performance metrics introduced in business organisation to identify,control, improve the business activities.it is a strategy performance management tool

STRATEGY MAP- is a part of Balanced score casd. It is used for presenting the organisational objectives in the way of a diagram.It shows the organisation strategy in a single page

BUDGET- are those financial plans prepared for a particular period based on past data.Budget plans are expressed in terms of money.In business a budget may be defined as a statement showing the expected income expenditure for a definite period of time.

RELATIONSHIP BETWEEN BALANCED SCORE CARD,STRATEGIC MAP AND BUDGET ARE

STRATEGIC MAP is an element of balanced score card, both are dealing with strategies.Both shows the performance of business plan

While comes to budget, proper budgeting programmes are now easy with this balanced score card,Budgets can be steered using the balanced score card

The purpose of applying these are almost similar.All are showing a strategy.

Balanced score card can be applied to minimise the complexities in budgeting and it can be used to explain how to allocate scare resources.