Question

describe what is a balanced scoreboard, its global elements and benefits of using it.

Answer 1

Balanced scorecard:

Balanced scorecard was firstly developed by Kaplan and Norton(1992),is a strategic management technique for communicating and evaluating the achievement of the mission and strategy of the organization, it's not only translates the strategy of operational terms,but it aligns the organization to their strategy by focusing business unit andemployees on their role in accomplishing the company mission.

Benefits of balanced scorecard:

• It's establishing a business model and translating it into indicator facilitates consensus for the entire company not only of the management,but also on how to achieve it.
• It's best tool for imporving all organization performance.
• Translation of the strategy is practical term and enables to link them to each other through cause effect relationship.
• Possibility of implementation of in any type of entity.
• To create a symmetry for effective control and to consider all relevant perspective for sustainable success in well balanced way.
• Complements financial measure with non financial ones and measures the operation flexibility.