The balanced scorecard approach
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The balanced scorecard approach
- uses only financial measures to evaluate performance.
- normally sets the financial objectives first, and then sets the objectives in the other perspectives to accomplish the financial objectives.
- evaluates performance using about 10 different perspectives in order to effectively incorporate all areas of the organization.
- uses rather vague, open statements when setting objectives in order to allow managers and employees flexibility.
Step by step
Solved in 2 steps
- Which of the following statements is false? A. The four dimensions of performance that are considered in a balanced scorecard are financial, customer, internal process, and learning and growth B. A balanced scorecard will include qualitative and quantitative measures. C. Stakeholders cannot include stockholders. D. A balanced scorecard is the compatibility between personal goals and the goals of the organization.Which of the following statements regarding the balanced scorecard is not correct? a. It seeks to address the problems associated with traditional financial measures used to assess performance. b. The notion of value chain analysis plays a major role in the drawing up of a balanced scorecard. c. It relies on the perception of the users with regard to service provided. d. It is directly derived from scientific management theories.Components of the organization that are demotivating for purposes of performance management are known as ______. A. business goals B. strategic plans C. uncontrollable factors D. incentives
- The following comment was made by the CEO of a company that recently implemented the Balanced Scorecard: Responsibility in a strategic-based performance management system differs on the three Ds: Direction, Dimension, and Diffusion. Required: Explain how this comment describes differences in responsibility between an activity-based and a strategic-based performance management system.The balanced scorecard approach a. evaluates performance using about 10 different perspectives in order to effectively incorporate all areas of the organization. b. uses rather vague, open statements when setting objectives in order to allow managers and employees flexibility. c. normally sets the financial objectives first, and then sets the objectives in the other perspectives to accomplish the financial objectives. d. uses only financial measures to evaluate performance.Preparing performance reports that contain data only about items that a specific manager controls is an example of which of the following? A. Financial reporting B. Learning and innovation C. Management by exception D. Responsibility accounting
- Describe the Relationship of the below mentioned managerial accounting concepts : i. Cost Reduction and Kaizen Team Changes ii. the balanced scorecard integrates financial and non-financial measuresWhich of the following statements is false? Group of answer choices A. The four dimensions of performance that are considered in a balanced scorecard are financial, customer, internal process, and learning and growth. B. A balanced scorecard will include qualitative and quantitative measures. C. Stakeholders cannot include stockholders. D. A balanced scorecard is the compatibility between personal goals and the goals of the organization.Which of the following is true about designing an accounting−based performance measure? A. Management's beliefs are not required during the analyses. B. The issues considered in each step are independent. C. The decisions made in steps are followed in a hierarchical order. D. Behavioral criteria are important when evaluating the steps
- Which of the following statements is false? A. The four dimensions of performance that are considered in a balanced scorecard are financial, customer, internal process, and learning and growth B. A balanced scorecard will include qualitative and quantitative measures C. A balanced scorecard is the campatibility between personal goals and the goals of the organization D. Stakeholders cannot include stockholdersClassify the performance measures below into the most likely balanced scorecard perspective itrelates to. Label your answers using C (customer), P (internal process), I (innovation and growth), or F(financial). Customer wait timeLooking from a managerial perspective, why would a firm use a balanced scorecard in evaluating performance? What benefits would be derived from the use of this measure? Please provide at least 2 references to back up your opinion.