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Business

Operations Management

Describe the advantage of using abalanced scorcard

Principles of Management

OER 2019th Edition

ISBN:9780998625768

Author:OpenStax

Publisher:OpenStax

Chapter2: Managerial Decision-making

Section2.3: Programmed And Nonprogrammed Decisions

Problem 2CC: Give an example of a nonprogrammed decision.

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Question

Describe the advantage of using abalanced scorcard

Expert Solution

Step 1

The Balanced Scorecard approach of measuring performance differs from the traditional financial performance measuring techniques. The balanced scorecard approach, apart from the financial perspective of the company, also look into the other perspectives of the company which is more of a qualitative performance measurement rather than quantitative performance measurements.

Step 2

The four perspectives of the balanced scorecard are: -

Customer perspective
Internal perspective
Innovation and learning perspective
Financial perspective

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