Answered: Discuss some of the challenges faced by…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Question

Discuss some of the challenges faced by companies when implementing balanced
score cards.

Expert Solution

Step 1: Introduce the question:

Firms use a balanced scorecard, as it can establish a strategic planning and management system, here, they can receive multiple advantages, These points are mentioned below,

Firms can improve their level of communication regarding what they are trying to fulfill,
Align each day's work with the business strategy
Further, they can prioritize projects, products, and services.
Here, again, firms can also monitor/track the progress and compare this progress with the strategic data/targets.

The balanced scorecard has four important perspectives,

Financial
Customer
internal processes
learning and Growth

Implementing balanced scorecards in companies can have multiple benefits, however, the implementation process can include various challenges, These points are showcased below,

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