The balanced scorecard approach
Q: Which of the following statements is true? 1. Financial measures such as ROI are generally better…
A: Balance Scorecard refers to a strategic management performance metric used to identify, improve and…
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Q: The internal business process perspective of a balanced scorecard may contain which of the following…
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Q: performance measures?
A: A good performance measure should have following qualities - Provide a reasonable incentive to the…
Q: Which of the following is not one of the elements of the balanced scorecard? a. strategic…
A: The balanced scorecard is a strategic management tool that organisations use to measure and monitor…
Q: Classify the performance measures below into the most likely balanced scorecard perspective…
A: Balanced scorecard: Balanced scorecard can be defined as a scorecard used to measure business…
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Q: 9. A balanced scorecard is a) a performance-measurement approach that uses both financial and…
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A: Financial accounting records the monetary transactions, summarizes them, and reports them to analyze…
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Q: Match each of the following with its appropriate term. Controllable factors This is the part of an…
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Q: what quantitative/qualitative factors would you use for performance management?
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A: Balance scorecard: It is a metric used by the firm to identify, improve and control financial and…
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Q: What are the advantages and disadvantages of using the balanced scorecard approach to performance…
A: Introduction:- As a management tool, it helps companies in assessing overall performance and in…
Q: Instructions: Designate the best answer for each of the following questions. 1.Which of the…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Which of the following statements is true? A balanced scorecard contains both customer and internal…
A: Solution:- Discussion of the following statements true or false as false
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Q: Classify the performance measures below into the most likely balanced scorecard perspective…
A: Balanced scorecard: It is a tool to measure the performance that relates a company’s strategy to…
Q: The Balanced Scorecard provides many performance metrics used to measure a company’s performance.…
A: Balance scorecard is the method which displays entity's performance into four dimensions. Balance…
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A: SOLUTION- INVESTMENT CENTER IS A BUSINESS UNIT WITHIN AN ENTITY THAT HAS RESPONSIBILITY FOR ITS OWN…
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Q: Classify the performance measures below into the most likely balanced scorecard perspective towhich…
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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.
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- Managerial decision making in accounting requires careful analysis of quantitative data on areas such as relevant and irrelevant costs. However, qualitative factors also play a role in making such decisions. For this forum, identify some qualitative factors that should be considered when making managerial decisions. Explain why and how these qualitative factors impact the managerial decision making process.Kaplan and Norton view the __________________ dimension as being ultimately the most important of the four dimensions identified in the balanced scorecard. Select one: a. The top managerial team b. Financial c. Customer d. Learning and growth e. Internal business processWhich of the following is a balanced scorecard performance measure. Employee learning and growth Customer satisfaction Business process improvements All of these are performance measures
- Which of the following describes the best way to build/create a balanced scorecard? O a. Step 1. Create a strategy map that captures the company's strategy and shows the cause-and-effect relationships (links) between different parts of the strategy. Step 2. Define performance measures in each of the 4 perspectie or categories of the Balanced Scorecard based on the strategy map O a. Step 1. Examine best practices for "Key Performance Indicators' used by Fortune 500 companies. Step 2. Use all of the measures which are used in the "best practice" examples. O a Step 1. List all possible performance measures that the compaury could cse Step 2. Put each measure into ane of the 4 perspectives" or categories of the Balanced Scorecard.Classify the performance measures below into the most likely balanced scorecard perspective towhich it relates: customer (C), internal processes (P), innovation and growth (I), or financial (F). Residual incomeBalanced scorecards use both financial and nonfinancial measures to evaluate employees. The four categories of a balanced scorecard are financial perspective, internal business perspective, customer perspective, and learning and growth perspective. Are the above statements True / False? If the above statements are true then what are: the financial perspective the internal business perspective the customer perspective the learning and growth perspective
- One of the most widely used measures of management performance is the Balanced Scorecard. Like the other management theories we have studied, the balanced scorecard has evolved over the years. Is the Balanced Scorecard still relevant, if so why, if not, why not?For each of the following, select its best description. A. Incurs costs without directly yielding revenues. B. Costs that a manager has the ability to affect. C. Incurs costs and also generates revenues. D. Holds manager responsible for revenues, costs and major investing decisions. E. Lists actual costs a manager is responsible for and their budgeted amounts. F. Unit managers make decisions and top management then evaluates the performance of unit managers. 1. Decentralized organization 2. Controllable costs 3. Responsibility accounting performance report 4. Profit center 5. Investment center 6. Cost centerWhich of the following is a key performance indicator of the internal business perspective in a balanced scorecard? A. return on investment B. hours of employee training C. number of warranty claims received D. percentage of market share
- All of the following are measures used in the balanced scorecard except: external business process. customer. internal business process. None of the answer choices is correct.Choose whether the following characteristics are most often associated with managerial accounting or financial accounting. Managerial Accounting Financial Accounting Primarily used for internal decision making Generally Accepted Accounting Principles (GAAP) must be used Prepared statements usually pertain to the company as a whole rather than individual departments or products Information provided will often be subjective, such as estimated future results Often prepared on an as-needed basis rather than at fixed intervals Use principles of the Sustainability Accounting Standards Board (SASB) to provide sustainability, information to external financial statement users Consideration of sustainability practices to contribute to the company's long-term success Using eco-efficiency measures to reduce expenses OOOOWhich of the following is not a characteristic of an effective responsibility accounting system? a) Reports that set goals for long-term strategic performance b) Reports that show revenue and/or expense items under a manager's control c) Reports that show budgeted and actual amounts of controllable revenue and expense items d) Reports that highlight areas that need corrective action
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