What are the advantages of the balanced scorecard?
What will be an ideal response?
The balanced-scorecard approach is popular in managerial practice because it has several advantages. In particular, the balanced scorecard allows managers to:
Communicate and link the strategic vision to responsible parties within the organization.
Translate the vision into measureable operational goals.
Design and plan business processes.
Implement feedback and organizational learning in order to modify and adapt strategic goals when indicated.
The balanced scorecard can accommodate both short- and long-term performance metrics. It provides a concise report that tracks chosen metrics and measures and compares them to target values. This approach allows managers to assess past performance, identify areas for improvement, and position the company for future growth. Including a broader perspective than financials allows managers and executives a more balanced view of organizational performance-hence its name.
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