Managers must first develop a strategy that is likely to produce a competitive advantage before implementing a balanced scorecard approach.
Answer the following statement true (T) or false (F)
True
The balanced scorecard is a tool for strategy implementation, not for strategy formulation. It is up to a firm's managers to formulate a strategy that will enhance the chances of gaining and sustaining a competitive advantage. When implementing a balanced scorecard, managers need to be aware that a failure to achieve competitive advantage is not so much a reflection of a poor framework but of a strategic failure. The balanced scorecard is only as good as the skills of the managers who use it: they first must devise a strategy that enhances the odds of achieving competitive advantage.
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