BU481 Final: Technical-Test-1-Answers-Final-Draft

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Define and describe the balance score card tool and its elements. The balanced scorecard is meant to forecast how a company will perform in future. The overall purpose of the balanced scorecard is to act as a dashboard to measure the performance of the business and determine what critical elements of the balanced scorecard need improvement. The balanced scorecard is a strategic performance management tool that gives direction on how to achieve goals. It is a useful approach to creating multiple performance measures. It is used by managers to keep track of the execution of activities by the staff within their control and to monitor the consequences arising from these actions. Aspects of balanced scorecard: customer, financial, innovation and learning - employee satisfaction, employee retention, skill sets, internal business processes - cost, throughput, quality. These are for business processes such as procurement, production and order fulfillment. Customer satisfaction, customer retention, and market share in target segments.