Balanced scorecard
Recent articles have focused on summary information for running a business and on a 'balanced scorecard' approach, using a number of performance measures.
Required
Explain the following.
a) The arguments for using the profit measure as the all-encompassing measure of the performance of a business
b) The limitations of this profit-measurement approach and of undue dependence on the profit measure
c) The problems of using a broad range of non-financial measures for the short- and long-term control of a business