Assignment:
The balanced scorecard's (BSC) four focus areas are financial, customer, process, and learning and growth. The scorecard incorporates measures derived from an organisation's strategy. Although retaining financial measures of past performance, the balanced scorecard also introduces the drivers of future financial performance.
To prepare for this Key Concept Exercise:
Read the Required Learning Resources.
In formulating your Key Concept Exercise, consider the following questions:
What are the advantages of using the balanced scorecard?
What are the critical areas that should be considered in its implementation?
Should the balanced scorecard be used across different organisations?
In an approximately 500-word response, address the following issues/questions:
Critically evaluate the advantages of using the BSC approach to performance measurement and identify critical areas in terms of implementation of the BSC. Should public sector or not-for-profit organisations develop a BSC? Use examples to illustrate your points as well as suitable academic references.