13. Balance Scoresheet

Question 1

What are the four perspectives of a balanced scoresheet?

Answer 1

Financial (how the company is seen by its owners and investors)
Customer (how the company is seen by its owners and investors)
Internal business process (what the company must excel at executing)
Learning and growth (employee competencies, tech, and corporate culture)

Question 2

Why is the balanced scoresheet called the mult-level approach?

Answer 2

It looks at the organization level, the performance within each perspective, and a goal that can be assessed individually.

Question 3

How does strategy mapping help?

Answer 3

Support strategic planning process and facilitate the mapping exercrise.

Provides a frame of reference for developing the strategic plan.

Tests the validity of the strategy through examination of cause and effect.

aids in the refinement of strategic performance goals and measures.

equips managers with tools that can help with their future careers in more senior finance or general management roles.

highlight the key strategic focus areas for all employees

Question 4

How do you build a balanced scorecard?

Answer 4

Choose the perspectives framework

Pick goals for each perspective (more than one)

Estalbish the appropriate measure or set of measures that will acompany each goal.

Decide on the specific quantiative representation that will indicate - SMART goals

Cimpile the results - this would result in a numerical score to assist in assessing the entity.