Balanced Scorecard Model Flashcards
1
Q
What is it used to do?
A
To assess business performance and in developing, implementing and monitoring strategy.
2
Q
What data does it use?
A
Financial and non-financial
3
Q
What are the four perspectives?
A
Financial perspective
Internal business process perspective
The learning and growth perspective
The customer perspective
4
Q
What is the 5 step process?
A
Question Objective Measures Target Initiative
5
Q
Question?
A
Asking questions
6
Q
Objective
A
Put in overall objective. e.g increase profitability
7
Q
Measures
A
What is your measuring to see if profitability is increased? E.G. ROCE
8
Q
Target
A
Quantitative number to reach e.g. increase by 3%
9
Q
Initiative
A
How exactly are you going to change to reach this target? e.g. staff training
