Control aims to collect feedback to determine if goals and targets have been met. Control process outline: Establish clear standards; Monitor and record performance; Compare result... Control aims to collect feedback to determine if goals and targets have been met. Control process outline: Establish clear standards; Monitor and record performance; Compare results against standards; Communicate results; Take corrective action if necessary. Describe the balanced scorecard approach.
Understand the Problem
The text outlines the control process in a business context, detailing the steps taken to establish performance standards, monitor and record performance, compare results, and communicate these results. It emphasizes the importance of both financial and non-financial measures in evaluating a company's performance and the balanced scorecard approach.
Answer
The balanced scorecard approach evaluates performance across four perspectives: financial, customer, internal processes, and learning and growth.
The balanced scorecard approach is a strategic management tool used to monitor and improve organizational performance by balancing financial and non-financial metrics. It evaluates performance from four perspectives: financial, customer, internal processes, and learning and growth.
Answer for screen readers
The balanced scorecard approach is a strategic management tool used to monitor and improve organizational performance by balancing financial and non-financial metrics. It evaluates performance from four perspectives: financial, customer, internal processes, and learning and growth.
More Information
The balanced scorecard was introduced by Robert S. Kaplan and David P. Norton as a way to provide a more comprehensive view of business performance beyond traditional financial measures.
Tips
A common mistake is focusing too much on financial metrics and ignoring other critical areas like customer satisfaction or internal processes.
