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What is a Balanced Scorecard, and what are the factors that need to be considered in...

What is a Balanced Scorecard, and what are the factors that need to be considered in its development? Support your response with references.

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Answer #1

A balance scorecard is a performance measure used in strategic managemment to identify and improve various internal functions of a business and the resulting external outcomes.

The factors needed to be considered in its development are:-

1. creating a process to design, manage, report, and analyze the metrics;

(2) addressing the cultural and behavioral changes that are inherent in this approach; and

(3) ensuring the technical aspects of data collection, honesty, and quality.

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