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Balanced Scorecard & Management Accounting

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What are the advantages and disadvantages of using the balanced scorecard specifically for management accounting?

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Solution Summary

This solution discusses the advantages and disadvantages of using the balanced scorecard specifically for management accounting. Supplemnted with extra infromation on the balanced scorecard.

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Please refer to response file attached, as well as one supporting outline. Clearly, the balanced scorecard has many advantages; the pitfalls mostly have to do implementation issues. I hope this helps and take care.

SAME AS ATTACHED RESPONSE:

Let's take a look at this interesting question:

1. What are the advantages and disadvantages of using the balanced scorecard specifically for management accounting?

Potential Advantages:

? Balanced Scorecard measure and manage intangible assets for value creation
? Strategy maps in visualizing the cause-and effect provide linkages between outcomes in the financial and customer perspectives and the drivers of those outcomes: the value proposition, critical internal processes, and human, information, and organization capital
? It enables managers to translate mission, vision, and strategy statements into a balanced scorecard for measuring and managing the intangible assets (e.g., a coherent set of Balanced Scorecard objectives, measures, targets, and initiatives manages the intangible ...

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