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Balanced Scorecards

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Describe balanced scorecards. Why is it important to have this type of criteria in place? What is the theory of "do no harm"?

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Solution Summary

This solution describes the balanced scorecard and why it is important to have this type of criteria in place. This solution also discusses the theory of "do no harm." A thorough explanation of each topic with references is provided. The value of the balanced scorecard in today's business operations is also discussed.

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The balanced scorecard is a strategic management tool designed as a framework for both improving and monitoring operations. The balanced scorecard (abbreviated BSC) includes four main strategic areas, which are (1) customer, (2) financial, (3) learning and growth, and (4) internal business processes. Metrics are set in each of the BSC areas, along with target rates, initiatives (ways to improve and ...

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