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Four Management Control System Elements

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Describe how the four management control system elements (Budget, financial reports, statistical reports, reward systems and quality control systems)might be used for feedback control within organizations. Compare and contrast this four-part system with use of the balanced scorecard.

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The solution describes how the four management control system elements (budget, financial reports, statistical reports, reward systems and quality control systems) might be used for feedback control within organizations. Compare and contrast this four-part system with use of the balanced scorecard.

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The balanced scorecard has many functions. It works as a snapshot for the business to, in an instant, highlight where the company is currently and where the company is planning to go. The balanced scorecard measures the company's financial data, internal business processes, learning and growth and customer satisfaction. When goals are met that are part of the scorecard, the purpose of the scorecard has been met.

"The balanced scorecard retains traditional financial measures. But financial measures tell the story of past events, an adequate story for industrial age companies for which investments in long-term capabilities and customer relationships were not ...

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