Balanced scorecard / Master Budget
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1-What is the balanced scorecard? Is the balanced scorecard a better method to evaluate management? Why or why not? Describe how a balanced scorecard would be used to manage a company.
2-What is a master budget? What are some of the underlying budgets that form the master budget? What is the budgeting process at your organization? Is it effective? Why or why not?
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1-What is the balanced scorecard? Is the balanced scorecard a better method to evaluate management? Why or why not? Describe how a balanced scorecard would be used to manage a company.
A balanced scorecard is a way of setting the performance objectives for a company. The balanced scorecard provides the metrics against which the performance would be compared.
Balanced scorecard is a better method to evaluate performance. The reason is that traditionally performance has been measured using only financial parameters. Financial parameters are lagging indicators in the sense they tell us the performance after it has happened and cannot be changed. Also different departments and employees work at different levels and jobs and all of them cannot see their actions directly affecting the financial performance. Balanced scorecard overcomes these problems by using leading and lagging indicators. Leading indicators tell us how the performance would be in the ...
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