Balanced scorecard Business & Marketing Essay Paper (Essay Sample)
Balanced scorecard and economic value added and their advantagessource..
A balanced scorecard is a set of techniques that give the top management team a quick and comprehensive view of the organization. It includes financial approaches that reveal the results previously taken by the managers and other staff members. It also complements the financials with operational techniques on customer satisfaction and loyalty, internal procedures, and the firm’s research and development activities. Functional approaches are the drivers of financial performance in the coming times. The scorecard allows the management team to view the firm from four vital perspectives: the financials, the customers, the internal operations, and the development and education perceptions. There are several benefits to the employment of a balanced scorecard to a business. One, there will be better strategic planning for the staff at large. Also, a scorecard allows for better alignment of goals and initiatives. It also improved strategy communications and execution of tasks at a much faster pace.
Economic Value Added is a system that measures a firm’s financial performance based on net earnings. Analysts usually refer to EVA as economic profit since it tries to capture the actual economic gains of a firm. There are three key constituents to a firm’s EVA: net p
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