Question

Outline the importance of the balance scorecard to Boys Ranch

Answer 1

BALANCE SCORECARD :

The balance scorecard is a technique of performance evaluation for the companies of all sizes and of various natures. It helps to analyse the strategic success in the company. there are basically four metrics by which balance scorecard is driven which are mentioned as follows:

1. FINANCIAL PERSPECTIVE
2. CUSTOMER PERSPECTIVE
3. INTERNAL BUSINESS
4. LEARNING AND GROWTH

The entire concept of balance scorecard revolves around these four parameters n thus prove to be very beneficial for any organisation. For boys ranch , balance scorecard is very advantageous as it helps in better strategic planning by providing a powerful framework for communicating. It ensures improved strategy communication and execution of the objectives.

There is a better alignment of all the projects and the initiatives to be taken or required to be taken so that strategic goals are achieved effectively and efficiently. It helps to provide better information to the users of the information and ensures that information is worthy and reliable.

It further helps in the best way of reporting that focuses on various strategic issues and the goals to be achieved.Therefore. it leads to an improved performance evaluation as well as reporting.