Describe the four perspectives that will be used when creating a balanced scorecard for this organization
1.The creation of a balanced scorecard for this company will take into account the following four perspectives: financial, customer, internal business process, and learning and development.
2. The following is a listing of the four main performance metrics that pertain to your company according to each perspective:
-A view from a financial standpoint, including: profitability, cash flow, return on investment, and net income.
-The customer’s point of view, including customer gratification, customer loyalty, new customer acquisition, and existing customer retention.
-From the point of view of an internal business process, employee happiness, process efficiency, process effectiveness, and cycle time are all important considerations.
-A learning and growth viewpoint that incorporates employee training and development, organizational learning and knowledge, and technological innovation.
3. The following criteria will be used in order to make a comparison between your professional chartered chapter and those of other chapters in the national networking association:
– The number of members – The number of events held – The number of efforts to reach out to the community – The number of initiatives to raise money
4. Both financial and non-financial measures should be combined when reviewing a company’s objectives and goals. This will be done using standard costs and a balanced scorecard, which will be used to evaluate the success of your business. Standard costs can be used to compare actual costs to desired costs, and a balanced scorecard can provide a more comprehensive view of an organization’s performance by taking into consideration both financial and non-financial metrics. Both of these tools can be used to evaluate an organization’s performance.
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Congratulations! You have just been elected as president of your city’s nationally chartered financial networking organization. The group is a chapter of a national organization that has the following mission statement: “To encourage the profession of finance as a career and to provide a platform that emphasizes and employs high ethical standards within the profession and community.” Respond to the following four (4) prompts based on your knowledge from this unit’s material.
- Describe the four perspectives that will be used when creating a balanced scorecard for this organization.
- Identify at least four significant performance measures for your organization within each perspective.
- Create standards that will be used to compare your professional chartered chapter to others of the national networking association. State each standard with a goal in mind.
- Explain how standard costs and a balanced scorecard will be used to evaluate your organization’s performance and why both financial and non-financial metrics should be integrated when evaluating an organization’s tasks and goals.
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