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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Question 
Instructions
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
- 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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