The Balanced Scorecard (Scenario)
Upon completing his industrial engineering degree, Najib took a position as a manager with the Bilad Mint, a manufacturer of commemorative and collectible products. Bassel, Najib's boss and the VP of operations, has been asked by the organization's CEO to look into the balanced scorecard approach of performance management to see whether this would be appropriate for the organization. In turn, Bassel has asked Najib to look into balanced scorecard approaches and report back to him.
-The intent of the balanced scorecard is to __________ .
A) identify which areas are most critical to the organization's success
B) create a benchmark for the company
C) emphasize that all four areas are important to the organization's success
D) search for the best practices among competitors only

Question

Quizplus · Accepted Answer

The balanced scorecard approach emphasizes that all four areas (financial, customer, internal processes, and learning and growth) are important to the organization's success, and aims to balance these areas in order to achieve overall organizational success. It is not simply about identifying critical areas or creating benchmarks, nor is it limited to looking at competitors.