Question 1

Identify which of the four perspectives from the balanced scorecard approach the topic of waste minimization is related to. Specify the four levels of waste minimization in order (from that producing the greatest minimization to that producing the smallest minimization).

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Question 2

How does financial control in the balanced scorecard approach differ from its use in the traditional approach to control?

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Question 3

In an effort to determine of the effectiveness of their control system, how do most companies attempt to determine how they are seen by their customers? What is wrong with this technique?

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Question 4

Compare and contrast the nature and operational basis of the five methods of control available to managers and organizations. Comment on whether it matters that a manager selects one method of control over another in a given set of circumstances.

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Question 5

Identify and explain the balanced scorecard approach to control. Specify its advantages and how it differs from the traditional approach to control used in most companies. Comment on which approach (the traditional or balanced approach to control)is more likely to help a company adapt to a changing, competitive marketplace.

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Question 6

Describe the nature of the control process. Identify its basic steps and the three basic methods of control. Explain how specific policies and procedures related to grading used at a college or university could be seen as an example of the control process, and specify which method(s)of control your example(s)represent.

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Question 7

Briefly describe the balanced scorecard approach to control. Explain how it differs from the traditional approach to control used in most companies.

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Question 8

What is economic value added (EVA)? Why it is so important in comparison to the traditional approach to controlling financial performance?

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Quiz 14: Control