A useful first step in designing a balanced scorecard is a ________.

Question

Quizplus · Accepted Answer

A strategy map is a useful first step in designing a balanced scorecard as it helps to identify the key objectives and initiatives needed to achieve the organization's strategy. It provides a visual representation of the cause-and-effect relationships between different goals and objectives, which can then be used to develop performance measures and targets for each area. A financial map, mission statement, thorough inventory, and company prospectus may be helpful in developing a strategy map, but they are not the best first step in the process.

A Useful First Step in Designing a Balanced Scorecard Is