Following are some of the steps in implementing a balanced scorecard. Which one of these steps would be performed before the others?
A)Collect and analyze scorecard data
B)Communicate and refine measures
C)Establish performance targets and action plans
D)Develop performance measures and objectives

Question

Quizplus · Accepted Answer

The first step in implementing a balanced scorecard is to develop performance measures and objectives. This requires identifying the critical success factors of the organization and determining the factors that need to be measured. Performance measures and objectives provide the basis for setting targets and developing action plans. Therefore, this step should be performed before establishing performance targets and action plans, communicating measures, and collecting and analyzing scorecard data.

Following Are Some of the Steps in Implementing a Balanced