What Aims to Balance Long-Term with Short-Term Concerns, Financial with Nonfinancial

question 26

Multiple Choice

What aims to balance long-term with short-term concerns, financial with nonfinancial concerns, and internal with external concerns?

• A) Contingency planning
• B) The Balanced Scorecard approach
• C) Taking corrective action
• D) Benchmarking
• E) Consonance

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Definitions:

Efficiency

The degree to which a process uses resources optimally to achieve a desired outcome.

Standards

Established norms or criteria in various fields that act as a basis for comparison or compliance.

Performance Goals

Specific objectives set for employees or departments, aimed at improving productivity and measuring success through quantifiable benchmarks.

Variable Cost Systems

An approach to costing that involves tracking and analyzing variable costs directly associated with production, often used for internal decision-making.