Discuss the Concept of Balanced Strategic Planning and the Approach

question 8

Essay

Discuss the concept of balanced strategic planning and the approach outlined by the Balanced Performance Scorecard. What are the five common principles associated with implementing the balanced approach to strategic planning?

---

Definitions:

Balance Sheet

A financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of its financial condition.

Spreadsheet

A spreadsheet is a digital document that allows users to organize, analyze, and store data in tabular form, widely used for financial planning and calculations.

Job-Order Costing

An accounting method used to track the costs associated with producing specific jobs or batches.

Manufacturing Overhead

The indirect costs associated with manufacturing, including utilities, maintenance, and salaries of employees not directly involved in production.