Why Would an Organization Use the Balanced Scorecard and Focus

question 71

Essay

Why would an organization use the balanced scorecard and focus its metrics on more than just financials?

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Definitions:

Scientific Method

A systematic procedure of observing and measuring phenomena (observable things) to answer questions about what happens, when it happens, what causes it, and why. This process involves a dynamic interaction between theories, hypotheses, and research methods.

Research Method

Systematic procedures or strategies used to conduct studies and gather data in various fields of study.

Hypothesis

An initial explanation suggested for a phenomenon, intended as a basis for additional research.

Personal Experiences

Individual life events or encounters that contribute to one's unique perspective and personality development.