Successful Implementation of the Balanced Scorecard

question 34

Multiple Choice

Successful implementation of the Balanced Scorecard:

• A)may be completed by one important member of the senior management team, such as the chief financial officer.
• B)involves everyone in the organization knowing and understanding the strategy.
• C)should not begin until data are collected for all scorecard measures.
• D)starts with a process to acquire a new data collection system.

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Definitions:

Cash Inflows

Money received by a business from its various activities, including sales, financing, and investments, contributing to its net cash flow.

Lockbox Systems

A service offered by banks to companies for the receipt of payment from customers, involving the use of specially designed lockboxes to speed up collections.

Lockbox Plan

A banking service that speeds up collection and processing of company receipts by having those payments mailed directly to a location accessible by the bank.

Collection Of Cheques

Collection of Cheques refers to the process banks undertake to collect the amount specified on a cheque from the bank upon which the cheque is drawn.