Identify and Explain the Balanced Scorecard Approach to Control

question 107

Essay

Identify and explain the Balanced Scorecard approach to control. Specify its advantages and how it differs from the traditional approach to control used in most companies. Comment on which approach (the traditional or balanced approach to control) is more likely to help a company adapt to a changing, competitive marketplace.

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Definitions:

Premises

Statements or propositions that serve as the foundation for a conclusion in logic or reasoning.

Reasoning

Cognitive process(es) used in transforming given information, called premises, into conclusions. Reasoning is often seen as a special kind of thinking.

Content Effects

The impact that the subject matter has on the processing and outcome of cognitive tasks.

Formal Reasoning

Reasoning about problems with explicit premises, finite solutions, and well-defined operations.