What Is the Meaning of the Term "Balanced Scorecard"? What

question 42

Essay

What is the meaning of the term "balanced scorecard"? What are the merits of using a balanced scorecard in judging a company's performance?

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Definitions:

Communication Breakdowns

Disruptions or failures in the process of exchanging information that can lead to misunderstandings, conflicts, and inefficiencies within organizations.

Superordinate Goals

Objectives that require cooperation between two or more groups or individuals, often used to resolve conflicts by creating a shared purpose that outweighs individual or group conflicts.

5P Checklist

An approach focusing on People, Process, Product, Place, and Price to evaluate and improve business strategies or project plans.

Change Agents

Individuals or groups tasked with facilitating change within an organization, often by implementing new processes, technologies, or cultural shifts.