The ________ Aids Continuous Improvement by Augmenting Financial Measures with Information

question 204

Short Answer

The ________ aids continuous improvement by augmenting financial measures with information on the drivers or indicators of future financial performance along four dimensions: (1) financial, (2) customer, (3) internal business processes, and (4) learning and growth.

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Definitions:

Total Cost

The sum of fixed and variable costs incurred by a business in producing a certain level of output.

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating sensitivity.

Marginal Product

The increase in output that results from adding one more unit of a specific input, while keeping other inputs constant.

Substitutability

The degree to which one good can be replaced by another in consumption or production without affecting consumer satisfaction or output.