The First Step in Developing a Balanced Scorecard Is to Clarify

question 72

Essay

The first step in developing a balanced scorecard is to clarify the strategic focus.As part of the process,many organizations develop a strategy map.Assume you are asked by your supervisor to develop a strategy for your organization.You have determined that the following strategies have been established by the company.
$\bullet$ Achieve operational excellence
$\bullet$ Develop trained workforce
$\bullet$ Infuse corporate culture of quality throughout workforce
$\bullet$ Develop reputation for quick turnaround
$\bullet$ Retain and grow customer base
$\bullet$ Manage customer relationships
$\bullet$ Increase profit

Required:

Prepare a strategy map using the four balanced scorecard perspectives.

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Definitions:

Raise

An increase in salary or wages, often awarded to employees based on performance or as a cost-of-living adjustment.

Bank Reconciliation

A process that explains the difference between the bank balance shown in an organization's bank statement, as provided by the bank, and the corresponding amount shown in the organization's own accounting records at a particular point in time.

Monthly Reconciliation

Monthly Reconciliation is the process of verifying and adjusting the balance of an account to match the corresponding bank or financial statement on a monthly basis.

Bank Reconciliation

The process of matching and comparing figures from the accounting records against those presented on a bank statement.