The First Step in Developing a Balanced Scorecard Is to Clarify

question 41

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:

Debtor's Assets

Property owned by an individual or entity that owes money to creditors, which can be used to pay off debts.

Presumption of Abuse

A legal assumption that an action is undertaken with the intention of exploiting or harming, especially in contexts like bankruptcy filings where managing debt responsibly is questioned.

Trustee

An individual or organization appointed to manage assets on behalf of others, often in cases of bankruptcy or for a trust.

Chapter 7 Petition

a legal process in the United States bankruptcy law allowing individuals or businesses to declare bankruptcy, leading to the liquidation of assets to pay off debts.