The First Step in Implementing a Balanced Scorecard Is to Clarify

question 83

Multiple Choice

The first step in implementing a balanced scorecard is to clarify organisational vision, core competencies, and strategies. The vision

• A) Provides an overall direction for the organisation
• B) Is another name for the organisation's strengths and weaknesses
• C) Provides an explicit plan for daily operations
• D) Should explicitly incorporate all core competencies

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Definitions:

Other-Things-Constant Assumption

An assumption in economics that all other variables remain unchanged or constant except those under immediate consideration.

Rational

A decision-making process that is based on making choices that result in the optimal level of benefit or utility for an individual.

Expected Additional Benefit

The anticipated extra advantage or income gained from making a particular business decision or investment.

Expected Additional Cost

The anticipated expenses that are not initially accounted for, occurring as a consequence of a new action or decision.