The Perspectives in a Balanced Scorecard

question 129

Multiple Choice

The perspectives in a balanced scorecard:

• A)Can be adapted to an individual organization's priorities
• B)Cannot be changed because of copyright restrictions
• C)Include qualitative and quantitative
• D)Are externally focused only in for-profit organizations

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Definitions:

Comparative Advantage

The ability of an entity to produce a good or offer a service at a lower opportunity cost than others, leading to more efficient trade.

Opportunity Cost

The value of the next best alternative forgone as a result of making a decision to pursue a certain action.

Absolute Advantage

The ability of an entity to produce more of a good or service with the same amount of resources, or the same amount of a good or service with fewer resources, than competitors.

Opportunity Cost

The cost associated with not pursuing an alternative option when a decision is made, reflecting the trade-offs inherent in decision-making.