What are the key components of a balanced scorecard? Ethics, Performance Measures and the Balanced Scorecard

What are the key components of the Balanced Scorecard?
How does the Balanced Scorecard benefit companies in the strategic decision-making process and impact ROI?
What are the ethical issues involved that might relate to the four key components of the Balanced Scorecard?

Ethics, Performance Indicators and the Balanced Scorecard

Key Components of the Balanced Scorecard

The Balanced Scorecard assesses an organization’s performance and includes financial and non-financial indicators for a comprehensive understanding of the health of the organization. The key components of the Balanced Scorecard are:

Financial Perspective – This determines the company’s ability to generate returns for investors. Managers can reduce expenses, increase revenue, maximize resources and minimize risk. Key performance indicators are return on investment (ROI), new customer revenue growth rate, revenue growth benchmark and cost benchmark compared to competitors.

Customer Perspective – The Customer Perspective is concerned with setting metrics to assess customer satisfaction and understand customer needs. A company’s customers, their requirements, and the inner workings of the organization are intertwined under this concept. The organization focuses on customer value. The top three variables that managers focus on are product pricing, quality, and delivery time. Unsatisfied consumers can lead to the long-term economic collapse of a company. Comparing prices to competitors’ prices, margin of error is one of the key performance indicators…

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