Select a company that you have a positive impression of and find interesting. Create a scorecard for your selected company for using financial information and ratios. How would the company position itself, develop, and innovate using the outcomes of the scorecard? Respond: The Balanced Scorecard provides a powerful framework for building and communicating strategy. The business model is visualized in a Strategy Map which helps managers to think about cause – and – effect relationships between different strategic objectives Improved Strategy Communication & Execution A one-page “Snapshot” of the strategy allows companies to easily communicate strategy throughout various departments and teams to execute and coordinate project strategy. Better Alignment of Projects and Initiatives The Balanced Scorecard help organizations map their projects and initiatives to different strategic objectives, which in turn ensures that the project is tightly focused on delivering the most strategic objectives. Better Management Information The Balance Scorecard methodology assist organizations in designing key performance indicators (KPI)s for various strategic objectives. Recent research analysis reveals that companies that utilize the Balance Score method approach tends to report higher quality management information as well as better decision-making policies.,
