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Disadvantages of a balanced scorecard?

Balanced Scorecard AdvantagesThe first advantage of using the balanced scorecard method is that by looking at four aspects of a company's performance, you really do get a balanced view of company performance. Unlike traditional methods of tracking the financial health of a business, the balanced scorecard gives you a full picture as to whether your company is meeting its objectives. While it may seem that a company is doing well financially, it may be that customer satisfaction is down, employee training is inadequate, or that the processes are outdated. Second, by using a balanced scorecard approach, the immediate future isn't the only thing being evaluated. Often, when an accountant sees the financial bottom line (perhaps the company isn't doing well), suggestions are given that are immediate, but do not look at the long-term. Using balanced scorecards allows for stakeholders to determine the health of short, medium, and long term objectives at a glance.Finally, by using a balanced scorecard, a company can be sure that any strategic action implemented matches the desired outcomes. Will raising the price of a product help the bottom line of the company in the long run? It might, if the customer is satisfied with that product, or if the processes involved with creating that product make the product of a higher quality.Balanced Scorecard DisadvantagesWhile there are many advantages to using balanced scorecards in your accounting toolbox, there are a few disadvantages to the method as well. First, the balanced scorecard takes forethought. It is not a tool you can just think up one night to solve a problem. Instead, it is recommended that you hold a meeting to plan out what goals you would like to see your company reach in each of the four above areas. Once you have clearly stated objectives, you can then begin to break down these objectives in what you will need, financially, to bring these objectives to fruition. Second, while the balanced scorecard gives you an overall view of the four areas for concern in business growth and development, these four areas do not paint the whole picture. The financial information included on the scorecard is limited. Instead, to be successfully implemented, the balanced scorecard must be part of a bigger strategy for company growth that includes meticulous accounting methods.Finally, many companies use metrics that are not applicable to their own situation. It is vitally important when using balanced scorecards to make the information being tracked applicable to your needs. Otherwise, the metrics will be meaningless.


What four areas does marine science involve?

science as inquiry, science and technology, science in personal and social perspectives, and the historical nature of science


What are the four perspectives of organizational effectiveness?

ya mam ya mam ya mam and ya dad


In a balanced wheatstone's network if galvanometre is replaced by another of higher resistancewill the network still be balanced?

yes it would still be balanced balance depends only upon the other four resistors not the one in the middle


Do you need to balance the rear wheels?

Yes. All four wheels need to be balanced.


What are specific characteristics of each gospel in the bible?

They are four different people giving account to the same thing from different perspectives.


When this equation is balanced what is the coefficient for ni (no.3) 3?

The coefficient for Ni NO3 3 is four.


When a Wheatstone bridge is in a balanced condition the center voltmeter in the bridge?

When the resistance in all four are equal


What is a four letter word for personal histories?

bios


What is a four lettered word for a personal opinion?

IDEA


What has the author Michael David Lipkin written?

Michael David Lipkin has written: 'Alternate perspectives on four problems in physical chemistry'


What four personal factors determine the amount of money you will save for personal finance?

Bills you need to pay