Responsesto the Questions
Responsesto the Questions
Iagree with this response because it is full of all the necessary andvital information. Measurement is usually that process or the act ofmeasuring the amount, the length or the size of something (Basu,2012).As such, the companies are supposed to measure and benchmarkthemselves to identify the possibility of completing a particularpurpose or objective. Measurements are usually paramount forbenchmarking of the business. The benefits of this process are thatit enables the company to understand how it is performing (Neely,2012),and that benchmarking can assist the firm to know its position amongcompetitors. The balanced scorecard is the best measurement approachbecause it enables the stakeholders to understand the value beingcreated by the business (Raynus,2011).As such, measurements are important because they help to quantify theperformance. Failing to use the measurements will mean that thebusiness lacks a quantifiable manner of determining if they aremeeting their goals or not.
Thedescriptions that the student provides concerning the balancedscorecard including its evolution are accurate and adequate (Madruga,2013).The four reasons given by the student are correct because BSC is avalue creation tool, it offers creativity, adaptation, andflexibility to the market changes, it converts strategy and vision tothe measurable inputs (Whiting,2011),and more so, according to Jenkins (2012) the BSC metricsappropriately integrates with technology for the measurements ofmobile tracking. Personally, I am familiar with the last one. Isupport it as well because the key metrics usually illustrates theefficiency of the worldwide initiatives as they track the siteperformance on the local initiatves. All the four reasons are thebenefits of the BSC, however, the student failed to state theliabilities of creating the BSC. According to me, the only liabilityof creating the BSC is that using it without the required skills willnot offer the desired results.
Basu,R. (2012). Managingquality in projects.Burlington, Vt.: Gower.
Jenkins,D. (2012). Measuringperformance.Farnham, Surrey: Gower.
Madruga,K. (2013). Balancedscorecard perspectives(2nd ed.). Bremen: Univ., Lehrstuhl fuÌˆr AllgemeineBetriebswirtschaftslehre, Produktionswirtschaft undIndustriebetriebslehre.
Neely,A. (2012). Businessperformance measurement(2nd ed.). Cambridge: Cambridge University Press.
Raynus,J. (2011). Improvingbusiness process performance.Boca Raton: CRC Press.
Whiting,E. (2011). Aguide to business performance measurements(3rd ed.). London: Macmillan.