Explain the importance of performance measurement in organizations. Explain what the balanced scorecard is. Describe its four components
Managers are motivated to make decisions that benefit both the company and themselves when they use performance measurement. As a result, the key to good performance measurement techniques is setting realistic goals and incorporating findings over which the manager controls. The company can then evaluate the manager based on controllable factors, which are organizational components for which the manager is responsible. The manager has control, such as revenues, costs, and long-term asset procurement, among other things.
A balanced scorecard is a strategic management performance metric used to identify and improve various internal business functions and the external outcomes resulting from them. Balanced scorecards are used in organizations to measure and provide feedback. Data collection
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