Which of the following tools a appropriate to overall organizational performance?
A.
Supplier scorecard
B.
Benchmarking
C.
Balanced scorecard
D.
Quoted-benefit analysis
The Answer Is:
C
This question includes an explanation.
Explanation:
The balanced scorecard is an effective tool for evaluating overall organizational performance because:
Holistic Approach: It provides a comprehensive framework that incorporates financial and non-financial performance metrics, giving a balanced view of organizational performance.
Four Perspectives: The balanced scorecard evaluates performance from four perspectives: Financial, Customer, Internal Processes, and Learning & Growth. This ensures a well-rounded assessment.
Strategic Alignment: It aligns business activities to the vision and strategy of the organization, improving strategic management and implementation.
Performance Monitoring: The balanced scorecard helps in monitoring progress towards strategic goals and identifying areas needing improvement.
References
Kaplan, R. S., & Norton, D. P. (1996). The Balanced Scorecard: Translating Strategy into Action. Harvard Business Review Press.
Niven, P. R. (2006). Balanced Scorecard Step-by-Step: Maximizing Performance and Maintaining Results. Wiley.
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