Cost Management: A Strategic Emphasis 5th Edition by David Stout, Edward Blocher, Gary Cokins

Exercise 16

Contrast using the balanced scorecard with using only financial measures of success.

Step 1 of 5

Balanced Scorecard (BSC)

This concept is used in the late 1990’s. It is a management tool for the strategy goals. These scorecard help to choose the right things to achieve the goals of the organization. Before 1990’s companies measurement is of financial or money that is everything is considered in terms of money, if the company earns more money it is good otherwise not good but totally ignored the other nonfinancial matter which is also plays an important role in earning money or finance and require more concentrate more on the critical success factors.