Question:
The 'Balanced Scorecard' approach aims to provide information to management to assist strategic policy formulation and achievement. It emphasises the need to provide the user with a set of information which addresses all relevant areas of performance in an objective and unbiased fashion.
Requirements
(i) Discuss in general terms the main types of information which would be required by a manager to implement this approach to measuring performance;
and
(ii) comment on three specific examples of performance measures which could be used in a company in a service industry, for example a firm of consultants.