Problem 1: Kaplan & Norton's Balanced Scorecard model was developed in the early 1990's as an attempt to help firm's measure business performance using both financial and non-financial data. Briefly explain the aim of Balance Scorecard and the aim of each of the four perspectives that a business must undertake when introducing a Balanced Scorecard in their organisation.
Problem 2: Briefly explain the difference between lag and lead performance indicators, and critically discuss the causal-effect assumptions of BSC (support your answers with simple examples)?
Problem 3: Identify and critically discuss five potential challenges companies face when implementing the Balanced Scorecard.