a) Explain the concept of the Balanced Scorecard and discuss its use in a strategic management accounting system.
(b) Describe three specific performance measures which could be used in a Balanced Scorecard system in an industry of your choice.
Other directives:
a) Answers could include: rationale for the Balanced scorecard, perspectives used, focus on key measures of performance, linking financial and non-financial aspects, long-term and short-term aspects.
(b) Answers will vary according to choice of industry, but must be related to the industry and be clearly described.