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Essay / Research Paper Abstract
This 6 page paper answers questions regarding the use of the balanced scorecard. The first part of the paper considers the problems of assessing performance of a business using only financial measures. The second part of the paper outlines the basic principles of the balanced scorecard. The third part of the paper considers the ways in which it is better than the use of financial measures only. The forth part of the paper discusses the shortfalls and problems that remain with balanced scorecards. The last part of the paper reviews an article on Balanced Scorecards. The bibliography cites 5 sources.
Page Count:
6 pages (~225 words per page)
File: TS14_TEusebscore.rtf
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Unformatted sample text from the term paper:
profitability and efficiency of the company. The first thing to remember that in most instances the annual accounts will be the source of the figures used to produce these measures.
Annual accounts need to be a reflection of the true picture of the business, it is for this reason all companies are obligated to have external auditor look at their
accounts, but in reality they only produce a picture of the business at a particular point in time (Elliott and Elliott, 2005). By the time the analysis takes place the
figures are all historical, and this is where on of the dangers exists. The figures by the time they are read may
be completely wrong, and if they are not the second danger of this type of analysis exists. That is although it may be expected that all annual account of different
companies are prepared in the same way this is not the case. There are many differences that can occur from the different way that assets are written off to the
ways in which current work in progress is evaluated. The accumulation of these variances can cause the figure to vary enormously. These variance are all legal, although it can sometimes
be questioned how ethical they are. There are also many influences which may not be reflected in financial performance measures, these may include
macro conditions as well as more specific conditions within the firm which are likely to have an impact on the future. For example, there may be knowledge of changes within
the industry, likewise the financial measures may allow benchmarking against other companies, but it is not necessarily reflect the potential operational efficiency which is was not being achieved. Nor do
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