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The Usefulness of Balance Scorecard as a Tool in Performance Measurement in a Chinese Business Organisation
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The Usefulness of Balance Scorecard as a Tool in Performance Measurement in a Chinese Business Organisation 1. BACKGROUND The circumstances of complexity and continuous change that characterise the current economic and production context have led companies to modify how their systems operate. Approaches such as Total Quality Management (TQM) and Just-In-Time (JIT) production both helps in developing more efficient and effective processes, thus, resulting into an improvement with respect to the generic parameters of quality, cost and time. It was precisely these actions in the area of production which brought to light the shortcomings of information derived from the use of only financial indicators to measure the success of organisations. It is increasingly recognised that measuring the success of organisations using purely financial criteria is no longer appropriate. As a result, many organisations are spending considerable amount of time, effort and resources in redesigning their measurement systems. Survey data suggests that between 40...
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