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Question: Evaluate the relevance and the effectiveness of the 'Balanced Scorecard' approach to performance measurement with specific reference to a company or organisation which you are familiar. What is the Balanced Scorecard? As business becomes more complex and competitive due to globalization, liberalization of trade, technology innovation and domestic quality issues; traditional financial measures of performance fail to give managers all the information they need to make strategic and day-to-day decisions. The limitations attached to traditional financial measures are: * Backward looking and reflect yesterday's decision; * Unable to reflect contemporary value-creating actions upon which future financial success rests; * Reinforce short-term thinking; * Doubtful of validity due to the figures manipulation. Robert Kaplan and David Norton devised the Balanced Scorecard. It provides a better assessment of performance as it "enables companies to track financial results while simultaneously monitoring progress in building the capabilities and acquiring the intangible assets they need for future growth". The Four Aspect of the Balanced...

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