a). There are four perspectives of balanced scorecard. It is very important for the organizations to collect and analyze data pertaining to each metrics. The examples pertaining to each perspective of balanced scorecard are as follows: -
Learning and growth perspective
This perspective states that the management should look for ways by which the knowledge of employees in the organization can be grown. Few of the examples of learning and growth perspective are as follows: -
1. If there is a change in technology then the employees will have to be trained so that they can work as the change that is implemented in the organization.
2. Few of the employees in the organization may have the potential to grow as managers but they may be lacking in leadership skills so the management will have identify and train such employees.
The business process perspective
The business process perspective allows the management to measure the areas wherein they need to improve and also the areas wherein they are already doing well. Few of the examples of this perspective are as follows: -1. Track the revenue that is generated by the company so that the management can be sure that they are generating profits.
c). Prevention cost would mean undertaking various activities so that the organization can safeguard itself from the loss which they may face in the future. For example, maintenance of machinery is undertaken at regular intervals so that the management can avoid excess cost of buying new machineries. Most of the manufacturing companies give training to the suppliers so that additional cost can be avoided.
Appraisal cost means the money that the management is investing in inspecting various things so that they can avoid unwanted cost. For example, inspection is undertaken frequently so that the management can be rest assured that all the processes are in sync with the defined process. Apart from that, when a process is completed, the management will have a separate testing team so that cost is considered as appraisal cost.
In spite of prevention and appraisal, the management will come across few costs which they cannot avoid. For example, over a period of time, some machinery will have to be scrapped. Similarly, there may be some or other rework so these things will lead to extra cost (Olve 1999).
Kaplan, R, 1996, The balanced scorecard: translating strategy into action, no. XI
Niven, P, 2008, Balanced scorecard diagnostics: maintaining maximum performance, ISBN 0471681237
Olve, N, 1999, Performance drivers: a practical guide to using the balanced scorecard, ISBN 9780471986232
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