Which of the following is correct about Balance Scorecard?
i. It is a strategy performance management tool that can be used by managers to keep track of the execution of activities.
ii. It focuses on the strategic agenda of the organization concerned
iii. It has a mix of financial and non-financial data item
Balanced scorecard is an example of a closed-loop controller or cybernetic control applied to the management of the implementation of a strategy. Closed-loop or cybernetic control is where actual performance is measured, the measured value is compared to a reference value and based on the difference between the two corrective interventions are made as required. Such control requires three things to be effective: •a choice of data to measure, •the setting of a reference value for the data •the ability to make a corrective intervention.