Quiz on The Balanced Scorecard

Who are the authors of the book 'The Balanced Scorecard'?

• Simon Caulkin and VF Ridgway

• Chris McChesney and Sean Covey

• Peter Drucker and Stephen Covey

• Robert Kaplan and David Norton

What is balanced in a Balanced Scorecard? All the following, EXCEPT

• Employees' rewards and effort

• Leading and lagging indicators

• Long term and short term objectives

• Internal and external perspectives

What is the main purpose of the Balanced Scorecard?

• To measure employees performance for rewards and recognition

• To measure progress towards strategic goals

• To explain to stakeholders on the company's strategy

• To increase efforts from all employees towards revenue generation

Which organization model does the Balanced Scorecard belong to?

• Total Quality Management

• Lean Six Sigma

• Agile Framework

• Strategy Focused Organization

What is the main benefit of using the Balanced Scorecard?

• To produce complex strategic objectives

• To put accountability to individual employees

• To achieve strategic objectives

• To ensure that business process undergoes changes

What are the four perspectives in the Balanced Scorecard?

• Quality, Quantity, Efficiency, and Effectiveness

• Sales, Marketing, HR, and IT

• Planning, Execution, Monitoring, and Controlling

• Financial, Customer, Internal Process, and Learning & Growth

What is the purpose of Key Performance Indicators (KPIs)?

• To track progress and inform decision-making

• To help in complex decision-making

• To produce company's strategic objectives

• To identify individuals' accountability

What does SMART stand for in the context of KPIs?

• Simple, Measurable, Achievable, Relevant, Time-bound

• Structured, Meaningful, Achievable, Relevant, Timely

• Strategic, Meaningful, Actionable, Realistic, Timely

• Specific, Measurable, Achievable, Relevant, Time-bound

What is the potential downside of using KPIs according to VF Ridgway?

• KPIs are always aligned with organizational goals

• KPIs always lead to positive outcomes

• KPIs can result in side effects outweighing benefits

• KPIs have no impact on behavior

The five principles of a Strategy Focused Organization include the following, EXCEPT

• Translate the strategy to operational terms

• Make strategy a continual process

• What gets measured gets managed

• Mobilize change through executive leadership