- 20 Marks
CSEG – Nov 2018 – L2 – Q4 – Strategy evaluation and control
Discuss how the Balanced Scorecard can assist in delivering the company’s vision and strategy and explain its limitations.
Question
An insurance company has developed a new mission statement following a detailed analysis of the company’s operations and marketplace. The mission statement states: “We want to continually grow through our commitment to quality and delivering quality to customers.”
The management developed the following set of vision statements to complement the mission statement:
- Provide superior returns to our shareholders
- Continually improve our business processes
- Delight our customers
- Learn from our mistakes and work smarter in the future
Required:
a) Advise on how the Balanced Scorecard can assist the insurance company in delivering its vision and strategy. (12 marks)
b) Explain FOUR (4) limitations of the Balanced Scorecard. (8 marks)
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