The right answer for the question that is being asked and shown above is that: "decrease." If the price of butter increases, then the demand for margarine will likely <span>decrease. The answer is correct as far as the price of the butter increases.</span>
Answer:
The Balanced Scorecard for Management Control
Dana's company can deploy the Balanced Scorecard as a strategic management control approach which views organizational performance from four broad perspectives that are all-embracing. These perspectives include the Financial Perspective, the Customer Perspective, the Internal Business-Process Perspective, and the Learning and Growth Perspective. The aim is to ensure that control is not just about one aspect of the organization, but the whole, and a balance is struck by paying equal attention to the elements that make up an organization.
According to a well-known adage, "what you measure is what you get." The BSC approach strategically and holistically measures an organization's performance by identifying all the factors that cause improved organizational outcomes. Therefore, the benefits of using a balanced scorecard include improved internal capacity created by a focus on improving an organization's learning and growth through the Learning and Growth perspective. This cascades to improved internal processes which result from the internal perspective. With improved processes, customers and other stakeholders derive better and maximum satisfaction from the organization. This does not end here. Satisfied customers cause improved financial results, which are distributed to an organization's stakeholders, including the government in form of taxation, dividends for stockholders, and better pay for employees, etc. These stakeholders in turn try to add value to the organization with better processes and operations, improved financing, and business opportunities.
Looking at the value package of BSC, I agree with Dana that the BSC approach is better than using only financial controls alone. While financial controls are at the very core of resource management and operational efficiency in any organization, they do not represent the whole picture of management control. They are the endgames and not the starting strategies for a winning organization.
Explanation:
The Balanced Scorecard (BSC) utilizes a 360 degree approach to achieve effective control of resources toward attaining goals by viewing organizational performance from four broad perspectives, which cover all aspects of any organization. The four perspectives that BSC uses are the Financial Perspective, the Customer Perspective, the Internal Business- Process Perspective, and the Learning and Growth Perspective. By approaching performance evaluation and management with these perspectives, the Balanced Scorecard is able to achieve all-round management control because no aspect of the organization is left behind.
The market system is also known as capitalism, while the command system is also known as communism. The market system is owned by private ownership, businessman and companies, hence it has capitalism concept. The command system is owned by a community or public.
Hence it can be said that
The market system is also known as <u>capitalism</u>, while the command system is also known as <u>communism</u>.
A creditor who extends credit to a consumer to purchase a consumer good under a written security agreement obtains a<u> "purchase money" </u>security interest in the consumer good.
A purchase money security interest (PMSI) is a legitimate claim that enables a lender to repossess property financed with its loan or demand repayment in real money if the borrower defaults. It gives the lender need over other creditors cases.
A PMSI is utilized by some commercial lenders and credit card guarantors just as by retailers who offer financing alternatives.