Briefly explain the concept of a balanced scorecard. Why are non-financial performance measures important? ZY Airlines is...

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Accounting

Briefly explain the concept of a balanced scorecard. Why arenon-financial performance measures important?
ZY Airlines is concerned about the quality of customer serviceat their call center. You have been asked to develop two measuresof customer-satisfaction and quantifiable targets for thosemeasures.

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ANSWER A STEP1 EXPLANATION OF CONCEPT OF A BALANCED SCORECARD A BALANCED SCORECARD IS A TOOL OR A PERFORMANCE METRIC USED IN STRATEGIC MANAGEMENT TO EVALUATE OR MEASURE THE COMPANYS PERFORMANCE BY ITS BOTH FINANCIAL AND NONFINANCIAL INFORMATION AND DATA IN SIMPLE WORDS A BALANCED SCORECARD IS A TOOL USED IN BUSINESS TO MEASURES ITS RELIABLE AND ACCURATE PERFORMANCE AND POSITION IN THE MARKET BY USING BOTH FINANCIAL AND NONFINANCIAL DATA A BALANCED SCORECARD MEASURES PERFORMANCE BY BOTH FINANCIAL AND NONFINANCIAL DATA BY FOCUSING IN THESE FOUR AREAS FINANCIAL AREA OR PERSPECTIVE IN THIS AREA A BALANCED SCORECARD FOCUSES ON THE FINANCIAL PERFORMANCE OF THE COMPANY BY ITS FINANCIAL REPORTS IT CHECKS COMPANYS FINANCIAL POSITION ITS FINANCIAL CAPACITY TO PAY OFF ITS LIABILITIES WHICH IN BRIEF STATES ITS FINANCIAL STATUS CUSTOMER See Answer

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