Practice Quiz

Lean Bronze

Category - Business Results

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Which tool used in management decisions to build the improvement strategy includes a quadrant-based tool of performance measures?
  1. Organizational benchmarking.
  2. ISO 9000.
  3. A Gap Analysis.
  4. A balanced scorecard.
Explanation
Answer: D - A balanced scorecard is used to build improvement strategy and includes a quadrant-based tool of performance measures. Balanced scorecards explain how customers see an organization, as well as what an organization must improve, how it creates value, and what its shareholders think of its operations.
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Additional Answers

Ted Chan, MBA says:

Balanced Scorecard goals should be SMART: Specific (simple, sensible, significant) Measurable (meaningful, motivating) Achievable (agreed, attainable) Relevant (reasonable, realistic and resourced, results-based) Time-bound (time-based, time-limited, time/cost limited, timely, time-sensitive)

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