Assume you are the management accountant and Tracey Chen has asked you to help her design a comprehensive performance measurement system for the Foleo Scapps business unit. She has provided you with her observations of the business operations (see Chapter 8), along with the Foleo Groups overarching objectives. Below is an excerpt from the companys latest Annual Report:

The long-term goals of the Foleo Group of businesses revolve around growth, stakeholders and technology and can be summed up in the following 4 dot points:

• We aim to grow each business by at least 8 per cent per annum over the next decade;
• We aim to put our customers needs first to do that we will foster good relationships with them, our suppliers and our employees.
• We aim to use and provide the most up-to-date technology available to ensure our customers receive the best product possible at the lowest price.
• We aim to provide a working environment for our employees that encourages and facilitates a happy and motivated team.

(a) Tracey has asked you to put together a brief explanation for the Board and Brian Williams, of the concept of the Balance Scorecard, and why it would be useful to adopt for Foleo Scapps.

(HINT: Ensure you not only define the BSC, but also provide a reason why it would be useful using the case facts from Chapter 8.)