• Explain the significance of adopting a balance scorecard. Provide external resources to support.
• Construct a balanced scorecard that includes a minimum of four specific performance measures for each perspective (financial, learning and growth, internal business process, and customer). Use of a table or visual would be beneficial for this requirement.
• Describe each performance measure, why it is beneficial, and if the performance measure should show an increase or decrease.
• If after a year of operating with the balance scorecard, some performance measures show improvement but others do not. Summarize what management should do next.

Retail Store Case Study

Ragland Department Store is located in the heart of a small community. The store has been in business for many years with profitable operations until recently. Ragland is facing competition from several large national chains that have recently opened on the outskirts of the city. The Association of Commerce has launched a downtown revitalization effort, and management at Ragland are optimistic. In efforts to return to profitable operations, management at Ragland has hired your consulting team to develop a balanced scorecard for the department store although everyone on the management team is not on board with how the scorecard will help the company. Your team is going to prepare an analysis for management to highlight the significance of adopting a balanced scorecard, construct the balanced scorecard with recommended performance measures, and summarize next steps.