"Most companies' operational ad management control system are built around financial measure and targets, which bear little relation to the company's progress in achieving longterm strategic objectives. Thus the emphasis most companies place on short-term financial measures leaves a gap between the development of a strategy and its implementation. Managers using the balanced scorecard do not have to rely on short-term financial measures as the sole indicators of the company's performance". (Kaplan & Norton, Harvard Business Review, 1996)

required:

a) Describe how the balanced scorecard can help an organization to achieve its strategic objectives.

b) Compare and contrast balanced scorecard with traditional performance measurement system.