Question 1 [Balance Scorecard]

A). The board of directors of ClariMak, a manufacturing enterprise has tasked its management to develop a new mission statement that details the enterprises line of business, market size and niche. The new mission statement reads: We want to continually grow through our commitment to quality and delivering quality products to our customers. In addition, the management of ClariMak developed the following set of vision statements to complement the mission statement:

Provide superior returns to our shareholders Continually improve our business processes Delight our customers Learn from our mistakes and work smarter in the future

Required: i) Explain how the Balanced Scorecard can assist ClariMak Ltd to deliver on its new mission

statement [16 marks]

B) Ashesi University is Ghanas number one university in the 2020 Times Higher Education Impact Ranking. The university presently measures its performance by comparing its actual costs against its budgeted costs for the year. Given the universitys international status, it is currently facing stiff competition from both public and privately-owned universities in Ghana. At one of its executive meetings, a member in the finance department has suggested that Ashesi needs to consider additional performance measures such as those indicated by the Balanced Scorecard.

Required:

1. Briefly elaborate on your understanding of the Balanced Scorecard and how the management of Ashesi university can utilize this approach to performance measurement [10 marks]

2. Discuss two (2) non-financial indicators (from different perspectives of the balanced scorecard) that Ashesi University could use for its performance evaluation. [4 marks]

   [Question 1 = 30 marks]