The TMA Questions PART A: The Balanced Scorecard As the new controller of the Arab Open University, you have been asked by the university director to comment on any deficiencies of the university. You recommended to adopt a balanced scorecard. The director suggests that you prepare a report stating your case. Instructions In your answer, you should explain each of the following points or inquires separately. Write a report to your director that explains the following inquires. 1- Why should university management focus on long-run performance? What are shortcomings of short-run performance measures? 2- Why are qualitative measures sometimes difficult to use in evaluating performance? 3- Respond to the following statement, the director says: Because of its inclusion of a financial perspective, a balanced scorecard can only be used for profit-oriented companies." Is this statement true or false? Explain. 4- How could your college or university use the concepts in the balanced scorecard? List two possible performance measures that would be relevant to your college or university, for each of the balanced scorecard's four areas. 5- What advantages do nonfinancial performance measures have over financial performance measures? 6- In the report identify with bullet points the steps needed to be taken by the university to implement a new performance measurement system, such as the balanced scorecard?