Answer to Question #220242 in Management for Khwisti

Question

How can one make use of the Balanced Score Card to drive the business success for a start-up Manganese mine in South Africa?

Answer 1

A balanced scorecard aids organizations identify and improve their internal operations to aid their external outcomes. It evaluates data of past performance and gives organizations a feedback on how to improve in their decision making in the future.

A balance scorecard helps companies identify the elements it requires. These include; internal business perspective, customer perspective, innovation and learning perspective, and financial perspective.

Since the market conditions for the mine are not favourable currently, the stumbling blocks causing this should be identified using the scorecard, and identify the objectives that can drive this business to success.