Congratulations! You have just been elected as president of your city’s nationally chartered financial networking organization. The group is a chapter of a national organization that has the following mission statement: “To encourage the profession of finance as a career and to provide a platform that emphasizes and employs high ethical standards within the profession and community.” Respond to the following four (4) prompts based on your knowledge from this unit’s material.
- Describe the four perspectives that will be used when creating a balanced scorecard for this organization.
- Identify at least four significant performance measures for your organization within each perspective.
- Create standards that will be used to compare your professional chartered chapter to others of the national networking association. State each standard with a goal in mind.
- Explain how standard costs and a balanced scorecard will be used to evaluate your organization’s performance and why both financial and non-financial metrics should be integrated when evaluating an organization’s tasks and goals.