In as much detail as possible answer the following: Remember to PARAPHRASE, do n

Question

In as much detail as possible answer the following: Remember to PARAPHRASE, do not cut and paste from the textbook or any source.

3. What is the balanced scorecard? Describe its four components.

4. Explain the difference between leading and lagging measures. How are they used within a balanced scorecard?

9. What is the role of enterprise resource planning (ERP) in performance measurement?

17. What are knowledge assets? Explain the difference between explicit knowledge and tacit knowledge.

18. What are some ways of transferring knowledge within organizations?

Explanation / Answer

The four aspects of the balanced scorecard are

The lagging and the leading indicators are measurement parameters in the balanced scorecard. The lag indicator is the one that parameter that plots all the events that are happening in the organization in a particular shop floor. The lag indicators are only the parameters. You can only take the data from it and make the observation. No improvements could be derived out of it.

To influence the result of certain happening and to show the improvement in the organization, the lead indicators must be used. For example, if you want to increase productivity, you can reduce the lead time of the manufacturing process.

ERP plans all the processes that are involved in the organization. All the wastage is reduced in the ERP planning and it enhances the performance of all the employees.

Explicit knowledge is the one that is readily available, and it could be accessed by everybody in the organization. It is available in the public domain, and whoever wants it can copy and make of the explicit knowledge that is available.

Tacit knowledge is the one that is exactly opposite to the explicit knowledge. It is not easity accessible. It cannot be transferred to the other person to make use of it. Restricted usage is only availabe.

Ways of knowledge transfer within the organizations are

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