1‌‍‍‍‌‍‍‌‌‍‍‍‌‍‍‍‍‌‍‍. Explain the concepts of the Balanced Score Card 2. Explai

1‌‍‍‍‌‍‍‌‌‍‍‍‌‍‍‍‍‌‍‍. Explain the concepts of the Balanced Score Card 2. Explain the use of incentives, evaluation and performance measurement 3. Why might a balanced scorecard like the one in Table 13.2 of your textbook be more effective than simply using merit pay for a manager? 4. How can the way an organization creates and carries out its incentive plan improve the effectiveness of that plan? Couldn’t upload the graph for question 3 but the answer can be somewhere around this: The balanced scorecard is the combination incentive plan that encourages and motivates all the stakeholders of the company. Each incentive plan has its own advantages and disadvantages. Using different incentive plans helps in achieving personal and group goals in the organization the balanced scorecard changes with the change in the performance of employees or satisfaction of customers. Merit pay is the performance-linked incentive plan in which employees, as individuals or teams, are paid bonuses according to the ‌‍‍‍‌‍‍‌‌‍‍‍‌‍‍‍‍‌‍‍performance or target achieved. Paying for suggestions is an incentive paid to employees for providing suggestions that can be effectively implemented in the company for improved results. The merit pay is a single incentive plan that rewards the performance of the employees according to the profits or rewards generated for the business. There are no targets set for the performance of the employees. The merit pay focuses more on individual performance than on team performance. The balanced scorecard sets the targets and the incentives for achieving the targets, which is the motivating factor for the employees. The employees work according to the targets. Since the targets are set in such a way that it can be achieved by teamwork, there is a unity of direction in the company. The employees work as a team, keeping the personal goals aside to achieve the targets, which help in increasing the incentive for all employees. So a balanced scorecard is more effective than a merit pay system‌‍‍‍‌‍‍‌‌‍‍‍‌‍‍‍‍‌‍‍.

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