Question

Question: What tool is used to reflect the particular needs of each stakeholder group in a performance measurement system?

Short answer

Answer

In the performance measurement system, a balanced scorecard is a tool that reflects the needs of the stakeholder group. A balanced scorecard is a strategic management performance statistic that assists businesses in identifying and improving internal processes to improve external results.

Step-by-step solution

Introduction

A performance measurement system is a brief and exact collection of measurements (financial or non-financial) that helps an organization's decision-making process by collecting, processing, and evaluating quantifiable data on performance.

Analyze

A balanced scorecard is an accounting technique that replicates the needs of each firm's stakeholders. It may be utilized to enhance company functions, resulting in a better output.

A balanced scorecard is a strategic management performance statistic that assists businesses in identifying and improving internal processes to improve external results. It analyses historical performance data and gives businesses recommendations for making better decisions in the future.