MCS (Answers to Univ Theory Qs)

Topic: Management Control Systems May 2010 Q1, May 2010 (6 marks) (a)Briefly describe the overall framework of Management Control. (b) How does it relate to Strategic Planning and Operations Control?

(a)Briefly describe the overall framework of Management Control. Suggested Answer: Management Control is the process by which managers influence other members of the organisation to implement the organisations strategies. The main objective of management control is to implement the goals and strategies formulated by the CEO with the advice of senior management. Management control involves the following activities: 1. 2. 3. 4. 5. 6. Planning what the organization should do Co-ordinating the activities of the different parts of the organization Communicating information Evaluating information Deciding what action is to be taken based on the evaluation Influencing the people to change their behaviour

These activities are operated through the various stages of the following Formal Control Process chart:

Goals and Strategies (Block A)

Rules (Block E)

Other Information (Block F)

Reward

Yes Strategic Planning (Block B) Budgeting (Block C) Responsibility Center (Block D) Report actual versus plan (Block G) Was performance satisfactory? (Block (H) No Revise Revise Measurement

Feedback Communication

The chart operates as under: 1. The top management of the company, i.e., the CEO and senior management team, make its goals and strategies keeping in view the companys core competencies, other strengths, weaknesses, opportunities and threats. This is called strategy formulation. (Block A). 2. The Goals and Strategies are worked out in extensive details in the form of Strategic Planning (Block B) (Please note that the function carried out in Block A is called Strategy Formulation, whereas the function carried out in Block B is called Strategic Planning. 3. Keeping in view the organization structure (i.e., Functional Organization or Business Unit Organization or Matrix Organization), an Annual Master Budget for the organization is prepared. This forms the activity of Budgeting (Block C)
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4. Through these Budgets, different Responsibility Targets or Plans are assigned to the various Responsibility Centers (Block D) 5. The Responsibility Centers also receive the various formal rules in the control process. These are shown through Block E. 6. Other necessary information required by the Responsibility Center is also provided through Block F. 7. The Responsibility Centers are required to give their actual performance as per the required format to enable proper comparison with the Centers Budgets. This is done on a monthly or quarterly basis as per the requirement of the System adopted by the company. This Report of Actual versus Plan is received (Block G). 8. The comparison of Reported Actual with the Plan is measured (quantified) and an analysis of the variance is done (both quantity and price/cost variance). 9. On this basis the Responsibility Center-wise conclusions are drawn whether the performance of each Center was satisfactory or not. (Block H). 10. If the Responsibility Centers performance was satisfactory, then the Center is given the positive feedback and suitably rewarded as per the System 11. If the Responsibility Centers performance was not satisfactory, then the feedback is given to (a) the Responsibility Center, (b) the Budgeting Dept, and (c) the Strategic Planning. This is because the unsatisfactory performance may not be purely because of underperformance of the Center; there may be a shortcoming in the Budget or in the Strategy Plan itself. This gives all the three the feedback so that they can independently assess whether (a) the Responsibility Center has slipped in performance, or (b) whether the Budget was not practical or proper, or (c) whether the strategy itself needs any alteration. 12. The revised course of action when the Responsibility Center has not performed satisfactorily is reworked and given to the concerned Center. 13. Thus the cycle of the Formal Control Process is completed and the next cycle begins.

(b) How does it relate to Strategic Planning and Operations Control? Suggested Answer: Strategic Planning and Operations control form a part of management control systems. Competent managers need to think continuously about the future and, in so doing, they prepare a formal statement of the direction in which the entity is going to go ahead. This formal statement is called a strategic plan. Strategic planning is the process of deciding on the programs that the organizations will undertake and the resources required for the same. This is carried out in Block B of the above chart.

The purpose of Operations control is to review and evaluate the performance of the day-to-day output relative to the budgets. If the performance meets the standards sought in the budget, then the operations team is rewarded. On the other hand, a failure to meet the standards signals that either there is a deficiency in the performance, or else, the budget may need to be altered to make it more realistic and achievable. This activity is carried out in Block H of the above chart.

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May 2010 Q7, May 2010 (6 marks) What do you understand by Balanced Score Card? Explain with an example. Suggested Answer: Comparison of the actual financial performance with financial budgets is one type of performance measurement. Although financial performance, is important, it is not the only aspect of an organisations performance. There are other non -financial measures which also play important roles in achieving the companys strategy. Thus, to implement the companys strategy, several performance measures (in addition to financial measures) are adopted. The management selects those measures which best represent the companys strategy and will result in the success of the company. One of the widely adopted performance measurement system is The Balanced Score Card (BSC). BSC was developed by Robert Kaplan and David Norton of Harvard University in 1992. According to the BSC method, the following four measures are typically measured: 1. Financial (profit margins, return on assets, cash flow, return on investment, EVA) 2. Customer Value performance (market share, customer satisfaction index, customer loyalty) 3. (a)Internal business process(productivity rates, quality measures, tilmeliness) (b) Employee performance (morale, knowledge, turnover, best practices) 4. Innovation and learning (percentage of sales from new products, employee suggestions, rate of improvement index) The BSC provides a balance between the different strategic measures so as to achieve Goal Congruence.

Explanation with an example: Infosys adopted BSC as given below:

As seen from the above, for Infosys Ltd., it has included (i) (ii) (iii) (iv) Shareholder perspective Customer satisfaction Employee perspective Society perspective

as the four key measures for its Balanced Score Card. This indicates the approach and the factors which the management of Infosys believes is most important for the success of the company. Likewise, BSC are prepared for different businesses such as hospitals (Apollo Hospitals), auto companies (Tata Motors), etc.
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November 2010 Q2, Nov 2010 (6 marks) Explain briefly the various stages of management control process citing salient features of each.

Suggested Answer: Management Control is the process by which managers influence other members of the organisation to implement the organisations strategies. The main objective of management control is to implement the goals and strategies formulated by the CEO with the advice of senior management.

Management control involves the following activities: 1. 2. 3. 4. 5. 6. Planning what the organization should do Co-ordinating the activities of the different parts of the organization Communicating information Evaluating information Deciding what action is to be taken based on the evaluation Influencing the people to change their behaviour

These activities are operated through various stages of the following Formal Control Process chart:

Goals and Strategies (Block A)

Rules (Block E)

Other Information (Block F)

Reward

Yes Strategic Planning (Block B) Budgeting (Block C) Responsibility Center (Block D) Report actual versus plan (Block G) Was performance satisfactory? (Block (H) No Revise Revise Measurement

Feedback Communication

The salient features of each stage are as under: 1. The top management of the company, i.e., the CEO and senior management team, make its goals and strategies keeping in view the companys core competencies, other strengths, weaknesses, opportunities and threats. This is called strategy formulation. (Block A). 2. The Goals and Strategies are worked out in extensive details in the form of Strategic Planning (Block B) (Please note that the function carried out in Block A is called Strategy Formulation, whereas the function carried out in Block B is called Strategic Planning.

3. Keeping in view the organization structure (i.e., Functional Organization or Business Unit Organization or Matrix Organization), an Annual Master Budget for the organization is prepared. This forms the activity of Budgeting (Block C) 4. Through these Budgets, different Responsibility Targets or Plans are assigned to the various Responsibility Centers (Block D) 5. The Responsibility Centers also receive the various formal rules in the control process. These are shown through Block E. 6. Other necessary information required by the Responsibility Center is also provided through Block F. 7. The Responsibility Centers are required to give their actual performance as per the required format to enable proper comparison with the Centers Budgets. This is done on a monthly or quarterly basis as per the requirement of the System adopted by the company. This Report of Actual versus Plan is received (Block G). 8. The comparison of Reported Actual with the Plan is measured (quantified) and an analysis of the variance is done (both quantity and price/cost variance). 9. On this basis the Responsibility Center-wise conclusions are drawn whether the performance of each Center was satisfactory or not. (Block H). 10. If the Responsibility Centers performance was satisfactory, then the Center is given the positive feedback and suitably rewarded as per the System 11. If the Responsibility Centers performance was not satisfactory, then the feedback is given to (a) the Responsibility Center, (b) the Budgeting Dept, and (c) the Strategic Planning. This is because the unsatisfactory performance may not be purely because of underperformance of the Center; there may be a shortcoming in the Budget or in the Strategy Plan itself. This gives all the three the feedback so that they can independently assess whether (a) the Responsibility Center has slipped in performance, or (b) whether the Budget was not practical or proper, or (c) whether the strategy itself needs any alteration. 12. The revised course of action when the Responsibility Center has not performed satisfactorily is reworked and given to the concerned Center. 13. Thus the cycle of the Formal Control Process is completed and the next cycle begins. ________________________________________________________

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May 2011 Q1, May 2011 (6 marks) (a)Define Management Control System. (b)Which level of managers are in it? (c)How does MCS differ from Simpler Control processes? Suggested Answer (combined for (a), (b) and (c)): Management Control System is the process by which managers influence other members of the organization to implement the 11rganizations strategies. The main objective of management control is to implement the goals and strategies formulated by the CEO with the advice of senior management. Organizations formulate their Goals, and the related Strategies which are required to attain these goals. This process is called Strategy Formulation. Goals are the broad overall aims, e.g., (i) earning a satisfactory return on investment, (ii) attaining a large market share, (iii) providing best possible services, etc. Strategies are the big and important plans for attaining these goals. The senior management of an organization works out these strategies which give the direction in which the organization should move. After the Strategy Formulation process, the next step is to implement or execute these strategies. The implementation of these strategies is carried out through a process or system, termed as Management Control Process (or System) (MCS). With the help of MCS, the senior management of the organization influences other members, down the line, so that the strategies are best implemented. MCS is facilitated and carried out by a formal system that includes a recurring cycle of activities, which are prescribed in the system. Thus, management control focuses primarily on strategy execution and management control systems are the tools for implementing strategies. This process relates to both types of activities: (a) ongoing operations, and (b) new and discrete projects. MCS is one of the three planning and control functions, the other two being (i) Strategy Formulation, and (ii) Task Control. Strategy Formulation is the largely unsystematic process of identifying opportunities and threats.

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Simpler Control Process, also called as Task Control Process, is the process of ensuring that specified tasks are carried out effectively and efficiently. MCS fits between Strategy Formulation and Task Control.

The above is summarized in the exhibit below: Activity Strategy Formulation Nature of End Product Goals, strategies, and policies

Management Control

Implementation of Strategies

Simpler Process(Task) Control

Efficient and effective performance of individual tasks.

Simpler Control process is transaction oriented that is, it involves performance of individual tasks according to rules established in the management control process. Often, such simpler processes are controlled through machines rather than human beings e.g., process control computers, robots, etc. An example of such a simpler process control is the amount and timing of purchases when the economic order levels fall below desired levels. Some of the other examples in simpler process control are - scheduling, order entry, logistics, quality control, cash management.

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Q9 (b), May 2011(3 marks) Write short note on Balanced Score Card : Comparison of the actual financial performance with financial budgets is one type of performance measurement. Although financial performance, is important, it is not the only aspect of an organisations performance. There are other non -financial measures which also play important roles in achieving the companys strategy. Thus, to implement the companys strategy, several performance measures (in addition to financial measures) are adopted. The management selects those measures which best represent the companys strategy and will result in the success of the company. One of the widely adopted performance measurement system is The Balanced Score Card (BSC). BSC was developed by Robert Kaplan and David Norton of Harvard University in 1992. According to the BSC method, the following four measures are typically measured: 1. Financial (profit margins, return on assets, cash flow, return on investment, EVA) 2. Customer Value performance (market share, customer satisfaction index, customer loyalty) 3. (a)Internal business process(productivity rates, quality measures, tilmeliness) (c) Employee performance (morale, knowledge, turnover, best practices) 4. Innovation and learning (percentage of sales from new products, employee suggestions, rate of improvement index) The BSC provides a balance between the different strategic measures so as to achieve Goal Congruence. More than 60% of the Fortune 500 companies adopt BSC, BSC is most prevalent in not-for-profit companies. Tata Motors (first in India to adopt BSC), Godrej-GE appliances, Phillips and Infosys are the prominent Indian companies to adopt BSC. The most important measure used by Indian companies after finance is customer.

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Q9 (c ), May 2011 (3 marks) Write short note on Interactive Controls : An organization first decides its goals. It then makes broad plans, called strategies, and also decides certain policies to achieve these goals; this activity is called strategy formulation. After the strategy is formulated, the next step is to implement or execute this strategy. This activity is called management control and is carried out through a formal system called management control system. Thus, the primary objective of management control is to ensure the implementation / execution of the strategies chosen by the top management of the company. The strategies are based on circumstances which exist at the time when the strategies were formulated. If these circumstances have changed at the time of implementation, the actions dictated by the plan may no longer be appropriate or relevant. Thus, the strategy which was sound at the time of formulation may become deficient at the time of implementation and lose its soundness. Thus, while management control is generally committed to ensure the implementation / execution of the strategies, companies need to pay attention to strategic uncertainties i.e., changes which have occurred in the strategies. In these cases, the companys senior management reviews or revises its strategies through a process called Interactive Controls. This is schematically shown below:

Todays Controls

Tomorrows Strategy
This occurs in industries which are subject to rapid environmental changes, For example, in India, the telecom policy went through many changes after the 2G scam; as a result, telecom companies had to align their new strategies in line with the new policy. Similar change took place in Thermal Power Projects when the policy for allocation of coal mines changed. Interactive controls are an integral part of the management control systems.
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__________________________________________ November 2011 Q4, Nov 2011 (6 marks) Explain briefly the various stages of management control process citing their salient features.

(same as Q2, Nov 2010)

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Q 5(a), Nov 2011 Explain possible reasons for failure of Balanced Score Card.(3 marks)

According to the BSC method, the following four measures are typically measured: 1. Financial (profit margins, return on assets, cash flow, return on investment, EVA) 2. Customer Value performance (market share, customer satisfaction index, customer loyalty) 3. (a) Internal business process(productivity rates, quality measures, tilmeliness) (b) Employee performance (morale, knowledge, turnover, best practices) 4. Innovation and learning (percentage of sales from new products, employee suggestions, rate of improvement index)

More than 60% of the Fortune 500 companies adopt BSC, Although the balanced scorecard has many advocates, support is by no means universal or unqualified. The main reasons for failure of BSC in certain companies are as follows: 1. The measures selected are not valid, i.e., there is no proper causal link between the performance measure and the strategy. There is lack of understanding in the management of the relationship between the non-financial measures and the strategy. 2. The performance measures are not deeply rooted into the organization. They are only formulated by the top management and distributed in a top-down manner, but not inculcated into the fabric of the organization. Thus, these measures are not functional at the operating levels, and hence not effective. 3. The model does not take into account factors like external competition and technological advance.

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April, 2012 Q1, April 2012 (6 marks) (b)Explain the perspective of Management Control System. Suggested Answer (b)

The perspective of Management Control System (MCS) is essentially that of strategy implementation. MCS draws its importance and relevance from the fact that many companies with the best of strategies have failed mainly on account of not executing their strategies well; examples of such companies are Enron, WorldCom. On the other hand, companies such as Wal-Mart, Cisco Systems, Dell Computers, owe their success largely to their competence in properly executing their strategies.
As organizations grow and decentralize, it is inevitable that the approach to managing has to be driven through systems. In this endeavour, organizations generally adopt a certain systematic approach to planning and managing themselves. Organizations first formulate their Goals, and the related Strategies which are required to attain these goals. This process is called Strategy Formulation. Goals are the broad overall aims, e.g., (i) earning a satisfactory return on investment, (ii) attaining a large market share, (iii) providing best possible services, etc. Strategies are the big and important plans for attaining these goals. The senior management of an organization works out these strategies which give the direction in which the organization should move. After the Strategy Formulation process, the next step is to implement or execute these strategies. The implementation of these strategies is carried out through a process or system, termed as Management Control Process (or System) (MCS). With the help of MCS, the senior management of the organization influences other members, down the line, so that the strategies are best implemented. MCS is facilitated and carried out by a formal system that includes a recurring cycle of activities, which are prescribed in the system. Thus, management control focuses primarily on strategy execution and management control systems are the tools for implementing strategies.
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This process relates to both types of activities: (a) ongoing operations, and (b) new and discrete projects. MCS is one of the three planning and control functions, the other two being (i) Strategy Formulation, and (ii) Task Control. Strategy Formulation is the largely unsystematic process of identifying opportunities and threats. Task Control Process, is the process of ensuring that specified tasks are carried out effectively and efficiently. MCS fits between Strategy Formulation and Task Control.

The above is summarized in the exhibit below: Activity Strategy Formulation Nature of End Product Goals, strategies, and policies

Management Control

Implementation of Strategies

Task Control

Efficient and effective performance of individual tasks.

_____________________________________________________

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April, 2012 Q3, April 2012 (6 marks) (b)Explain the formal control system in the organization.

Management Control is the process by which managers influence other members of the organisation to implement the organisations strategies. The main objective of management control is to implement the goals and strategies formulated by the CEO with the advice of senior management. Management control involves the following activities: 1. 2. 3. 4. 5. 6. Planning what the organization should do Co-ordinating the activities of the different parts of the organization Communicating information Evaluating information Deciding what action is to be taken based on the evaluation Influencing the people to change their behaviour

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These activities are operated through the various stages of the following Formal Control Process chart:

Goals and Strategies (Block A)

Rules (Block E)

Other Information (Block F)

Reward

Yes Strategic Planning (Block B) Budgeting (Block C) Responsibility Center (Block D) Report actual versus plan (Block G) Was performance satisfactory? (Block (H) No Revise Revise Measurement

Feedback Communication

The chart operates as under: 1. The top management of the company, i.e., the CEO and senior management team, make its goals and strategies keeping in view the companys core competencies, other strengths, weaknesses, opportunities and threats. This is called strategy formulation. (Block A). 2. The Goals and Strategies are worked out in extensive details in the form of Strategic Planning (Block B) (Please note that the function carried out in Block A is called Strategy Formulation, whereas the function carried out in Block B is called Strategic Planning. 3. Keeping in view the organization structure (i.e., Functional Organization or Business Unit Organization or Matrix Organization), an Annual Master Budget for the organization is prepared. This forms the activity of Budgeting (Block C)
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4. Through these Budgets, different Responsibility Targets or Plans are assigned to the various Responsibility Centers (Block D) 5. The Responsibility Centers also receive the various formal rules in the control process. These are shown through Block E. 6. Other necessary information required by the Responsibility Center is also provided through Block F. 7. The Responsibility Centers are required to give their actual performance as per the required format to enable proper comparison with the Centers Budgets. This is done on a monthly or quarterly basis as per the requirement of the System adopted by the company. This Report of Actual versus Plan is received (Block G). 8. The comparison of Reported Actual with the Plan is measured (quantified) and an analysis of the variance is done (both quantity and price/cost variance). 9. On this basis the Responsibility Center-wise conclusions are drawn whether the performance of each Center was satisfactory or not. (Block H). 10. If the Responsibility Centers performance was satisfactory, then the Center is given the positive feedback and suitably rewarded as per the System 11. If the Responsibility Centers performance was not satisfactory, then the feedback is given to (a) the Responsibility Center, (b) the Budgeting Dept, and (c) the Strategic Planning. This is because the unsatisfactory performance may not be purely because of underperformance of the Center; there may be a shortcoming in the Budget or in the Strategy Plan itself. This gives all the three the feedback so that they can independently assess whether (a) the Responsibility Center has slipped in performance, or (b) whether the Budget was not practical or proper, or (c) whether the strategy itself needs any alteration. 12. The revised course of action when the Responsibility Center has not performed satisfactorily is reworked and given to the concerned Center. 13. Thus the cycle of the Formal Control Process is completed and the next cycle begins. _____________________________________________________

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April 2012 Q 6(b), Apr 2012 Write short note on; Balanced Score Card (same as Q9 (b) May 2011)

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Nov, 2012 Q2 Nov 2012 (6 marks) Discuss and illustrate the differences and similarities between: (a) Strategy Formulation and Task Control (b) Management Control and Task Control

Discuss and illustrate the differences and similarities between: (a) Strategy Formulation and Task Control Suggested Answer: 1. Strategy Formulation comprises the activities of deciding on the long term goals of the organization, the adoption of the broad course of action (called strategy) and policies and allocation of resources for attaining these goals. Task control is the process of ensuring that specified tasks are carried out effectively (doing the right thing) and efficiently (doing the thing right- as per requirement). 2. Strategy Formulation is done by the top management of the company Task control is done by the individuals who perform the tasks, who would be in a lower position in the hierarchy of the company 3. Strategy Formulation involves assessing threats, opportunities, and new ideas, which can happen at any time, and hence cannot be pre-determined. Task control is transaction-oriented i.e., as per rules of MCS and can be determined. 4. Strategy Formulation involves judgement and the numbers used are rough estimates. Task control numbers are quite precise since there is little uncertainty 5. Strategy Formulation has long-run effect on the company Task control effect is essentially short-run
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6. Examples of Strategy formulation are (i) entering a new business - considering all aspects of risks and returns in such investment (ii) devise inventory policies say keep not more than its close competitor (iii) decide whether to have a high gearing of debt or be conservative with low debt, (iv) decide the direction of research, whether to invest large amounts initially or invest over a larger span of time.

Examples of Task Control are: (i) (ii) (iii) what should be the daily production schedule, keeping in view the daily raw material stock when the raw material stock goes below the re-order level, as decided by MCS, place the re-order manage the daily cash flows; if short, withdraw cash from the Bank against a limit already in place; if cash in excess, inform treasury dept to invest in short term investment. Within the research project sanctioned, carry out the individual project.

(iv)

Discuss and illustrate the differences and similarities between: (b) Management Control and Task Control Suggested Answer:

1. Management Control comprises the activities of translating the broad course of action (strategy) into a comprehensive financial budget, called the Master Budget, which is generally for a period of one year. This budget indicates the amount of revenue, costs of production, marketing, administration, finance and estimates the profit .At the end of the year (or generally on quarterly basis) the actual performance under each head is compared with the estimate and the variance is worked out in order to know how well the company has performed. Task control is the process of ensuring that specified tasks are carried out effectively and efficiently.
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2. Management Control is carried out under the Corporate Controller with inputs from the heads of Business Units. Task control is done by the individuals who perform the tasks, who would be in a lower position in the hierarchy of the company

3. Management Control involves preparation of the Master Budget is prepared under the Corporate Controller with inputs from the respective heads of the different Business Units. Thus, unlike Strategy formulation where only the top management is involved, in Management Control, the top management works with various Business Unit heads and prepares the Budget. A large team is thus involved in Management Control. Task control is done by the individuals who perform the tasks, who would be in a lower position in the hierarchy of the company

4. Management Control involves estimates generally for a year and hence there is some uncertainty for the year. Although the estimates are more precise compared to Strategy Formulation, they are not as precise as in Task Control. Task control numbers are quite precise since there is little uncertainty 5. Management Control generally looks at a one year period Task control effect is essentially much shorter than a year. 6. Examples of Management Control are: (i) Work out the capital costs and operational costs of expanding the plant which has been conceived under the strategy formulation (ii) devise inventory level say keep not more than 2 months raw materials stock, based on information from the BU Manager about the close competitors level. (iii) Based on the level of gearing of debt as per the strategy formulated, raise the debt from the Bank. (iv) Devise a suitable R&D budget

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Examples of Task Control are: (i) (ii) (iii) what should be the daily production schedule, keeping in view the daily raw material stock when the raw material stock goes below the re-order level, as decided by MCS, place the re-order manage the daily cash flows; if short, withdraw cash from the Bank against a limit already in place; if cash in excess, inform treasury dept to invest in short term investment. Within the research project sanctioned, carry out the individual project.

(iv)

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Try to remember the points in the chart below:

COMPARISON / EXAMPLES OF STRATEGY F0RMULATION, MCS, AND TASK CONTROL strategy formulation process of deciding on the long term goals of the organization and the adoption of a broad course of action and the allocation of resources for attaining these goals. management control systems (MCS) task control

1 definition

MCS is the process by which managers influence other members of the organization to implement these strategies effectively and efficiently

task control is the process of ensuring that specified tasks are carried out effectively and efficiently.

nature of 2 activity

involves assessing threats, opportunities, and new ideas, which can happen at any time; hence cannot be predetermined. Judgement, and numbers used are rough estimates

involves a series of steps that occur in a predictable sequence (master budget to sub-budgets, and as per the mcs control process), according to a time-table, and with reliable estimates

transaction-oriented, i.e., according to rules established in MCS process.

few -the sponsor of the 3 people involved idea, headquarters staff and senior management

involves managers and their staff at all levels in the organization

individual task performers

who is affected?

organization as a whole

organization along with consideration for all the business units

specific tasks

examples

strategy formulation 1 enter a new business 2 change debt/equity ratio 3 devise inventory policy decide magnitide and 4 direction of research

management control systems (MCS) expand a plant issue new debt decide inventory levels

task control schedule production manage cash flows reorder an item run individual research project 27

control research organization

Nov, 2012 Q3 Nov 2012 (6 marks) What is Balanced Score Card? What are the reasons for failure of Balance Score Card? (same as Q9, May 2011, alongwith Q 5(a) Nov 2011)

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