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.

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.

1. Describe the four perspectives that will be used when creating a balanced scorecard for this organization.
2. Identify at least four significant performance measures for your organization within each perspective.
3. 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.
4. 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.