1. Explain the concept of The Balanced Scorecard, its background, its bearing principles, how it may be used and its advantages and challenges.

2. It is not uncommon that companies place financial targets on top of their goal hierarchy. Some of the companies have specific targets relating to their Return on Assets (ROA), while other companies may have a high Return on Equity (ROE) as their overall target. Explain the difference between these two perspectives on profitability. In your opinion, will it make sense for a company to have any other goals than strictly financial goals as the long-term overall targets?

3. Explain how the lean philosophy share a common conceptual basis with the Value Chain Analysis.