For many years, Tesco(1) used a balanced scorecard called the Steering Wheel to

For many years, Tesco(1) used a balanced scorecard called the Steering Wheel to measure and manage the performance of the organisation.Â
However, in 2013Â Tesco reported a 23.5% fall in half year profits(2):
Subsequently, Tesco has stopped using the Steering Wheel and now uses a “Big 6 KPIs” strategy. Â
Discuss why Tesco may have switched their approach away from using the balanced score-card to measure and manage its overall performance, and how the new strategy may be utilised or improved to enhance future business performance.
Write in report format and any supporting diagrams or tables should be placed in the appendix. Relevant research material and references should be applied to underpin your analysis.
(1) https://www.tescoplc.com/investors/ (2) https://www.bbc.com/news/business-24361465
ReadingMcLaney, E. & Atrill, P. (2023) Accounting and Finance: An Introduction. 11th ed. London: Pearson.
Chapter 10