The Balanced Scorecard: Achieving Performance Excellence
The Balanced Scorecard: Achieving Performance Excellence
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Program Objectives:
By the end of the program, participants will be able to:
- Explain the benefits and importance of a Strategy Focused Organization (SFO).
- Develop a SWOT analysis, vision and mission statements and strategic goals for their organization or department.
- Use SMART objectives and KPIs to track the performance and productivity at all levels in their organizations.
- Apply the approach of best-in-class benchmarking technique to set targets for each KPI.
- Design a balanced scorecard based on the Kaplan and Norton model.
Who should attend:
All managers and supervisors, especially those involved in improving performance and measuring results.
Program Outline
Benefits of Strategic Management and Planning
- The Strategy Focused Organization (SFO)
- The Importance of the Balanced Scorecard
- Strategic Planning Needs and Benefits
- A Strategic Planning Model
SWOT Analysis, Vision and Mission Statements
- The Purpose of a SWOT Analysis
- SWOT in Brief
- Linking the Results of the SWOT Findings to Future Objectives and Initiatives
- Definition of Vision and Mission Statements
Developing Performance Measures and Control Systems
- Goals, Objectives and Targets
- SMART Objectives
- Developing Strategies
- Key Performance Indicators (KPIs) and Units of Measures (UOMs)
- Aligning KPIs to Company Strategy
- Obstacles to Measurement
Benchmarking
- Objectives and Basics
- Who, What and Why of Benchmarking
- Different Methods of Benchmarking
- The Benchmarking Process
Using the Balanced Scorecard as a Strategic Management System
- Strategic Planning and Strategy Execution
- Reasons Behind Failures of Well Formulated Strategies
- Translating the Vision to Everyday Actions
- Importance and History of the Balanced Scorecard
- The Premise Behind the Balanced Scorecard
- Principles of the Strategy Focused Organization
- Measuring Business Strategy from Financial, Customer, Internal/Business/Process and Learning and Growth Perspectives
- Strategic Alignment and Goal Setting
- Linking the Balanced Scorecard KPIs to Strategy
- Strategy Map: Specifying Relationships and Making them Testable
- Soft, Hard, Leading and Lagging KPIs
- The Importance of Initiatives
- Evaluating Initiatives
- Managing Initiatives
- Cascading the Balanced Scorecard
- Implementing a Balanced Scorecard Program
- Reporting Results
