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The document discusses the balanced scorecard framework, which links performance measures across four perspectives - financial, customer, internal processes, and learning and growth. It allows managers to track key goals and measures across these perspectives to evaluate strategic performance. An example balanced scorecard for a company is provided across the four perspectives. The document also discusses how to align objectives to strategy, features of an effective balanced scorecard, potential pitfalls, evaluating strategic success, and measuring productivity.
The document discusses the balanced scorecard framework, which links performance measures across four perspectives - financial, customer, internal processes, and learning and growth. It allows managers to track key goals and measures across these perspectives to evaluate strategic performance. An example balanced scorecard for a company is provided across the four perspectives. The document also discusses how to align objectives to strategy, features of an effective balanced scorecard, potential pitfalls, evaluating strategic success, and measuring productivity.
The document discusses the balanced scorecard framework, which links performance measures across four perspectives - financial, customer, internal processes, and learning and growth. It allows managers to track key goals and measures across these perspectives to evaluate strategic performance. An example balanced scorecard for a company is provided across the four perspectives. The document also discusses how to align objectives to strategy, features of an effective balanced scorecard, potential pitfalls, evaluating strategic success, and measuring productivity.
Performance, Financial & Related Information Balanced scorecard • Is a management system. • Is a way of looking at your organization that focuses on your big- picture strategic goals. • Helps you choose the right things to measure so that you can reach those goals. • A performance metric used in strategic management to identify and improve various internal functions of a business and their resulting external outcomes. • Used to measure and provide feedback to organizations. Balanced Scorecard • By Robert Kaplan and David Norton • Links performance measures: - Allows managers to look at the business at four important perspectives - It provide answers to four basic questions Perspective of the Balanced Scorecard 1. Financial Perspective – How do we look to shareholders? 2. Customer Perspective – How do customers see us? 3. Internal Business Process Perspective – What must we excel at? 4. Learning and Growth Perspective – Can we continue to improve and create value? Example of a company’s Balanced scorecard • Financial Perspective: Goals Measures - Survive - Cash Flow - Succeed - Quarterly sales growth & operating income by division - Prosper - Increased market share and ROI Customer Perspective • Goals Measures - New products - % of sales from new product - Responsive supply - On time delivery (defined by customer) - Preferred Supplier - Share of key accounts purchases. - Customer partnership - Number of cooperative engineering efforts. Internal Business Process Perspective • Goals Measures - Technology capability- Manufacturing geometry Vs. competition - Manufacturing excellence - cycle time unit cost yield. - Design Productivity - Silicon efficiency - Engineering efficiency - New product Introduction – Actual introduction schedule vs. plan Learning and Growth Perspective • Goals Measures - Technology Leadership - Time to develop next generation. - Manufacturing Learning - Process time to maturity. - Product Focus - % of products that equal 80% sales. - Time to market - New product introduction vs. competition. Aligning the Balanced Scorecard to Strategy Strategic objectives • Reduce injuries • Improve call times • Increase profit • Financial: Reduce costs, Increase profits, Increase revenue in targeted markets • Customer perspective: Improve customized customer experience, Increase awareness as Industry leader. • Internal Business process: Improve internal efficiency, Increase acquisitions, Increase consulting knowledge sharing, Improve product/service offerings • Learning & growth: Increase employee expertise, Optimize technology, Optimize human capital, Improve thought leadership. How to use • To bring an organizations strategy to life. • To communicate the strategy across the organization • To track strategic performance Features of a Good Balanced Scorecard Pitfalls when implementing a Balanced Scorecard Evaluation of the Success of a stratgey Strategic Analysis of Operating Income Productivity Measurement