Course Objectives
The Balanced Scorecard: Achieving Performance Excellence - Virtual Learning
Course Objectives
By the end of the course, participants will be able to:
Explain the benefits and importance of a Strategy Focused Organization (SFO)
Develop a Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis, vision and mission statements and strategic goals for their organization or department
Use 'SMART' objectives and key performance indicators 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
Target Audience
All managers and supervisors involved in strategic planning and performance management. The course is also very helpful to those involved in improving performance and measuring results.
Target Competencies
Management and leadership
Strategic planning
Performance management
Influencing and communicating for impact
Innovation
Analytical thinking
Entrepreneurship
Course Outline
Benefits of strategic management and planningThe strategy focused organizationWhy implement the balanced scorecardStrategic planning needs and benefitsA strategic planning modelThe importance of the balanced scorecardBalanced scorecard steps and timeline
'SWOT' analysis, vision and mission statementsThe purpose of a 'SWOT' analysis'SWOT' in briefLinking the results of the 'SWOT' findings to future objectives and initiativesDefinition of a vision statementImportance of a structured mission statement
Developing performance measures and control systemsGoals, objectives, and targets'SMART' objectivesKey performance indicators and Units of Measures (UOMs)Aligning KPIs to company strategyObstacles to measurementDeveloping strategies and initiatives that will assist in achieving the targetsDeveloping strategies
Benchmarking as a tool to set targetsObjectives and basics of benchmarkingThe who, what and why of benchmarkingDifferent methods of benchmarkingWho to benchmark againstThe benchmarking process
The balanced scorecard as a strategic management systemStrategic planning and strategy executionReasons behind failures of well-formulated strategiesTranslating the vision into everyday actionsImportance and history of the balanced scorecardThe premise behind the balanced scorecardPrinciples of the strategy focused organizationMeasuring business strategy from the financial, customer, internal, business or process and learning and growth perspectivesStrategic alignment and goal settingLinking the balanced scorecard's KPIs to strategyStrategy map: specifying relationships and making them testableThe importance of initiativesEvaluating initiativesManaging initiativesSoft and hard KPIsLeading and lagging KPIsReporting and evaluating resultsCascading the balanced scorecardImplementing a balanced scorecard program