Management Engineering concept of Balanced Scorecard
Course Code: MN24
Course Objective
- Help facilitate the creation of a strategic plan in their organization
- Describe the structure and typical content of a Balanced Business Scorecard
- Build a Balanced Scorecard from scratch based on their organization’s strategy and objectives
- Know how to use the Balanced Scorecard to align operational activity with strategy
- Use best-practice approaches to overcome obstacles and challenges to putting a Balanced Scorecard into practice
- Understand and meet the challenge of managing a significant change in organizational culture
Target Audience
This course will mainly benefit to purchasing managers, senior buyers, project managers, civil engineers, construction managers, contractors, sub-contractors, site engineers, senior management, and government agencies, architects, construction professionals, and anyone responsible for purchasing at a senior level who seeks to enhance their skills further.
Course Outline
DAY 1: Strategic Planning and the Balanced Scorecard
- Introduction to the Balanced Scorecard
- Benefits of the Balanced Scorecard
- Linking Mission and Vision to operations
- Application and uses of the Balanced Scorecard
- The Financial, Customer, Process perspectives in detail
- Overview of the Balanced Scorecard creation process
- Strategy Maps and Strategic Themes
- Strategic Measures and Strategic Targets
- Lessons learned from Day 1
DAY 2: Developing a Balanced Scorecard
- Create a strategy-centric organisation
- The Learning & Growth perspective in detail
- Define strategy, identify strategic themes and build strategic linkages
- Engage the leadership team
- Importance of data collection, interviews and focus groups
- Strategic documentation
- Work with the Case Study
- Strategic objectives and strategic themes
- Lessons learned from Day 2
DAY 3: Measuring and Monitoring Strategic Performance
- Purpose of strategic measures and their relationship with KPIs
- Lead and lag measures
- Develop appropriate measures using the Strategy Map
- Examples of measures for each of the four perspectives
- How to implement the Balanced Scorecard
- Determine measures and targets
- Aligning balanced scorecard to the planning and budgeting process
- Case study activities
- Lessons learned from Day 3
DAY 4: Implementing the Balanced Scorecard
- Map strategic initiatives
- The Strategic Management System and performance management
- Setting appropriate targets
- Plan for implementation
- Build a Balanced Scorecard from scratch
- Cascade the Balanced Scorecard across the organisation – creating business unit, functional, support and personal scorecards.
- Aligning incentives to the balanced scorecard – ‘what you measure is what you get’
- Strategy Review Meetings
- Case study activities
- Lessons learned from Day 4
DAY 5: Pulling it all Together
- Review and enhance the Balanced Scorecards built on Day 4
- How to make it work in your organisation
- Communicating the Balanced Scorecard
- Creating an outline project plan
- Identify key roles and key players
- Identify potential pitfalls and barriers to change
- Top Tips for success
- Create a personal plan of action
- Lessons learned from the seminar
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