Use A Balanced Scorecard (BSC) To Measure Performance Indicators (KPI) In Continuous Improvement Achieving Smart & Strategic Goals
Course Code: MN26
Course Objective
- 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.
Course Outline
Day 1
Benefits of strategic management and planning
- The strategy focused organization
- Why implement the balanced scorecard
- Strategic planning needs and benefits
- A strategic planning model
- The importance of the balanced scorecard
- Balanced scorecard steps and timeline
Day 2
'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 a vision statement
- Importance of a structured mission statement
Day 3
Developing performance measures and control systems
- Goals, objectives, and targets
- 'SMART' objectives
- Key performance indicators and Units of Measures (UOMs)
- Aligning KPIs to company strategy
- Obstacles to measurement
- Developing strategies and initiatives that will assist in achieving the targets
- Developing strategies
Day 4
Benchmarking as a tool to set targets
- Objectives and basics of benchmarking
- The who, what and why of benchmarking
- Different methods of benchmarking
- Who to benchmark against
- The benchmarking process
Day 5
The balanced scorecard as a strategic management system
- Strategic planning and strategy execution
- Reasons behind failures of well-formulated strategies
- Translating the vision into 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 the financial, customer, internal, business or process and learning and growth perspectives
- Strategic alignment and goal setting
- Linking the balanced scorecard's KPIs to strategy
- Strategy map: specifying relationships and making them testable
- The importance of initiatives
- Evaluating initiatives
- Managing initiatives
- Soft and hard KPIs
- Leading and lagging KPIs
- Reporting and evaluating results
- Cascading the balanced scorecard
- Implementing a balanced scorecard program
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