Use A Balanced Scorecard (BSC) To Measure Performance Indicators (KPI) In Continuous Improvement Achieving Smart & Strategic Goals
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