Use a Balanced Scorecard (BSC) To Improve Business Performance and To Measure Performance Indicators (KPI)

Course Code: MN 52

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

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

'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

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

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

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

MONITORING AND MEASURING FOR QUALITY

  • Fundamental principles
  • Criteria for selection
  • Types of data collection
  • Tools for data collection

USING QUALITY TO IMPROVE BUSINESS PERFORMANCE

  • Explain the principle of continual improvement
  • Describe the benefits of continual improvement for an organization
  • Describe the process of continual improvement from problem identification to problem prevention
  • Outline methods an organization could use to identify and prioritize opportunities for improvement
  • List and explain the purpose of the basic tools of problem solving 
  • The design of financial models for forecasting and decision-making


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Date & Location

Date : 07 April 2019

Duration : 5 days

Place : Hong Kong

Join This Course Now

Date : 12 May 2019

Duration : 5 days

Place : Hong Kong

Join This Course Now

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