Use a Balanced Scorecard (BSC) To Improve Business Performance and To Measure Performance Indicators (KPI)
Use a Balanced Scorecard (BSC) To Improve Business Performance and To Measure Performance Indicators (KPI)
Course Code:
MN 53
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