Balanced Scorecard: the Design and Application of 3rd Generation Balanced Scorecard Systems
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Balanced Scorecard: the Design and Application of 3rd Generation Balanced Scorecard Systems Course
Introduction:
Unlocking the true potential of your organization requires more than just having a good strategy. It requires the ability to effectively execute that strategy and ensure its successful implementation. Unfortunately, many CEOs and organizations struggle in this area.
According to a Fortune article titled "Why CEOs Fail," one of the main reasons for CEO failure is the inability to execute their strategy, regardless of how good or bad the strategy may be. This failure is not isolated, as another study reveals that only one in three businesses worldwide believe they are effectively achieving their strategic goals.
To bridge this gap and enhance strategic success, organizations can turn to Performance Management methods. These methods provide a framework for more effectively managing the delivery of strategic plans. One such method is the Balanced Scorecard.
The Balanced Scorecard framework has gained significant recognition over the past 15 years. It has been adopted by tens of thousands of organizations in both the public and private sectors as a performance management tool. Over time, significant improvements have been made to the approach, resulting in the development of modern 3rd Generation Balanced Scorecards that are simpler, quicker to develop, and easier to use.
Recent advancements have also made it easier to align the Balanced Scorecard with organizational goals and link it to other management tools that address areas such as risk, quality, and incentives. This integration allows for a more comprehensive and holistic approach to performance management.
By utilizing Performance Management methods like the Balanced Scorecard, organizations can enhance their ability to execute strategies, align their efforts, and achieve their strategic goals. This unlocks the true potential of the organization, enabling sustainable growth and success in today's competitive business landscape.
Course Objectives:
Obtain an understanding of ejective performance management using 3rd Generation Balanced Scorecard Learn practical "tips of the trade" that will enhance your ability to design ejective 3rd Generation Balanced Scorecards within your organization Test your understanding and practice new skills as you build a "case study" 3rd Generation Balanced Scorecard
Who Should Attend?
- Performance Management project leaders seeking to learn about the latest Balanced Scorecard methods.
- Senior managers looking to better understand how to address Performance Management challenges.
- Anyone interested in learning more about the Balanced Scorecard
Course Outlines:
The first module looks at methods for effective and efficient design and introduction of Balanced Scorecard based Performance Management systems. This is supported by exercises to aid understanding and build practical experience.
The Evolution of Balanced Scorecard and Current Thinking
- The Balanced Scorecard has evolved to become one of the most popular strategic management tools to date. However, people have different perceptions of what it is. This session explores use of the Balanced Scorecard as tool for strategic and operational management.
Building Consensus
On Destination
- Balanced Scorecards work best when they are focused on achieving specific goals. Learn how to bring consensus to your management team and how to structure the development of a clear picture of where your organization is going.
Practical Exercise: Case Part 1 – Destination Statements
- Practical exercise and discussion looking at the process of building Destination Statements.
Setting Medium Term Objectives
- This section explores the methodologies for using the Destination Statement as a basis for identifying priority medium-term objectives
Measures, Targets and Identifying Initiatives
- This section looks at choosing useful measures. There will also be a discussion of targets and initiatives.
Cascading: Developing Aligned Sets Of Balanced Scorecards
- So far, the course has focused on the basic principles surrounding what is required to produce a single Balanced Scorecard. This session looks at some of the issues that arise when you plan to implement more than one Balanced Scorecard in your organization.
Making the Project Happen
- Setting up and running the management meetings/workshops to design the Balanced Scorecard.
Implementation Issues
- Designing a Balanced Scorecard is only the start - implementation and usage is a major challenge. This section looks at the key usage issues and ways to improve the value of the tool once it is designed.