Balanced Scorecard Strategy For Dummies
Chuck Hannabarger, Frederick Buchman, Peter Economy
Language: English
Pages: 388
ISBN: 047013397X
Format: PDF / Kindle (mobi) / ePub
A practical, easy-to-understand guide to Balanced Scorecard for busy business leaders
The Balanced Scorecard method is an analysis technique designed to translate an organization's mission and vision statement and overall business strategies into specific, quantifiable goals, and to monitor the organization's performance in achieving these goals. Much less technology driven then other analysis approaches, it analyzes an organization's overall performance in four regards: financial analysis, customer service, productivity and internal analysis, and employee growth and satisfaction. Balanced Scorecard Strategy For Dummies breaks down the basics of Balanced Scorecard in simple language with practical, Dummies-style guidance on getting it done. This book covers all the basics of Balanced Scorecard for busy executives and managers-and does it without the high price tag of most professional level Balanced Scorecard guides.
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scorecard! The key people are in place, metrics are selected and allocated to the appropriate leg, and measurement systems are working to sustain the scorecard. But wait: there are two things that must first be in place when you launch your scorecard. The Scorecard passed the pilot, and everyone knows it! The pilot is where you prove the value, worth, and effectiveness of your scorecard. By implementing your scorecard in a controlled pilot environment, you 62 Part I: The ABC’s of Balanced
Walking miles (and miles) in your customers’ shoes ......................84 Setting customer-based strategic measures .....................................84 Linking Customer Measures to Your Strategies, Policies, and Plans.......85 Developing customer strategies.........................................................85 Creating customer plans and tactics .................................................86 Taking action when your customers don’t get what they want .....86 Following Up With Your
technique is used called a SWOT analysis, or Strengths, Weaknesses, Opportunities and Threats 171 172 Part III: Financial Management — The Foundation Leg analysis. As each aspect of the SWOT is considered, sometime a weighting is assigned, in terms of high (9), medium (6), or low (3) risk to the company. The analysis is usually done by a leadership team, with members familiar with the different functional areas potentially impacted by the decision. Specifically, each option is assessed in
Effects Analysis (FMEA) is another risk mitigation decision tool that assess risks of different options in terms of three different considerations: ߜ What is the severity of a failure? High (8–10) would mean catastrophic to the company and the business. Medium (4–7) would be severe, but not fatal to the organization. Low (1–3) would impact minimally or not at all. ߜ How probable is the failure likely to occur? High would mean very probable to inevitable, medium would mean somewhat likely, and low
throughout the company. So, now what? How can all this complexity be turned simple? 178 Part III: Financial Measurement — The Foundation Leg One way executives and leaders have conquered these mountains of measures is by developing tools to help them quickly collect key timely intelligence data, and interpret, understand, and respond with execution actions and adjustments. These tools are call dashboards, and those that help you understand real-time performance of your financial measures are
