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:
The key to unlocking the true potential of your organization
- A Fortune article called "Why CEOs Fail" observed that CEOs fail because they are unable to electively execute their strategy (however good or bad the strategy is).
- Such failure is common - another study found that only one in three world businesses believe they are successfully achieving their strategic goals. Having a good strategy is important, but the key to strategic success is also being able to put the plan into action and ensure its electives delivery.
- Performance Management methods help organizations to more electively manage the delivery of strategic plans.
- Balanced Scorecard It is now over 15 years since the Balanced Scorecard framework first gained public acceptance. Since then tens of thousands of public and private sector organizations have adopted it as a performance management tool. Over this time major improvements have been made to the approach: modern 3rd Generation Balanced Scorecards are simpler quicker to develop, and better to use. Recent advances have made it easier to use Balanced Scorecard to promote organizational alignment and to link Balanced Scorecard to other management tools dealing with things such as Risk, Quality, and Incentives.
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 the use of the Balanced Scorecard as a 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.
