The Balanced Scorecard: Achieving Performance Excellence
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The Balanced Scorecard: Achieving Performance Excellence Course
Introduction:
A balanced scorecard is a strategic management performance metric that helps companies identify and improve their internal operations to help their external outcomes. It measures past performance data and provides organizations with feedback on how to make better decisions in the future.
The Balanced Scorecard: Achieving Performance Excellence training course is designed to help a diverse of range organizations with balanced scorecards, strategic planning, strategy execution, or KPI / performance measurement & management system development and implementation.
The course is designed for practitioners charged with implementing and facilitating strategic planning or scorecard development initiatives at their organizations, while shorter "overview" and "essentials" courses are available for those needing a basic understanding of planning and measurement concepts so that they can serve in executive or team roles in the process.
Course Objectives:
At the end of The Balanced Scorecard: Achieving Performance Excellence course, participants will be able to:
- Explain the benefits of a strategy focused organization.
- Know how to develop Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis, vision, and mission statements for their organizations.
- Use SMART objectives and key performance indicators to track performance and productivity in their organizations.
- Apply the concepts in, and design balanced scorecards for, their organizations.
- Link performance measures to strategic goals and objectives.
- Use Key Performance Indicators KPIs for the measurement and evaluation of performance and productivity at all levels: company, department, and individuals.
- Evaluate the feasibility of using the Balanced Scorecard in their organization.
- Design and implement the approach of Best-in-Class Benchmarking in their organization
Who Should Attend?
The Balanced Scorecard: Achieving Performance Excellence Training Course is Ideal for:
- All managers and supervisors are involved in strategic planning and performance management.
- The course is also very helpful to those involved in improving performance and measuring results.
Course Outlines:
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 processes
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
