Balanced Scorecard: Achieving Performance Excellence

Balanced Scorecard: Achieving Performance Excellence

Methodology:

• Interactive and hands-on training techniques
• Short presentations
• Focus on developing all elements of the balanced scorecard for a virtual organization
• Group exercises throughout five days

Course Objectives:

By the end of the course, participants will be able to:

• Explain the benefits of a strategy-focused organization (SFO) to their institution
• Develop a SWOT analysis, vision, mission, and strategic goals for their department or institution
• Use SMART goals and key performance indicators (KPIs) to track performance and productivity at all levels
• Apply the best practice of setting digital targets for each performance indicator
• Design a balanced scorecard based on the Kaplan and Norton model

Target Audience:

• All managers and supervisors involved in strategic planning and performance management
• Also beneficial for employees involved in performance improvement and outcome measurement

Training Program Content:

1. Benefits of strategic planning and management
2. Strategy-focused organization (SFO)
3. Why implement the balanced scorecard?
4. Strategic planning needs and benefits
5. Strategic planning model
6. Importance of the balanced scorecard
7. Steps and timeline for implementing the balanced scorecard

SWOT Analysis, Vision, and Mission:

• Purpose of SWOT analysis
• Summary of SWOT analysis
• Linking SWOT analysis results to future goals and initiatives
• Definition of vision
• Importance of designing the mission
• Developing performance measures and control systems
• Goals, objectives, and digital targets
• SMART goals
• Key performance indicators (KPIs) and units of measure (UOMs)
• Aligning KPIs with the institution’s strategy
• Obstacles to measurement
• Developing strategies and initiatives to achieve digital targets
• Setting strategies

Benchmarking as a Tool for Setting Digital Targets:

• Basics of benchmarking
• Benchmarking: Who is responsible? What do you want to achieve? Why?
• Different benchmarking methods
• Who to benchmark with
• Benchmarking process

Balanced Scorecard (BSC) as a Strategic Management System:

• Strategic planning and strategy execution
• Underlying reasons for the failure of good strategies
• Translating vision into daily actions
• Importance and history of the balanced scorecard
• Balanced scorecard hypothesis
• Strategy-focused organization (SFO) principles
• Measuring financial, customer, process, and learning and growth strategies
• Aligning strategy and setting goals
• Linking KPIs to the balanced scorecard strategy
• Strategic map: Identifying relationships and making them testable
• Importance of initiatives
• Evaluating initiatives
• Managing initiatives
• Solid and soft key performance indicators
• Lagging and leading performance indicators
• Reporting and result assessment
• Sequencing the balanced scorecard
• Implementing the balanced scorecard program