22 Oct Balanced Scorecard Basics
Over the past several decades, organizations have come to realize that success cannot only be measured in dollars and cents. Intangible assets (like a company’s reputation, the knowledge base created by their employees, and training initiatives) can make up a huge portion of a company’s wealth. It only makes sense, then, that we need a new tool to help us measure this expanded definition of success. This tool is the balanced scorecard. The balanced scorecard and its related components will help your organization identify, document, plan, and execute a balanced strategic mission. It will also help your organization evaluate and revise its strategic execution. In this course, you will learn the basics of the balanced scorecard and you will be able to determine if this powerful tool is a good fit for your organization.
This course touches on the definition of balanced scorecard, when to use or not use a balanced scorecard, the balanced scorecard process, vision statement, understanding mission, vision and values, plan and processes, balanced scorecard teams.
At the end of this course you will be able to:
- Understand what a scorecard is
- Avoid balanced scorecard pitfalls
- Decide if the balanced scorecard is the right tool for your organization
- Identify a strategy map and a tactical action plan
- Understand how values, mission statements and vision statements tie into the balanced scorecard
- Apply processes that support the balanced scorecard
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