A balanced scorecard is a performance measurement tool that can be used to track performance in implementing strategy, and when combined with other techniques, can provide the basis for a comprehensive strategic management system that enables operational goals, targets and measures to be aligned with the strategy. The Balanced Scorecard was formulated as a way of managing the transition from tangible towards intangible assets which include brand value, reputation, and intellectual property.
This Balance Scorecard Basics course will teach you how to identify, document, plan and execute a balanced strategy. You will be able to breakdown the big picture into more manageable projects, which are then broken down further into day-to-day tasks to contribute to an organisation’s long-term success and goals.
Balanced Scorecards in use
In today’s economy, balanced scorecards are an important factor for many organisations. They provide focused goals to work towards and help to track progress throughout the process and project lifecycle. Well-formulated balanced scorecards work in organisations of all levels, in any industry across the private and public sectors.
The Harvard Business Review called the balanced scorecard one of the most influential ideas of the 20th century, it has been adopted by half of all Fortune 1000 organisations since 1996 and this powerful tool is easily found on most company websites, or by contacting their press office.
KEY LEARNING POINTS
- The definition of a balanced scorecard
- Identifying the benefits of a scorecard
- Describe the common balanced scorecard pitfalls and how to avoid them
- Determine if the balanced scorecard is right for your organisation
- Describe the key elements of the balanced scorecard process
- Identify a strategy map, tactical action plan, and balanced scorecard
- Create a vision statement for the balanced scorecard
- Understand what corporate values, mission statements, vision statements are, and how they tie into the balanced scorecard process
- Identify the components of supporting balanced scorecard plans
- Understand what processes you will need to support the balanced scorecard
- Identify the members of different balanced scorecard teams
ADVANTAGES OF THIS COURSE
- Have a positive influence on your organisation.
- Extracurricular resources are given so you can build further on your new knowledge.
- Utilise skills and knowledge that are transferable between organisations.
- Implement your knowledge as soon as you’ve finished the course.