Balanced scorecard exercise to get the vision and mission of the business
Resource: Exhibit 7-1 in Ch. 7 of Strategic Management Scorecard Exhibit 7-1.JPG
Review the grading rubric; it will show you how points are allocated (it is on the Course Materials link on the left of the classroom home page).
Develop the strategic objectives for your business in the format of a balanced scorecard.The strategic objectives are measures of attaining your vision and mission. As you develop them consider the vision, mission, and values for your business and the outcomes of your SWOTT analysis. Consider the following four quadrants of the balanced scorecard when developing your strategic objectives:
Â· Shareholder Value or Financial Perspective, includes strategic objectives in areas such as:
o Market share
o Revenues and costs
o Competitive position
Â· Customer Value Perspective, includes strategic objectives in areas such as:
o Customer retention or turnover
o Customer satisfaction
o Customer value
Â· Process or Internal Operations Perspective, includes strategic objectives in areas such as:
o Measure of process performance
o Productivity or productivity improvement
o Operations metrics
Â· Learning and Growth (Employee) Perspective, includes strategic objectives in areas such as:
o Employee satisfaction
o Employee turnover or retention
o Level of organizational capability
o Nature of organizational culture or climate
o Technological innovation
Develop at least three strategic objectives for each of the following four balanced scorecard areas identified above (Financial, Customer, Process, Learning and Growth). Your objectives should be selected, in part, based on an evaluation of a number of potential alternatives to the issues and/or opportunities identified in the SWOTT Analysis paper and table you completed in Week Three. Base your solutions on a ranking of alternative solutions that includes an identification of potential risks and mitigation plans, and a stakeholder analysis that includes mitigation and contingency strategies. You should also incorporate the ethical implications of your solutions into your selection.
For each strategic objective, develop a metric and target using a balanced scorecard format.
Example for the Financial Perspective:
Objective: Increase market share.
Metric/Measurement: The percentage of increase in market share is compared to the previous year.
Target: Increase market share by 2% for each of the next 3 years.
You will need a total of 12 objectives, metrics/measurements, and targets (3 for each of the 4 quadrants of the balanced scorecard).
Write a 700- to 1,050-word summary that explains your critical thinking on how you derived your objectives from your vision, mission, values, and SWOTT analysis. Two references are required. The word count excludes the title and references pages.
Format paper consistent with APA guidelines.