Balanced Scorecard (BSC) - Strategy Management Framework & its Measures

Course description

In this free Balanced Scorecard (BSC) course, you will learn about BSC characteristics, uses, features, purpose, core concepts, advantages and disadvantages. You will be taught various BSC terms along with the challenges an organization faces while designing a BSC. Additionally, you will learn about the Key Performance Indicators (KPIs) and the SMART way of writing objectives along with the nine implementation steps of a BSC.

The Balanced Scorecard has materialized itself as a demonstrated success tool to record, explain, and transform organizations' strategic goals into important objectives at various levels. This course on “Balanced Scorecard (BSC) - Strategy Management Framework & its Measures” introduces learners to the idea and implementation methodology of Balanced Scorecard (BSC). First, it discusses the basic premise and perspectives used in BSC. It further explains the advantages of a BSC program for organizations along with its cons for certain organizations. Within the introduction, it also uncovers the challenges with implementation. The course also unveils the context and history of the Balanced Scorecard. It presents some simple examples of BSC for small enterprises according to the four perspectives. It also emphasizes the difference between a private and public sector company in a BSC program. Additionally, it encompasses some important definitions and concepts of the Balanced Scorecard. Some of the important terms related to BSC are the organization’s values, vision, mission, inputs, indicators, perspective, process, stakeholder, initiative, objective, strategy, strategic map, output, strategic theme, and target. Important concepts include systematic leverage to organizations, alignment, mission, vision, and strategy.

Next, the course discusses the concept of cascading organizational KPIs from the top strategic level to the department and function level. It further elaborates how the departmental KPIs are then transformed into individual or personal levels. Then the course discusses the history of SMART objectives. SMART is an acronym for Specificity, Measurable, Assignable, Realistic and Time-Related. It also discusses how the SMART objectives became popular. Then it further clarifies the difference between traditional SMART objectives comparison with dissociated SMART objectives. The course further unveils the formation of teams for a BSC program, including the four different types of teams and divisional units. The divisional units are the organization, consultant, and exclusive teams. The four different types of teams include Strategic Management Team, Communications Team, Theme Preparation Team and Objective Ownership Team. Then it lists the nine implementation steps of a BSC program based on two important phases. The steps are discussed with a summary. The two phases of implementation are the corporate scorecard and unit or individual scorecard. Then it discusses the ADKAR change model. AKDAR is an acronym for Acknowledge, Desire, Knowledge, Ability, and Reinforcing.

Lastly, the course discusses the nine implementation steps with their full comprehension and important milestones in each step. The nine important steps are enumerated as Step 1 Assessment, Step 2 Strategy, Step 3 Objectives, Step 4 Strategic Mapping, Step 5 Performance Measurement, Step 6 Strategic Initiatives, Step 7 Automation, Step 8 Cascading, and Step 9 Evaluation. The Step 1 Assessment is accompanied by important milestones such as Change Management Program and the ADKAR Model, Internal Communication Plan, Conducting an Organizational Assessment and the SWOT analysis. Similarly, Step 2 Strategy comprises developing a customer value proposition, identifying prospective names and developing strategic themes and strategic results. Step 3 Objectives come with understanding strategic altitude. Step 4 Strategic Mapping comes with the understanding of cause-effect analysis, creating a strategic link, and the symbols of maps. Step 5 Performance Measurement comes with Describing the Result, the Measure, the Intended Performance Level, Baseline data etc. Step 6 Strategic Initiatives come with the generation and organization of Candidates, Desired Prioritization System and implementing initiatives as projects. Step 7 Automation emphasizes the selection of the right automation tool. Step 8 Cascading refers to three important organizational tiers for cascading. Step 9 Evaluation summarizes the important areas of the performance evaluation checklist. The course is interactive and includes formative questions with feedback to aid learning. It concludes with a graded assessment which can be retaken multiple times. By taking this course, you can demonstrate your understanding to the organization that you can work well in one of the important areas of top management. So why wait? Start this exclusive free course today.