Apply: Signature Assignment: Project Plan

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BUS475_v11_wk3_Balanced_Scorecard_Template1.docx

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BUS/475 v11

Balanced Scorecard Template

BUS/475 v11

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Balanced Scorecard Template

Use the organization you chose in Week 1 as a resource for this assignment.

Background

Strategic objectives are a measure of attaining your vision and mission. They reflect the vision, mission, and values of the business, as well as the outcomes of the internal and external environmental analysis.

Scorecard Areas

Develop at least three strategic objectives for each of the four balanced scorecard areas.

Final Objectives	Measures	Targets: Timeline/ Metrics
Increase market share	Total Revenue	Increase 5% in first year
Profitability improvement	Net profits	Increase by 10% in first year
Increase Sales	Sales volumes	Increase total sales volume by 18% over the next 1 financial year
Market Capitalization	Market cap value	To increase market cap from $ 2.038T to $ 2.5T over the next 1 year.

Customer Objectives	Measures	Targets: Timeline/ Metrics
Increase customer value	Increase profit contribution per customer	Increase 5% in first year
Current Customers	Customer retention	Achieve 85% customer retention
New Customers	New customers knowledge on products of the firm	Introduce existing products to new market segment in the next quarter
New customers	Global sales measurement	Expand sales to the global market to at least 10 countries where the organization’s products have not yet penetrated to in next 12 months

Internal Business Process Objectives	Measures	Targets: Timeline/ Metrics
Decrease lead times for new contract implementation	Project implementation time frames	Decrease time by 3% in first year
Financial efficiency	Expenses reduction	Decrease expenses by 6%
Process improvement	Time taken to approve process	Decrease internal approval time of processes by averagely 5%
Optimization of quality	Quantity of wastages	Reduce current manufacturing wastes by 6%

Learning and Growth Objectives	Measures	Targets: Timeline/ Metrics
Decrease employee turnover	Facilitate regular training and opportunities for development	Reduce by 4% in first year
People/ career development	Career advancement	Create career advancement opportunities for team
Skills and talent improvement	Performance and quality of services given by employees	Improvement of available skill and talent identification, nurturing and improvement programs
People expertise	Retention and personal lives improvements	Create leadership tracks for all people to help improve retention, nurturing and advancement of the various careers.

Below, explain in 350-525 words:

· Why these objectives are appropriate for the project.

The above objectives are important because they help the organization to move in an optimal pace towards attaining its mission which is ‘to bring the best personal computing products and support to students, educators, designers, scientists, engineers, businesspersons and consumers in over 140 countries around the world’, vision which is “to make the best products on earth, and to leave the world better than we found it “and goals (Taneska, 2010). Additionally, the above enable the organization to implement and realize its values (Kaplan & Norton, 1998).

The learning and growth objectives for instance help in putting emphasis on employee management, retention and improvement. For instance they help to identify reasons why the employees may want to leave the organization or the reasons why some employees have left the organization. It is quite important to note that once the issues are fixed it will help in improving the retention levels of the employees in the organization. Elsewhere the career advancement objectives would ensure that the employees progress optimally ion their career ladders for the benefit of the organization and the individual employees themselves. It is same for the skills/ talent development and people expertise objective. Additionally, the objectives help in ensuring that the company sticks with quality production which directly influences the above stated mission statement (Punniyamoorthy & Murali, 2008).

The internal business objectives would help a lot in for instance increasing the efficiency of the firm by reducing the wastages of the firm’s operations. The Organization would also be able to reduce its expenses which would boost profits realization while the reduction of time taken to approve various things would help in increasing the swiftness of operations. Elsewhere, the customer centered objectives are geared towards increasing the customer satisfaction and numbers which ultimately would enable the organization to move towards attaining its final objectives such as increasing profits, revenues and market capitalization (Agarwala, 2008).

· Why these metrics and timelines are appropriate for your strategic plan.

The above metrics and timelines are important for the strategic plan of the organization because they firstly do breakdown the objectives into smaller bits that can be achieved easily. Secondly, they help in simplification of processes that can now be realized without having one consolidated objective that could be cumbersome. For instance, decreasing the employee turnover rate by 4% means that in 10 years the organization would have attained a 40% employee turnover reduction. While on the other hand the metric of retention of over 85% of the customers ensures that the firm remains stable regarding its customers and hence value from its retained employees (Boswell, 2006).

It is important to note that the metrics enable the quantification of the timelines, percentages and steps that are to be taken to ensure step by step delivery of the objectives and a subsequent collective achievement of all the objectives of the organization. Additionally, they ensure that the objectives are to be realistically achieved and not just a matter of stating them without any tangible and feasible plan to achieve them. For instance the percentages stipulate the realistic measures and values that are to be attained regarding the various objectives while the timelines stipulate a realistic period or periods within which the objectives or parts of the objectives are to be attained (Monahan, 2008).

From the above it is evident that in order for the organization to advance its goals and expand its competitive advantages it needs to have the correct strategies of achievement which would help to realize the objectives. It also needs to break down the objectives into smaller and feasible bits that can enable the overall achievement of the goals of the firm. Elsewhere the organization should have a team work that is collectively geared towards the set goals with common goals and objectives all aligned with the mission statement of the firm and its vision (Volonino & Watson, 1990). Elsewhere the progress of the firm regarding various objectives can be measured by use of the above outlined metrics and many more that could be deemed suitable for the organization.

References

Agarwala, T. (2008). Strategic human resource management. Arth Anvesan, 71.

Boswell, W. (2006). Aligning employees with the organization's strategic objectives: Out of ‘line of sight’, out of mind. The International Journal of Human Resource Management, 17(9), 1489-1511.

Kaplan, R. S., & Norton, D. P. (1998). Putting the balanced scorecard to work. The economic impact of knowledge, 27(4), 315-324.

Monahan, G. (2008). Enterprise risk management: A methodology for achieving strategic objectives (Vol. 20). John Wiley & Sons.

Punniyamoorthy, M., & Murali, R. (2008). Balanced score for the balanced scorecard: a benchmarking tool. Benchmarking: An International Journal.

Taneska, B. K. (2010). Apple vs. Google.

Volonino, L., & Watson, H. J. (1990). The strategic business objectives method for guiding executive information systems development. Journal of Management Information Systems, 7(3), 27-39.