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Transcript of Balanced Scorecards
SCORECARDS Presented by Cory, Kevin, Rosario, Thomas, and Jenny What is a Balanced Scorecard? 1. What does it do? 2. A brief history 3. The 4 Perspectives Customization of the Scorecard 1. What is the need for customization? 2. How does the customized scorecard
fit in overall categories? 3. Examples of customized Scorecards Example of a Finance/Banking Scorecard: Example of a Government Scorecard: 4. The Success Story Correct Strategy and metrics are key 1. Steps for creating strategy a. Mission, vision and values b. Objectives c. Strategies/Resources Strategy Map: d. Strategy Perspectives 2. Need to measure metrics a. Catergorize internal processes b. Analyze data c. Establish metrics/evaluate Specific Measureable Achievable Realistic Timely Associate strategic objectives
d. Basic metrics:
Financial + Nonfinancial e. Other metrics:
Results, projections, customers, + processes 3. Example: Nova Scotia Power Inc. a. Implemented a Balanced Scorecard b. Included main strategies c. Individual unit scorecards d. Each took one objective e. Strategic Management System Graphic Feedback and Timely Results 1. “Double-Loop Feedback” a. Improve quality control and reach the ‘zero defects’ b. Identify problems and causes in every step of the production process c. Feedback around internal business process and external outcomes 2. Types of Feedback Loops Strategic, Diagnostic/Operational, Metrics, + Methodology 3. Timely and Graphic Feedback a. Performance measures reported on a frequent and timely basis b. Defects should be reported as soon as they appear c. Focus on progress and improvement over time Graphic displays represent a more informative tool
than a table of numbers Personal Experience 1. SSM Health Care 2. Exceptionals 3. Quanitfied data: