Translating the organizational strategies crafted by the senior-level management into consistently supportive short-term and medium-term performance targets and standards at each level and organizational unit is easier said than done. But this is essential to ensure that strategies are successfully implemented and the desired results obtained. It is also an objective means of evaluating the performance of accountable managers and other personnel.
Traditionally, only financial indicators (sales, gross profit margin, liquidity, return on funds employed, etc.) were used as measures of performance against targets. But using historical financial results is like driving by looking only at the rear-view mirror. The financial figures tell us what happened, but not what is likely to happen in the future.
A better methodology known as the Balanced Scorecard sets targets and tracks results using four interrelated perspectives:
· Internal business process
· Learning and growth
This course introduces the methodology of the Balanced Scorecard so that the participants can move forward to implementing it in their organization.
At the end of this course, the participants will be able to:
1. Learn the principles and concepts behind the Balanced Scorecard
2. Explain its advantages and benefits in performance measurement
3. Apply it on their organization using live data
4. Create a plan for its introduction into their organization
The course is designed for senior and middle-level managers. It is highly recommended to have the CEO and his/her direct subordinates as participants.
I. The origin of the Balanced Scorecard
II. Two fundamental issues addressed
A. The problem of effective organizational performance management
B. The critical issue of successful strategy implementation
III. Financial measurement and its limitations
A. Not consistent with today’s business realities
B. Driving by rearview mirror
C. Tends to reinforce functional silos
D. Sacrifices long-term thinking
E. Financial measures are not relevant to many levels of the organization
IV. The implementation of strategy
A. While the development of strategy is not a simple task, the successful implementation of those strategies has been more daunting
B. The Vision Barrier
C. People Barrier
D. The Management Barrier
E. The Resource Barrier
V. The Balanced Scorecard
B. Key stakeholders
C. Balance between financial and non-financial indicators of success
D. Balance between internal and external stakeholders
E. Balance between lag and lead indicators of performance
F. Four perspectives
3. Internal business process
4. Learning and growth
G. Interdependence due to the common vision and strategy
H. Objectives, measures, targets, and initiatives
VI. Uses of the Balanced Scorecard
A. As a Measurement System for Performance
B. As a Strategic Management System
C. As a Communications Tool
VII. Key success factors
A. Top management leadership and support
B. A support organization
D. Employee involvement and participation
E. Training and education
F. Plans, programs, and projects
G. Regular performance reviews
H. Reward and recognition
I. Process management
VIII. Top implementation issues
A. Leadership issues
B. Cultural issues
C. System issues
D. Need for consulting help
Limited slots are available. Hurry! Join us now.
Regular Rate Php 1,499.00 + VAT starting September 2, 2020
Early Bird Rate Php 1,399.00 + VAT until September 1, 2020
Group Rate Php 1,299.00 + VAT per pax for 5 or more pax
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