The Balanced Scorecard: Achieving Performance Excellence
The Balanced Scorecard, developed by Dr. Robert Kaplan of Harvard Business School and Dr. David Norton, is a practical tool for aligning business activities with an organization's vision and strategy.
- Course fee
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- Duration
- 3 days
- Group rate
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Course overview
The Balanced Scorecard, developed by Dr. Robert Kaplan (Harvard Business School) and Dr. David Norton, is a powerful tool for aligning business activities with the vision and strategy of an organization. In this hands-on course, participants will explore the core elements of the Balanced Scorecard, including vision, mission, goals, objectives, Key Performance Indicators (KPIs), targets, and initiatives. By the end of the course, participants will have the opportunity to apply a proven step-by-step model to build a Balanced Scorecard for a virtual company, equipping them with the knowledge and skills to develop or review a Balanced Scorecard for their department or organization.
Training methodology
The course utilizes a blend of interactive and practical approaches. In addition to brief presentations by the instructor and participants, the main focus will be on developing all elements of the Balanced Scorecard for a virtual company introduced on the first day. The course includes numerous group exercises to reinforce learning throughout the three days.
Target competencies
- Management and Leadership
- Strategic Planning
- Performance Management
- Influencing and Communication for Impact
- Innovation
- Analytical Thinking
- Entrepreneurship
Course objectives
By the end of the course, participants will be able to:
- Explain the benefits and importance of a Strategy-Focused Organization (SFO)
- Develop a SWOT analysis, vision and mission statements, and strategic goals for their organization or department
- Use 'SMART' objectives and key performance indicators to track performance and productivity at all levels within their organizations
- Apply best-in-class benchmarking techniques to set targets for each KPI
- Design a Balanced Scorecard based on the Kaplan and Norton model
Course outline
- Understanding a strategy-focused organization
- Reasons to implement the Balanced Scorecard
- Strategic planning needs and benefits
- Strategic planning models
- Importance and timeline of the Balanced Scorecard
- The purpose and process of a SWOT analysis
- Linking SWOT findings to future objectives and initiatives
- Crafting vision statements
- Importance of structured mission statements
- Setting goals, objectives, and targets
- Creating 'SMART' objectives
- Defining KPIs and Units of Measures (UOMs)
- Aligning KPIs with company strategy
- Overcoming obstacles in measurement
- Developing strategies and initiatives to meet targets
- Basics and objectives of benchmarking
- Who, what, and why of benchmarking
- Exploring different benchmarking methods
- Benchmarking processes and selecting comparisons
- Strategic planning and execution
- Addressing the reasons behind strategy failures
- Translating vision into daily actions
- History and importance of the Balanced Scorecard
- Principles of a strategy-focused organization
- Measuring business strategy across financial, customer, internal processes, and learning and growth perspectives
- Strategic alignment and goal setting
- Linking Balanced Scorecard KPIs to strategy
- Creating a strategy map to clarify and test relationships
- Importance of initiatives and their management
- Differentiating between soft and hard KPIs
- Understanding leading and lagging KPIs
- Reporting, evaluating results, and cascading the Balanced Scorecard
- Implementing a Balanced Scorecard program
Morning and evening classes are available. CompuBase Training Center, Abu Dhabi.
