Balanced Scorecard
The Balanced Scorecard is a strategic performance management framework that has been designed to help an organization monitor its performance and manage the execution of its strategy. The balanced scorecard translates the organization's strategy into understandable goals and objectives, which are then communicated to all employees. Balanced scorecards provide management with a comprehensive picture of vision, mission, values, business goals and performance against key metrics.
Through a series of meetings with Senior Leadership, the team at PMP will immerse themselves in the culture, vision, strategic objectives and goals of your organization. This will enable us to facilitate, develop and communicate your organization’s balanced scorecard.
- Financial – what are our owner/shareholder expectations for financial performance?
- Customer – to reach our financial objectives, how do we create value for our customers?
- Internal business processes – what processes must we excel at to satisfy our customers and owners/shareholders?
- People – how do we align our intangible assets, people, culture and best practices to improve critical processes?
- Articulate the organization's vision and strategy
- Identify performance objectives that best link the organizational vision and strategy to results (e.g., financial performance, operations, innovation, employee performance)
- Develop effective measures and meaningful standards, establishing both short-term milestones and long-term targets
- Ensure company wide acceptance of the measures
- Create appropriate budgeting, tracking, communication and reward systems
- Collect and analyze performance data and compare actual results with desired performance
- Take action to close unfavorable gaps