Question

If you were charged with creating a balanced scorecard for Steve Ellis, what SMART goals (see Chapter 5). Would you use as standards to assess performance in the four categories in your scorecard? Develop one SMART goal for each scorecard category.

Answer 1

BALANCED SCORE CARD

The balanced score card is a set of performance targets and results relating to four dimensions of performance Financial, customer, internal process, and innovation. It recoanizes that organization are responisible to different stakeholder groups, such as employees ,suppliers ,customers, community and share holders. The balanced score card helps organization to help clarify their strategy and communicate the business's top strategic priorities and objectives.

4 PERSPECTIVE

1. The financial perspective

For most for- profit organization , money comes up tops. therefore, the very top perspective is all about financial objectives. Revenue and profit are obivious objectives that most organizations list in this perspective.

2. the customer perspective

This perspective focuses on performance objectives that are related to customers and the market.

*customer service & satisfication

*market share

*brand awareness.

3. The internal process perspective

*Process improvements

*quality optimisation

*capacity utilisation

4.The learning & growth perspective

*Human capital

*information capital

* organizational capital.

SMART GOAL

SMART goals setting stand for SPECIFIC,MESURABLE,ATTAINABLE,RELEVENT, TIMELY.

A goal that s specific, measurable ,achievable,realistic and timely. The plan do-act-dare cycle is one strategy for undertaking the implementation of personal improvement activities in a personal balanced scorecard.

Specific

A specific objective has a much greater chance of being accomplished than a general one. To set a specific objectives

Measurable

Establish concrete criteria for measuring progress toward the attainment of each objective you set.

Attainable

When you are identify objectives that are most important to you, you begin to figure out ways you can make them come true. you develop attitude, ability, skills, and financial capacity to reach them.

Realistic

To be realistic, an objective must represent an objective toward which you are both willing able to work. An objective can both high and realistic.

Timely

An objective should be grounded within a time frame. with no time frame tied to it, there's no sense of urgency.

PERSONAL BALANCED SCORECARD

PDAD Cycle

plan-do-act-dare

PLAN

FORMULATE YOUR SCORECARD ,WHICH FOCUS ON YOUR WORKAS WELLAS ON YOUR SPARE TIME.

Do

Start with a simple objective from your score card with correspondent improvement activity.

Act

Check whether the improvement activity is working and take action when it is not.

Dare

accept larger challenges by daring to take on a more difficult objective and corresponding improvement action from your scorecard and get on with it.

SCORGAR D RCT