Making the Balanced Scorecard Relevant Today

by Ross Maynard
access120 days access
cpd hours4 CPD hours
price£75+vat

This course will enable you to:

  • Understand the key principles and different elements of Balanced Scorecard
  • Develop effective performance measures
  • Use different tools such as the Strategy Map and KPIs
  • Analyse and report the performance data of your Balance Scorecard

The concept of the Balanced Scorecard is not difficult or new but despite it being around for some time, organisations still struggle to develop, deploy and manage a small number of KPIs which truly reflect the organisations strategy. Balanced Scorecard is still relevant today - if you use correctly.

This course takes a fresh look at the principles and concepts of the Balanced Scorecard and Strategy Maps, as well as how to develop appropriate measures that present performance information on the most important aspects of the business.

You'll also learn how best to deploy the Balanced Scorecard throughout your organisation, and how to implement the improvement plans.

Introduction

  • What is the Balanced Scorecard?
  • What are the key principles?
  • What is strategy?
  • What are the elements of the Balanced Scorecard?
  • What is the Customer Perspective?
  • What is the Process Perspective?
  • What is the Innovation and Learning Perspective?
  • What is the Financial Perspective?
  • What is the Community or Social Responsibility Perspective?
  • What is the Supplier Perspective and other elements?
  • What elements should we include in our Balanced Scorecard?

Developing measures

  • How do we link strategy to metrics?
  • Example: Strategy Maps
  • What makes a good performance measure?
  • How do we build the Strategy Map?
  • Worked example: A Strategy Map
  • What measures should we use for the Balanced Scorecard?
  • What are the resource implications of measures?
  • What are the perils of poorly designed measures?

Deploying the Balanced Scorecard

  • What is the strict cascade approach?
  • What is the interlocking cascade approach?
  • What is the business unit or branch cascade approach?
  • What does the Scorecard for support functions look like?
  • What does the Balanced Scorecard in the public sector look like?
  • How do we make the Balanced Scorecard work?
  • What are the success factors for Balanced Scorecard implementation?
  • What criticisms are there of the Balanced Scorecard?

Performance management

  • How can we measure and manage performance?
  • How should we report performance data?
  • How can we display performance data as a time series?
  • How can we manage and improve performance?
  • How do we account for the Balanced Scorecard?
  • Are there any unintended consequences of performance measures?
  • How should we review and sustain the Balanced Scorecard?
  • Summary: The Balanced Scorecard

Ross Maynard is a Fellow of the Chartered Institute of Management Accountants. He has worked as a consultant and trainer for over 20 years, specialising in process improvement and lean for finance teams. He has presented at lean conferences in the UK, Australia, Italy and Denmark and has written many articles and blogs on process improvement. These can be found at www.ideas2action.co.uk

Ross is author of "Successful Business Growth in a Week" published by Hodder and Stoughton in 1998.

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