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Discuss how a SWOT analysis might be used for identifying measures in a balanced scorecard. What types of questions might you ask? Refer to this week’s lecture before crafting your post.

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Discuss how a SWOT analysis might be used for identifying measures in a balanced scorecard. What types of questions might you ask? Refer to this week’s lecture before crafting your post.

Week Three Lecture

Performance Measurement and Strategic Information Management

Chapter 8 expounds on the topics from Week 2 and develops facets of measurement and information management.

Importance of Management by Fact:

  • If you don’t measure results, you can’t tell success from failure.
  • If you can’t see success, you can’t reward it – and if you can’t reward success, you are probably rewarding failure.
  • If you can’t recognize failure, you can’t correct it.

Three Levels of Measurement:

  • Individual: real-time information for feedback and process control.
  • Process: understand whether processes are accomplishing their objectives, whether they are using resources effectively, and where improvement might be necessary.
  • Organization: basis for strategic planning and design of products, services, and processes.

Process-Level Measurements:

  • Good process measures should be “SMART”
  • Simple
  • Measurable
  • Actionable
  • Related (to customer requirements and to each other)
  • Timely

Six Sigma Measurements:

  • A unit of work is the output of a process or an individual process step. 
  • A measure of output quality is defects per unit (DPU) = Number of defects discovered/Number of units produced
  • Defects per million opportunities (dpmo) = (Number of defects discovered)/opportunities for error × 1,000,000

The Balanced Scorecard

According to the Advanced Performance Institute, the Balanced Scorecard is:

The Balanced Scorecard is a strategic performance management framework that has been designed to help an organisation monitor its performance and manage the execution of its strategy. In a recent world-wide study on management tool usage, the Balanced Scorecard was found to be the sixth most widely used management tool across the globe which also had one of the highest overall satisfaction ratings. In its simplest form the Balanced Scorecard breaks performance monitoring into four interconnected perspectives: Financial, Customer, Internal Processes and Learning & Growth (Marr, 2015).

Balanced Scorecard Animation 

Strategic Planning with the Balanced Scorecard 

Leadership Competencies

Chapter 9: The key to attaining an in-depth understanding of total quality organizations as integrated systems is to have basic knowledge of organizing principles and organizational cultures and to develop and use a sustainable model for performance excellence, such as the Baldrige criteria as a foundation for quality organization and continuous improvement. Building and sustaining a TQ organization requires leadership as the “driver” for an effective TQ system, a readiness for change, the adoption of sound practices and implementation strategies, and effective organization. An understanding of basic leadership concepts and their importance is vital for managers and workers at every level in a TQ focused organization. Integrated systems have become more important in organizations that aspire to high quality levels, and organizational leaders must understand how to “deploy” plans and quality efforts throughout the organization.

Six Key Leadership Competencies:

  • Navigator: Creates shared meaning and provides direction towards a vision, mission, goal or end-result.
  • Communicator: Effectively listens and articulates messages to provide shared meaning.
  • Mentor: Provides others with a role to guide their actions.
  • Learner: Continuously develops personal knowledge, skills, and abilities through formal study, experience, reflection, and recreation.
  • Builder: Shapes processes and structures to allow for the achievement of goals and outcomes.
  • Motivator: Influences others to take action in a desirable manner.

Corporate social responsibility (CSR) includes ethics, corporate governance, and protection of public health, safety, and the environment. These factors are becoming increasingly important to the workforce, to customers, and even to investors.

Transactional leadership theory assumes that certain leaders may develop the ability to inspire their subordinates to exert extraordinary efforts to achieve organizational goals through behaviors that may include contingent rewards, and active and passive management by exception.

Transformational leadership theory suggests that leaders adopt behaviors such as: idealized influence, individualized consideration, inspirational motivation, and intellectual stimulation, and have a long-term perspective, focus on customers, promote a shared vision and values, work to stimulate their organizations intellectually, invest in training, take some risks, and treat employees as individuals.

Forbes School of Business Faculty

References

Evans, J., & Lindsay, W. (2011). Managing for quality and performance excellence (8th ed.). Mason, OH: South-Western Cengage.

Marr, B. (2015). What is a Balanced Scorecard? API BWMC Ltd. Retrieved from http://www.ap-institute.com/balanced%20scorecard.html

 
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