Assignment
There will be 2 parts to this assignment:
1. Create a Balanced Scorecard
2. Write a summary
Identify key trends, assumptions, and risks in the context of your final business model.
Develop the strategic objectives for your new company in a balanced scorecard format in the context of key trends, assumptions, and risks.
The strategic objectives are measures of attaining your vision and mission. As you develop them, consider the vision, mission, and values for your business and the outcomes of your SWOT analysis and supply chain analysis.
Part 1- Balanced Scorecard
Consider the following four quadrants of the balanced scorecard when developing your strategic objectives:
• Shareholder Value or Financial Perspective, which includes strategic objectives in areas such as:
o Market share
o Revenues and costs
o Profitability
o Competitive position
• Customer Value Perspective, which includes strategic objectives in areas such as:
o Customer retention or turnover
o Customer satisfaction
o Customer value
• Process or Internal Operations Perspective, which includes strategic objectives in areas such as:
o Measure of process performance
o Productivity or productivity improvement
o Operations metrics
o Impact of change on the organization
• Learning and Growth (Employee) Perspective, which includes strategic objectives in areas such as:
o Employee satisfaction
o Employee turnover or retention
o Level of organizational capability
o Nature of organizational culture or climate
o Technological innovation
Evaluate potential alternatives to the issues and/or opportunities identified in the SWOT Analysis paper and table you completed in Week 3.
Create at least three strategic objectives for each of the four balanced scorecard areas. Base your solutions on a ranking of alternative solutions that includes the following:
• Identify potential risks and mitigation plans
• Analyze a stakeholder and include mitigation and contingency strategies.
• Incorporate ethical implications
Develop at least three strategic objectives for each of the following four balanced scorecard areas identified above (so you need 3 for Financial, 3 for Customer, 3 for Process, and 3 for Learning and Growth). Your objectives should be selected, in part, based on an evaluation of a number of potential alternatives to the issues and/or opportunities identified in the SWOTT Analysis paper and table you completed in Week Three. Base your solutions on a ranking of alternative solutions that includes an identification of potential risks and mitigation plans, and a stakeholder analysis that includes mitigation and contingency strategies. You should also incorporate the ethical implications of your solutions into your selection.
o For each strategic objective, develop a metric and target using a balanced scorecard format. (For example, a strategic objective in the shareholder or Financial Perspective is to increase market share. A metric to actually measure this strategic objective of market share increase is, "The percentage of increase in market share." The target is the specific number to be achieved. The target for the metric of "Increase market share" could be "Increase market share by 2%"...or... an increase sales by 2% during the next year.)