The First Step in Developing a Balanced Scorecard Is to Clarify

question 119

Essay

The first step in developing a balanced scorecard is to clarify the strategic focus.As part of the process,many organizations develop a strategy map.You have been assigned to a team that has the responsibility to develop a strategy for your organization.Your team members have determined that the company has established several strategic focuses.One team member has started a strategy map,but has not filled in the strategies.
$\bullet$ Achieve operational excellence
$\bullet$ Develop trained workforce
$\bullet$ Infuse corporate culture of quality throughout workforce
$\bullet$ Develop reputation for quick turnaround
$\bullet$ Retain and grow customer base
$\bullet$ Manage customer relationships
$\bullet$ Increase profit

Required:

Complete the strategy map using the four balanced scorecard perspectives.

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Definitions:

Source of Pleasure

An activity, person, or object that provides joy and satisfaction.

Work-Life Balance

The equilibrium between professional work and personal activities, ensuring both are prioritized and conflict is minimized.

Personal Needs

Basic requirements and desires that individuals seek to fulfill, such as physiological needs, safety, love, and esteem.

Family Needs

The basic and extended requirements for the wellbeing and functioning of family members, including emotional, financial, and educational support.