The First Step in Developing a Balanced Scorecard Is to Clarify

question 157

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:

Wear-and-Tear Theory

A concept in aging that suggests the body deteriorates progressively due to accumulated damage from environmental factors.

Maximum Life Span

The longest period that members of a species can live under ideal circumstances.

Species

Species refers to a group of living organisms consisting of similar individuals capable of exchanging genes or interbreeding, categorized distinctly from other species by specific common attributes.