The First Step in Developing a Balanced Scorecard Is to Clarify

question 41

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.Assume you are asked by your supervisor to develop a strategy for your organization.You have determined that the following strategies have been established by the company.
$\bullet$ 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:
Prepare a strategy map using the four balanced scorecard perspectives.