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Balanced Scorecard
A balanced scorecard is a strategy performance management tool – a well structured report, that can be used by managers to keep track of the execution of activities by the staff within their control and to monitor the consequences arising from these actions. The phrase 'balanced scorecard' primarily refers to a performance management report used by a management team, and typically this team is focused on managing the implementation of a strategy or operational activities – in a 2020 survey 88% of respondents reported using Balanced Scorecard for strategy implementation management, 63% for operational management. Balanced Scorecard is also used by individuals to track personal performance, but this is uncommon – only 17% of respondents in the survey using Balanced Scorecard in this way, however it is clear from the same survey that a larger proportion (about 30%) use corporate Balanced Scorecard elements to inform personal goal setting and incentive calculations. The crit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Performance Management
Performance management (PM) is the process of ensuring that a set of activities and outputs meets an organization's goals in an effective and efficient manner. Performance management can focus on the performance of a whole organization, a department, an employee, or the processes in place to manage particular tasks. Performance management standards are generally organized and disseminated by senior leadership at an organization and by task owners, and may include specifying tasks and outcomes of a job, providing timely feedback and coaching, comparing employees' actual performance and behaviors with desired performance and behaviors, instituting rewards, etc. It is necessary to outline the role of each individual in the organization in terms of functions and responsibilities to ensure that performance management is successful. Application Performance management principles are used most often in the workplace and can be applied wherever people interact with their environment ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Strategic Planning
Strategic planning is an organization's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals. It may also extend to control mechanisms for guiding the implementation of the strategy. Strategic planning became prominent in corporations during the 1960s and remains an important aspect of strategic management. It is executed by strategic planners or strategists, who involve many parties and research sources in their analysis of the organization and its relationship to the environment in which it competes. ''Strategy'' has many definitions, but it generally involves setting strategic goals, determining actions to achieve the goals, setting a timeline, and mobilizing resources to execute the actions. A strategy describes how the ends (goals) will be achieved by the means (resources) in a given span of time. Often, Strategic Planning is long term and organizational action steps are established from two to five yea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Strategy Map
A strategy map is a diagram that documents the strategic goals being pursued by an organization or management team. It is an element of the documentation associated with the Balanced Scorecard, and in particular is characteristic of the second generation of Balanced Scorecard designs that first appeared during the mid-1990s. The first diagrams of this type appeared in the early 1990s, and the idea of using this type of diagram to help document Balanced Scorecard was discussed in a paper by Robert S. Kaplan and David P. Norton in 1996. The strategy map idea featured in several books and articles during the late 1990s by Robert S. Kaplan and David P. Norton. Their original book in 1996, "The Balanced Scorecard, Translating strategy into action", contained diagrams which are later called strategy maps, but at this time they did not refer to them as such. Kaplan & Norton's second book, The Strategy Focused Organization, explicitly refers to strategy maps and includes a chapter on ho ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Strategic Management
In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates.qn, date=June 2018 Strategic management provides overall direction to an enterprise and involves specifying the organization's objectives, developing policies and plans to achieve those objectives, and then allocating resources to implement the plans. Academics and practicing managers have developed numerous models and frameworks to assist in strategic decision-making in the context of complex environments and competitive dynamics. Strategic management is not static in nature; the models can include a feedback loop to monitor execution and to inform the next round of planning. Michael Porter identifies three principles underlying strategy: * creating a " ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Strategic Control
Strategic control is the process used by organizations to control the formation and execution of strategic plans; it is a specialised form of management control, and differs from other forms of management control (in particular from operational control) in respects of its need to handle ''uncertainty'' and ''ambiguity'' at various points in the control process. Strategic control is also focused on ''the achievement of future goals'', rather than the evaluation of past performance. Vis: The purpose of control at the strategic level is not to answer the question:' 'Have we made the right strategic choices at some time in the past?" but rather "How well are we doing now and how well will we be doing in the immediate future for which reliable information is available?" The point is not to bring to light past errors but to identify needed corrections to steer the corporation in the desired direction. And this determination must be made with respect to currently desirable long-range goa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Performance Management
Performance management (PM) is the process of ensuring that a set of activities and outputs meets an organization's goals in an effective and efficient manner. Performance management can focus on the performance of a whole organization, a department, an employee, or the processes in place to manage particular tasks. Performance management standards are generally organized and disseminated by senior leadership at an organization and by task owners, and may include specifying tasks and outcomes of a job, providing timely feedback and coaching, comparing employees' actual performance and behaviors with desired performance and behaviors, instituting rewards, etc. It is necessary to outline the role of each individual in the organization in terms of functions and responsibilities to ensure that performance management is successful. Application Performance management principles are used most often in the workplace and can be applied wherever people interact with their environment ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marketing Strategy
Marketing strategy allows organizations to focus limited resources on best opportunities to increase sales and achieve a competitive advantage in the market. Strategic marketing emerged in the 1970s/80s as a distinct field of study, further building on strategic management. Marketing strategy highlights the role of marketing as a link between the organization and its customers, leveraging the combination of resources and capabilities within an organization to achieve a competitive advantage (Cacciolatti & Lee, 2016). Marketing management versus marketing strategy The distinction between "strategic" and "managerial" marketing is used to distinguish "two phases having different goals and based on different conceptual tools. Strategic marketing concerns the choice of policies aiming at improving the competitive position of the firm, taking account of challenges and opportunities proposed by the competitive environment. On the other hand, managerial marketing is focused on the imple ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Key Performance Indicators
A performance indicator or key performance indicator (KPI) is a type of performance measurement. KPIs evaluate the success of an organization or of a particular activity (such as projects, programs, products and other initiatives) in which it engages. KPIs provide a focus for strategic and operational improvement, create an analytical basis for decision making and help focus attention on what matters most. Often success is simply the repeated, periodic achievement of some levels of operational goal (e.g. zero defects, 10/10 customer satisfaction), and sometimes success is defined in terms of making progress toward strategic goals. Accordingly, choosing the right KPIs relies upon a good understanding of what is important to the organization. What is deemed important often depends on the department measuring the performance – e.g. the KPIs useful to finance will differ from the KPIs assigned to sales. Since there is a need to understand well what is important, various techniques ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dashboards (management Information Systems)
In business computer information systems, a dashboard is a type of graphical user interface which often provides at-a-glance views of key performance indicators (KPIs) relevant to a particular objective or business process. In other usage, "dashboard" is another name for "progress report" or "report" and considered a form of data visualization. In providing this overview, business owners can save time and improve their decision making by utilizing dashboards. The “dashboard” is often accessible by a web browser and is usually linked to regularly updating data sources. Well known dashboards include Google Analytics dashboards, used on 55% of all websites, which show activity on a website; such as visits, entry pages, bounce rate and traffic sources. The COVID-19 pandemic of 2020 brought other dashboards to the fore, with the Johns Hopkins coronavirus tracker and the UK government coronavirus tracker being good examples. The term dashboard originates from the automobile d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
BSC SWOT
BSC SWOT, or the Balanced Scorecard SWOT analysis, was first introduced, in 2001, by Lennart Norberg and Terry Brown. BSC SWOT is a simple concept that combines the two powerful tools BSC (Balanced Scorecard A balanced scorecard is a strategy performance management tool – a well structured report, that can be used by managers to keep track of the execution of activities by the staff within their control and to monitor the consequences arising from ...) and SWOT analysis when identifying factors that drives or hinders strategy. The four perspectives in BSC is combined with the four dimensions of SWOT in a matrix where findings may be inserted. Example: *To identify FINANCIAL (first perspective of the BSC) STRENGTHS (the first dimension of SWOT analysis). *Or to identify INTERNAL PROCESS (third perspective of the BSC) WEAKNESSES (the second dimension of SWOT analysis). The full matrix looks like this: The traditional SWOT analysis would look at external factors when lo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Small And Medium-sized Enterprises
Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel and revenue numbers fall below certain limits. The abbreviation "SME" is used by international organizations such as the World Bank, the European Union, the United Nations, and the World Trade Organization (WTO). In any given national economy, SMEs sometimes outnumber large companies by a wide margin and also employ many more people. For example, Australian SMEs makeup 98% of all Australian businesses, produce one-third of the total GDP (gross domestic product) and employ 4.7 million people. In Chile, in the commercial year 2014, 98.5% of the firms were classified as SMEs. In Tunisia, the self-employed workers alone account for about 28% of the total non-farm employment, and firms with fewer than 100 employees account for about 62% of total employment. The United States' SMEs generate half of all U.S. jobs, but only 40% of GDP. Developing countries tend to have a la ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Third Generation Balanced Scorecard
In business performance management, a third-generation balanced scorecard is a version of the traditional balanced scorecard, a structured report, supported by proven design methods and automated tools, that can be used by managers to keep track of the execution of activities by the staff within their control, and to monitor the consequences arising from these actions. The third-generation version was developed in the late 1990s to address design problems inherent to earlier generations It is distinguished by the components making up the balanced scorecard and the design process used to develop these components. Components A third-generation balanced scorecard has four main components: *A ''Destination Statement'' or ''Vision Statement''. This is a ne or two pagedescription of the organisation at a defined point in the future, assuming the current strategy has been successfully implemented. The descriptions of the successful future are segmented into perspectives for example ''f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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