Balanced Scorecard12172018Running head BALA.docx
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Balanced Scorecard 12/17/2018 Running head: BALANCED SCORECARD 1 BALANCED SCORECARD 2 Balanced Scorecard Develop three strategic objectives for each of the four balanced scorecard areas using the Template provided by your instructor (please look at a post called "Balanced Scorecard Template" under Class Messages) Create a minimum 1,050-word strategic objectives summary. Consider the following strategic areas when developing your strategic objectives: · Shareholder Value or Financial Perspective, which includes strategic objectives in areas such as: · Market share · Revenues and costs · Profitability · Competitive position · Customer Value Perspective, which includes strategic objectives in areas such as: · Customer retention or turnover · Customer satisfaction · Customer value · Process or Internal Operations Perspective, which includes strategic objectives in areas such as: · Measure of process performance · Productivity or productivity improvement · Operations metrics · Impact of change on the organization · Learning and Growth (Employee) Perspective, which includes strategic objectives in areas such as: · Employee satisfaction · Employee turnover or retention · Level of organizational capability · Nature of organizational culture or climate · Technological innovation Develop a specific metric and target for each strategic objective using a balanced scorecard format. 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 in a particular time period. The target for the metric of "Increase market share" could be "Increase market share by 2% for each of the next 3 years" of an increase of 2% per year for 3 years. Trends, Assumptions, and Risks of Hoosier Media, Inc's business model Assess, in no more than 350 words, trends, assumptions, and risks of Hoosier Media, Inc.'s business model after completing the strategic objectives for each area. Example of what I needBusiness Model and Strategic Plan Part III: Balanced Scorecard and Communication Plan Successful organizations have effective strategic plans. The strategic plan is a long-term plan that contains specific objectives and goals. Organizations use tools like the SWOTT analysis and a balanced scorecard to determine strengths, weaknesses, opportunities, threats, trends, and risks. The Balanced Scorecard The Balanced Scorecard is a tool to manage and evaluate strategy. It is valuable to organizations because it evaluates strategies from four perspectives: financial performance, customer knowledge, internal business processes, and learning and growth. The analysis derived from the scorecard requires the organization to seek answers and utilize the information, along with financial measures, to sufficiently and more efficiently evaluate strategies be.
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The document discusses the balanced scorecard framework as a strategic management tool. It describes the balanced scorecard as considering both financial and non-financial performance indicators across four perspectives: financial, customer, internal business processes, and learning and growth. These four perspectives are causally linked, with learning and growth leading to better internal processes, higher customer value, and improved financial performance. The balanced scorecard helps organizations translate their vision into action, communicate objectives and measures, align strategic initiatives, and provide feedback to evaluate strategy. It is presented as an important tool for strategic management that can help organizations achieve long-term goals and develop competitive advantages.
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1) A balanced scorecard balances financial and non-financial metrics across four perspectives: financial, customer, internal processes, and learning and growth.
2) A strategy map translates a company's strategy and helps identify strategic objectives and key performance indicators (KPIs) within each perspective.
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A good strategy map should communicate everything a company is striving to achieve on a single page.
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What is more, your employees want to know that your company has ambition and plans and will be around for the long haul. They want to be sure that the leaders know what they are doing and are in control.
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Some of the key trends include; increase in the use of online shopping as more people have access to the internet and devices such as computers and smartphones. Also, most customers want to interact with the companies they are doing business with to enhance their experience and satisfaction and also customer focus such that the clients get what they want quickly. The assumptions made include; the company has a large enough market share that will sustain this new division, it will generate the required revenue to ensure profitability, it will enhance customer value and satisfaction, it will improve the companies efficiency and effectiveness and it will improve learning and growth among employees and increase innovation. Risks involved include the market share not being big enough to sustain the new division and make the company profitable, the customer not responding well to the new product, not meeting performance standards and a decrease in productivity.
They must also consider the ethical implications that their product may have on members of the society. They should have high ethical standards to protect its reputation ensuring that the operational moves they do work towards improving the lives of people and maintain environmental sustainability. Unethical practices may have an adverse effect in the opinion of customers as well as negative effect on market share.
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The first will be the financial target whereby the goal would be to increase revenue. We would do this by increasing market share by ensuring that it grows by 10% annually for the next three years which will also enhance its competitive advantage especially after the introduction of the new web technology. The division is based on customer focus, co ...
Strategic management
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Barbara Silva is the CIO for Peachtree Community Hospital in Atlanta, Georgia. As the chief information officer, it has been her duty to assemble a team of healthcare information professionals to prepare for the implementation of HIPAA Privacy Rules.
How did Barbara and her team orchestrate moving forward toward HIPAA Privacy compliance? First, she established a steering committee responsible for HIPAA Privacy planning. The committee focused on three broad areas of development, including:
education;
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The steering committee recognizes that the scope of this project is quite vast and that it encompasses many different areas of the facility. The scope involves not just hospital information systems, but the operations of many departments and manual processes. These varied items are included in the scope of assessment and are found to be the biggest challenge. Developing HIPAA compliant policies and procedures is not a one-time activity as changes are constant. Development and continuous updating will mean that this project is one that will be an ongoing effort.
Part of Peachtree Community Hospital’s key to success has been pulling together the right combination of professionals. The result is a multidisciplinary team which will include the HIM services director and the CCO (chief compliance officer).
Barbara has garnered the following information from experts in the area of HIPAA Privacy Rules who have suggested that healthcare organizations consider the following steps to become compliant:
Inventory the organization’s data as the first step in policy implementation.
Read the Federal Register information on HIPAA.
Focus on HIPAA as a business process issue.
Secure the support of top management and the active involvement and participation of staff in all affected areas.
Thoroughly review outside vendor contracts to ensure compliance with business associate agreements.
Appoint a dedicated staff to the HIPAA privacy initiative.
Preparing for HIPAA compliance will require a complex and thorough evaluation and realignment of business and operational processes.
Your Role/Assignment
You have been consulted by CIO Barbara Silva as the healthcare information systems expert. You will be working directly with the director of HIM services. As a consultant, you have vast experience with HIPAA implementations. Your expertise will be required in several areas.
K E Y P L A Y E R S
Barbara Silva, CIO
As the chief information officer, Barbara will assemble a team of healthcare professionals to prepare for the implementation of HIPAA Privacy Rules. She must ensure that Peachtree is in full compliance with HIPAA regulations for every aspect of the organization
–
not just hospital information systems, but also the operations of related departments and manual processes. Her concerns encompass a large scope of the project, and she will need to identify key people to become involved in this project.
James H.
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BALANCED SCORECARD AND COMMUNICATION PLAN
This is the balanced scorecard and communication plan for Amazon.com Inc. and its new web technology division. The balanced scorecard will analyze the strategic objectives in the context of key trends, assumptions, and risks. It will also show what the company is trying to achieve. For the communication plan, its primary purpose was to enable interaction both internally (staff) and externally (customers). The communication strategy allows each to know what the other is thinking hence helping in improving efficiency and coordination. Communication with stakeholders ensures they have access to information about the company and the company has their feedback to enhance service delivery. The main channels will include meetings, emails, phone calls and discussions between both staff members and customers.
Some of the key trends include; increase in the use of online shopping as more people have access to the internet and devices such as computers and smartphones. Also, most customers want to interact with the companies they are doing business with to enhance their experience and satisfaction and also customer focus such that the clients get what they want quickly. The assumptions made include; the company has a large enough market share that will sustain this new division, it will generate the required revenue to ensure profitability, it will enhance customer value and satisfaction, it will improve the companies efficiency and effectiveness and it will improve learning and growth among employees and increase innovation. Risks involved include the market share not being big enough to sustain the new division and make the company profitable, the customer not responding well to the new product, not meeting performance standards and a decrease in productivity.
They must also consider the ethical implications that their product may have on members of the society. They should have high ethical standards to protect its reputation ensuring that the operational moves they do work towards improving the lives of people and maintain environmental sustainability. Unethical practices may have an adverse effect in the opinion of customers as well as negative effect on market share.
Strategic Objectives
The first will be the financial target whereby the goal would be to increase revenue. We would do this by increasing market share by ensuring that it grows by 10% annually for the next three years which will also enhance its competitive advantage especially after the introduction of the new web technology. The division is based on customer focus, co ...
Strategic management
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Barbara has garnered the following information from experts in the area of HIPAA Privacy Rules who have suggested that healthcare organizations consider the following steps to become compliant:
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Unmasking the Prevailing Culprits in The Present-Day Education System
In pursuit of a holistic, critically provoking, meaningful, and educational oriented environment where teachers are free to teach, and learners are free to think, and the disappointing reality continues to present itself from every dimension. The faults in the current education system are critically unmasked by Mark Edmundson and Paulo Freire in their two invaluable pieces of articles. A careful analysis of the ideas tabled by the two influential education thinkers illustrates numerous underlying commonalities in their works as well as some overlooked ideas in their arguments. The fact that their central ideas in their respective scholarly works revolve around unmasking the true culprits in the present-day education implies that, if Edmundson and Freire were able to converse with each other, they would both agree on the need to change the current education system and build it around critical thinking. It’s to this end that this paper seeks to synthesize their ideas in an attempt to identify common grounds, differences as well the areas they both overlooked.
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BAOL 531: Managerial Accounting
Week Three: Article Research Paper and Posting Topics
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e. Conclusion in your own words
f. Personal Thoughts
g. References
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vi. Attach your paper to the Discussion board by the Saturday due date (150 points).
vii. Read and respond to at least four (4) other student postings by the Sunday due date (20 points).
Week Three: Article Research Paper and Posting – List of potential research topics from Chapter’s 1, 2, 4, 5, and 6.
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2. Decision Management
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5. Operating Leverage
6. Controllability Principle
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8. Responsibility Accounting
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10. Opportunity Costs
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12. Performance Reward System in management
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Student #1 Post
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VICE PRESIDENT & EXECUTIVE PUBLISHER George Hoffman
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Bank Reserves
Suppose that the reserve ratio is .25, and that a bank has actual reserves of $15,000, loans of $40,000, and demand deposits of $50,000.
A. Excess reserves are $____________________.
B. This bank, being a single bank in a multibank system, can safely lend $____________________.
C. The multibank system can safely lend $__________________.
D. It is possible for the monetary base to increase by a total of $___________________. Assume now that the Fed lowers the reserve ratio to .20:
E. This bank, being a single bank in a multibank system, can now safely lend $_____________________.
F. The multibank system can safely lend $____________________.
G. It is now possible for the monetary base to increase by a total of $________________________.
H. The increase/decrease in the potential money supply because of the decrease in the required reserve ratio is $_____________________.
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Bank Services, Grading Guide
FIN/366 Version 2
1
Individual Assignment: Bank Services Paper
Purpose of Assignment
Understanding the types and forms of bank services as well as the relationship to the asset or liability side of the banking paradigm is critical to understand bank risk and behavior.
Resources Required
Any bank’s website.
Grading Guide
Content
Met
Partially Met
Not Met
Comments:
Lists five services offered by the bank that were mentioned in Chapter 17.
Describes whether it reflects an asset or liability for the bank.
Determines interest rates on CDs.
Evaluate the services you have learned about.
The paper is 1050- to 1400-words in length.
Total Available
Total Earned
5
#/X
Writing Guidelines
Met
Partially Met
Not Met
Comments:
The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements.
Intellectual property is recognized with in-text citations and a reference page.
Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper.
Sentences are complete, clear, and concise.
Rules of grammar and usage are followed including spelling and punctuation.
Total Available
Total Earned
2
#/X
Assignment Total
#
X
#/X
Additional comments:
Copyright © 2016 by University of Phoenix. All rights reserved.
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Effective: July 14, 2018
KRS § 403.270
403.270 Custodial issues; best interests of child shall determine; rebuttable presumption that joint custody and equally shared parenting time is in child’s best interests; de facto custodian
Currentness
(1) (a) As used in this chapter and KRS 405.020, unless the context requires otherwise, “de facto custodian” means a person who has been shown by clear and convincing evidence to have been the primary caregiver for, and financial supporter of, a child who has resided with the person for a period of six (6) months or more if the child is under three (3) years of age and for a period of one (1) year or more if the child is three (3) years of age or older or has been placed by the Department for Community Based Services. Any period of time after a legal proceeding has been commenced by a parent seeking to regain custody of the child shall not be included in determining whether the child has resided with the person for the required minimum period.
(b) A person shall not be a de facto custodian until a court determines by clear and convincing evidence that the person meets the definition of de facto custodian established in paragraph (a) of this subsection. Once a court determines that a person meets the definition of de facto custodian, the court shall give the person the same standing in custody matters that is given to each parent under this section and KRS 403.280, 403.340, 403.350, 403.822, and 405.020.
(2) The court shall determine custody in accordance with the best interests of the child and equal consideration shall be given to each parent and to any de facto custodian. Subject to KRS 403.315, there shall be a presumption, rebuttable by a preponderance of evidence, that joint custody and equally shared parenting time is in the best interest of the child. If a deviation from equal parenting time is warranted, the court shall construct a parenting time schedule which maximizes the time each parent or de facto custodian has with the child and is consistent with ensuring the child's welfare. The court shall consider all relevant factors including:
(a) The wishes of the child's parent or parents, and any de facto custodian, as to his or her custody;
(b) The wishes of the child as to his or her custodian, with due consideration given to the influence a parent or de facto custodian may have over the child's wishes;
(c) The interaction and interrelationship of the child with his or her parent or parents, his or her siblings, and any other person who may significantly affect the child's best interests;
(d) The motivation of the adults participating in the custody proceeding;
(e) The child's adjustment and continuing proximity to his or her home, school, and community;
(f) The mental and physical health of all in.
Bank confirmations are critical to the cash audit. What information .docx
Bank confirmations are critical to the cash audit. What information does the auditor obtain by sending bank confirmations? Explain the different types of bank confirmations and what assertions each type addresses. How do you determine which is the best bank confirmation type to use ?
.
BalShtBalance SheetBalance SheetBalance SheetBalance SheetThe Fran.docx
BalShtBalance SheetBalance SheetBalance SheetBalance SheetThe Frank Beverage GroupThe Frank Beverage GroupThe Frank Beverage GroupThe Frank Beverage GroupFirst QuarterSecond QuarterThird QuarterFourth Quarter2019-20202019-20202019-20202019-2020ASSETSASSETSASSETSASSETSCurrent AssetsCurrent AssetsCurrent AssetsCurrent AssetsCash$110,102Cash$161,052Cash$186,936Cash$219,214Accounts Receivable$35,569Accounts Receivable$37,746Accounts Receivable$40,057Accounts Receivable$42,508Inventory-$1,887Inventory$14,313Inventory$31,504Inventory$50,300Other Current Assets$0Other Current Assets$0Other Current Assets$0Other Current Assets$0Total Current Assets$143,784Total Current Assets$213,111Total Current Assets$258,497Total Current Assets$312,022Fixed AssetsFixed AssetsFixed AssetsFixed AssetsLand$0Land$0Land$0Land$0Facilities$0Facilities$0Facilities$0Facilities$0Equipment$0Equipment$0Equipment$0Equipment$0Computers & Telecommunications$0Computers & Telecommunications$0Computers & Telecommunications$0Computers & Telecommunications$0(Less Accumlated Depreciation)$0(Less Accumlated Depreciation)$0(Less Accumlated Depreciation)$0(Less Accumlated Depreciation)$0Total Fixed Assets$0Total Fixed Assets$0Total Fixed Assets$0Total Fixed Assets$0Other Assets$0Other Assets$0Other Assets$0Other Assets$0TOTAL ASSETS$143,784TOTAL ASSETS$213,111TOTAL ASSETS$258,497TOTAL ASSETS$312,022LIABILITIESLIABILITIESLIABILITIESLIABILITIESCurrent LiabilitiesCurrent LiabilitiesCurrent LiabilitiesCurrent LiabilitiesShort-Term Notes Payable$9,873Short-Term Notes Payable$9,997Short-Term Notes Payable$10,122Short-Term Notes Payable$10,249Income Taxes Due$16,109Income Taxes Due$34,046Income Taxes Due$46,006Income Taxes Due$59,618Other Current Liabilities$0Other Current Liabilities$0Other Current Liabilities$0Other Current Liabilities$0Total Current Liabilities$25,982Total Current Liabilities$44,043Total Current Liabilities$56,128Total Current Liabilities$69,868Long-Term LiabilitiesLong-Term LiabilitiesLong-Term LiabilitiesLong-Term LiabilitiesLong-Term Notes Payable$7,735Long-Term Notes Payable$5,189Long-Term Notes Payable$2,610Long-Term Notes Payable-$0Other Long-Term Liabilities$0Other Long-Term Liabilities$0Other Long-Term Liabilities$0Other Long-Term Liabilities$0Total Long-Term Liabilities$7,735Total Long-Term Liabilities$5,189Total Long-Term Liabilities$2,610Total Long-Term Liabilities-$0NET WORTHNET WORTHNET WORTHNET WORTHPaid-In Capital$61,740Paid-In Capital$61,740Paid-In Capital$61,740Paid-In Capital$61,740Retained Earnings$48,327Retained Earnings$102,139Retained Earnings$138,018Retained Earnings$180,414Total Net Worth$110,067Total Net Worth$163,879Total Net Worth$199,758Total Net Worth$242,154TOTAL LIABILITIES AND NET WORTH$143,784TOTAL LIABILITIES AND NET WORTH$213,111TOTAL LIABILITIES AND NET WORTH$258,497TOTAL LIABILITIES AND NET WORTH$312,022
For information about this worksheet, see "Balance Sheet" in "The Financials" chapter of Successful Business Plan: Secrets & Strategies..
BAM 515 - Organizational Behavior(Enter your answers on th.docx
BAM 515 - Organizational Behavior
(Enter your answers on the enclosed answer sheet)
1) The members of a ________ work together intensively via electronic means, and may never actually meet.
A) cyber group
B) digital team
C) virtual team
D) electronic group
2) The risks associated with planning can be reduced by an understanding of all of the following except
A) decision making.
B) team composition.
C) political science.
D) individual biases.
3) The way managers lead is changing because millions of employees work in
A) downsized organizations.
B) self-managed teams.
C) expanding positions.
D) outsourced functions.
4) Which of the following is not one of the three principal kinds of skills needed by managers?
A) Human
B) Analytical
C) Technical
D) Conceptual
5) An ________ is a rule or routine an employee follows to perform some task in the most effective way.
A) organizational pattern
B) organizational procedure
C) organizational routine
D) organizational schematic
Unit 1 Examination
51
BAM 515 - Organizational Behavior
6) An organization’s workforce consists of workers of different ages, religions, and socioeconomic backgrounds, all of which contribute to its
A) social responsibility.
B) ethics.
C) affirmative action.
D) diversity.
7) The ________ involves responding to the diverse needs of employees and developing employment approaches that promote the well-being of employees.
A) flexibility challenge
B) decision-making challenge
C) fairness and justice challenge
D) performance challenge
8) Organizational behavior is relevant to crisis management because it provides ________ needed to respond to a crisis.
A) guidelines, procedures, and boundaries
B) definitions and contextual perspectives
C) lessons about how to manage and organize the resources
D) an overview of sound management principles
9) ________ consists of computer and communication hardware and software, and the
skills of designers, programmers, technicians, and managers.
A) Strategic capital
B) Knowledge management
C) Corporate knowledge
D) Information technology
10) Standard Textile Company’s Chinese employees are not always comfortable
A) taking the initiative.
B) performing their jobs well.
C) learning new techniques.
D) All of the above
Unit 1 Examination
52
BAM 515 - Organizational Behavior
11) Psychologists have studied identical twins and have
A) attempted to determine to what extent personality is inherited.
B) been unable to determine what impact nature or nurture has on personality development.
C) identified specific genes that are responsible for inherited personality.
D) determined that the personalities of twins are impacted more by nature than are the personalities of non twins.
12) Individuals with an________ tend to believe that outside forces are largely responsible for their fate.
A) extrasensory locus of control
B) external locus of control
C) interdepartmental locus of control
D) internal loc.
BalanchineGeorge Balanchine is an important figure in the histor.docx
Balanchine
George Balanchine is an important figure in the history of ballet as he was a major exponent of ballet in the US. He established the first school of American ballet in NYC with Lincoln Kirstein in 1934. Balanchine’s style has been called Neoclassical and the success of his NYC Ballet has spawned many regional companies in the US, including Miami City Ballet, keeping his repertory alive. Balanchine brought a new aesthetic to ballet, stripping away its sentimentality and bringing attention to the movement rather than the spectacle. He brought quick footwork, precision and musicality to classical ballet technique. He collaborated extensively with the composer Stravinsky. His work with the Ballet Russe in the early 20th century exposed Balanchine to the most prominent musical composers and visual artists of the period (i.e. Picasso, Matisse, etc.) which influenced his experimentation with abstraction in the form.
Ballet continues to evolve today. Traditional classical ballets such as Sleeping Beauty and Swan Lake are still performed today with the addition of more contemporary interpretations of the form. Some examples of contemporary ballet:
Modern Dance
Modern dance began as a departure from the restrictions of ballet and a desire to express a wider palette of the human experience. It emphasized the expression of emotion, the exploration of dynamics in the body and presented narratives in a more abstract manner. Some modern dance pioneers eventually developed their own codification and/or process for working. The postmodern dancers rejected codification of any kind as well as known methods for composition. They valued personal movement, innovative forms of performance and preferred abstraction over story telling.
Pioneers of Modern Dance
Isadora Duncan 1877-1927, believed movement should be drawn from nature and was inspired by Ancient Greece, wearing long toga-like robes in her performances. The Duncan technique was comprised of movements such as hopping, swinging, running, skipping and leaping; her desire was to free the body from the confines of ballet.
Ruth St Denis 1878-1968, was inspired by the dances of Asia, in addition to other culturally based forms. She is well known for her grand spectacles, creating a formal school/company. Her husband Ted Shawn was also a pioneer in modern dance who created an all male dance company in addition to performing with Ruth. Martha Graham was a student Ruth St. Denis and later became a member of her company.
Mary Wigman 1886-1973, was a German dancer/choreographer inspired by Expressionism, an artistic movement that emphasized raw emotions. She was a student of Rudolf Laban. In her famous Witch Dance, she went against traditional norms of female beauty in dance.
https://www.youtube.com/watch?v=AtLSSuFlJ5c
Rudolf Laban 1879-1958, is sometimes referred to as the father of German modern dance; he developed a system for notating dance called Labanotation in addition to developin.
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Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
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Chapter 5
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Chapter 6
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Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
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- 1. Balanced Scorecard 12/17/2018 Running head: BALANCED SCORECARD 1 BALANCED SCORECARD 2 Balanced Scorecard Develop three strategic objectives for each of the four balanced scorecard areas using the Template provided by your instructor (please look at a post called "Balanced Scorecard Template" under Class Messages) Create a minimum 1,050-word strategic objectives summary. Consider the following strategic areas when developing your strategic objectives: · Shareholder Value or Financial Perspective, which includes strategic objectives in areas such as: · Market share · Revenues and costs · Profitability
- 2. · Competitive position · Customer Value Perspective, which includes strategic objectives in areas such as: · Customer retention or turnover · Customer satisfaction · Customer value · Process or Internal Operations Perspective, which includes strategic objectives in areas such as: · Measure of process performance · Productivity or productivity improvement · Operations metrics · Impact of change on the organization · Learning and Growth (Employee) Perspective, which includes strategic objectives in areas such as: · Employee satisfaction · Employee turnover or retention · Level of organizational capability · Nature of organizational culture or climate · Technological innovation Develop a specific metric and target for each strategic objective using a balanced scorecard format. 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 in a particular time period. The target for the metric of "Increase market share" could be "Increase market share by 2% for each of the next 3 years" of an increase of 2% per year for 3 years. Trends, Assumptions, and Risks of Hoosier Media, Inc's business model Assess, in no more than 350 words, trends, assumptions, and risks of Hoosier Media, Inc.'s business model after completing the strategic objectives for each area. Example of what I needBusiness Model and Strategic Plan Part
- 3. III: Balanced Scorecard and Communication Plan Successful organizations have effective strategic plans. The strategic plan is a long-term plan that contains specific objectives and goals. Organizations use tools like the SWOTT analysis and a balanced scorecard to determine strengths, weaknesses, opportunities, threats, trends, and risks. The Balanced Scorecard The Balanced Scorecard is a tool to manage and evaluate strategy. It is valuable to organizations because it evaluates strategies from four perspectives: financial performance, customer knowledge, internal business processes, and learning and growth. The analysis derived from the scorecard requires the organization to seek answers and utilize the information, along with financial measures, to sufficiently and more efficiently evaluate strategies being implemented (David & David, 2017, "Chapter 9, Strategy Review, Evaluation, and Control"). Financial Perspective The first objective on the Balanced Scorecard is the financial perspective. The financial perspective is determined by revenue growth and cost efficiency. Organizations focus their attention on revenue growth by increasing revenue opportunities, and improving customer value. The financial goal is to turn a profit and have the business growth. With a solid financial plan, organizations will be ready to hire more employees and invest in marketing, technology, and employees. Financial Perspective Measures Targets Increase Profitability Market Value
- 4. Increase by 2% over a period of 3 years Increase Revenue Price of products Increase price of product Lower Costs Decrease R & D Use existing technology and out-source non-technical positions Customer Value Customers make an organization successful. The customer comes first and is an important asset to the organization. In keeping with the mission and vision of an organization, they should do everything possible to increase their satisfaction. Listening to customer feedback is valuable in maintaining relationships and improving satisfaction. Organizations will grow their customer base and retain existing customers by paying attention to their needs and wants. Customers Objectives Measures Targets Grow business based on customer needs and wants Conduct surveys Increase profits by 2% per year over 3 years Improve customer satisfaction Offer coupons and rewards Increase profits by 4% per year over 3 years Customer retention Evaluate and address customer feedback Increase profits by 1% per year over 3 years Process Objectives Perspective Employees are valuable to all organizations. Utilizing employee feedback will increase productivity. cLiving the mission and vision statement of the organization shows employees that the organization they work for has
- 5. integrity and is honest. Communicating with employees show the organization cares about them and what they think. Employee buy-in will increase productivity. Internal Business Process Objectives Measures Targets Productivity Improvement Increase Productivity Increase productivity 3% per year over 3 years Impact of Change on Organization Internal Employee Surveys Increase productivity by 2% per year over 3 years Operational Excellence Communication with employees, Adhere to Mission and Vision statements Increase productivity by 2% per year over 3 years Learning and Growth Creating job satisfaction and an organizational culture that is innovative and satisfying can increase learning and growth. Employees are up to date personally on technology and expect no less from their employer. Satisfied employees means less turnover. Listening to all employees, no matter their position, will create a positive culture. Annual evaluations and raises show the employees that the organization values their hard work. Learning and Growth Objectives Measures Targets Technological Innovation Stay up to date on technology, invest in R & D Increase profit by 3% per year over 3 years Employee Turnover Conduct annual evaluations and pay increases
- 6. Increase productivity by 3% per year over 3 years Nature of Organizational Culture Assimilate and utilize feedback from employees, create team environment Increase productivity by 4% per year over 3 years Conclusion The Balanced Scorecard is essential to evaluating an organizations strategy. By utilizing the Balanced Scorecard, organizations can scrutinize their financial perspective, customer value perspective, process operations perspective, and learning and growth perspective. All of these perspectives can make an organization strong and successful. All of the perspectives on the Balanced Scorecard are key to creating long-term goals for the organization. References David, F. R., & David, F. R. (2017). Strategic Management: A competitive advantage approach, concepts and cases (16th ed.). Retrieved from The University of Phoenix eBook Collection database.