The Balanced Scorecard is a control tool created in the early 1990s and aimed at aligning an organization’s performance with its strategic objectives. This tool, widely used in business, government and non-profit organizations, provides an overall view of performance through four main aspects: finance, innovation and learning, internal business, and customers. Likewise, the Balanced Scorecard is used as a method of controlling project performance.
For this paper, you will apply a Balanced Scorecard approach to the project plan developed during the Group Activity. Using the four perspectives outlined in the article “Align project management with organizational strategy” apply each perspective the project that was outlined in your group’s project plan. You should also download this balanced scorecard for a visual example: Regional Airline Balanced Scorecard (Download the pdf).
Based on the overall goals of the organization (you are free to make some assumptions given the information you have), as well as those of the project, identify some specific objectives for each of the categories of the Balanced Scorecard (Employee Growth and Learning, Internal Processes, Customer Satisfaction, and Financial.)
Which are the relationships among the specific objectives of the project identified? (See the Regional Airline Balanced Scorecard Simplified Strategy Map)
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Identify the specific performance measures for each area that will illustrate the success of the project
What are the targets for these performance measures—how will you know when the performance measures have been reached?
Which specific initiatives and actions, by the organization, will contribute to the attainment of the targets?
Again, assumptions are allowed just be sure to articulate them in the paper.
Submit at least a 2- page paper (independent of the title page and reference page) double-spaced in Times New Roman (or its equivalent) font which is no greater than 12 points in size. Any citations should be in APA format.
Paper Assessment Criteria
Multiple objectives identified in each of the categories of the Balanced Scorecard: financial, customer, internal and learning. Objectives identified are clearly linked with the project. Description of the objectives is concise and self-explanative.
Relationships for all the specific objectives established have been identified. A strategy map is included to better illustrate the relationships.
Multiple performance measurements are identified for each of the specific objectives established. Measurements identified are clearly linked to the objective performance. Description of the measurements are concise and make sense given the project.
Multiple targets for each of the performance measurements established and show creative, innovative thinking. Targets identified are clearly linked to the performance measurement.
One action identified for each of the actions established. Actions have a clear contribution to the targets established and are realistic for the project constraints given. Actions are reasoned and well explained.
Writing is clear, concise and professional. The writing follows a logical flow. No spelling or grammatical errors are present.
All resources and references are correctly cited using APA style. / References were not required.