Strategy Maps - Research Proposal Example

Download file to see previous pages The business world is faced with calamities in strategy from but not because the managers cannot come up with useful strategies but because there is a deficiency in the execution of this strategy. Research shows that seventy percent of the strategy failures arise due to poor performance but not because of poor vision or lack of smarts. Strategy maps refer to diagrams that are used to document the primary strategic goals followed by a management team or organization. Strategy maps are essential elements of the documentation related to the balanced scorecard. Additionally, it is a feature of the second generation of balanced scorecard models that initially started in the mid-1990s (Armitage, 2004, p. 104). The initial diagrams were used in the early 1990s, and Drs discussed the concept of using this map in Balanced Scorecard. Robert Kaplan with David Norton. Strategy map gives out the visual guidelines for integrating a company’s objectives in the four perceptions of a Balanced Scorecard. It represents the cause and effect relationships that connect specific abilities in human, organization capital and information with desired outcomes in financial and customer perspective (Scholey & Arnitage, 2004, p. 569).
It is worth mentioning that Norton and Kaplan based their work on Michael Porter’s expression of strategy. They chose a set of activities that a company would prosper to create a sustainable difference in the market, and therefore creating a lasting value for the shareholders.  ...Download file to see next pagesRead More