Developing a Balanced Scorecard - Term Paper Example

Developing a Balanced Scorecard Developing a Balanced Scorecard Introduction There are a number of performance measurement tool that are used in strategic planning to support improvement projects and other organizational processes and activities. Attributed to the balanced scorecard is the fact that achievement of positive outcomes is dependent on the consideration of all elements that determine performance including fiscal issue, stakeholders, daily processes, and vision for an organization. Therefore, development of a balanced scorecard is imperative in achievement of success.

This discussion offers an explanation of my plan for creating a balanced scorecard and how the scorecard would enable me to evaluate progress, assess the impact of my proposed change, and determine if the costs are justifiable in terms of the outcomes.My plan A balanced scorecard, as defined by Balanced Scorecard Institute (2013, para.1), is "A strategic planning and management system that is used to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals".

Further explication by Dr. Carol Huston in this weeks media denotes a balanced scorecard as a tool that can be used in nursing to help establish how assessment and appraisal of accomplishments or achievements will be conducted (Laureate Education, 2013a). Based on these definitions, my first step will be to assess the mission and vision of the my organization in order to identify an unmet need. The second step will be to consider whether the needs of the customers have been met in relation to quality and safety of care.

After identification of an unmet need and assessment of customers needs, the next step will be to formulate and outline objectives for proposed change. This will involve identifying strategies and action plans to achieve the proposed change. This will be followed by identifying how performance will be measured. In regards to the elements of a balanced scorecard, data to measure performance will correlate to fiscal, stakeholders, business practices, and learning and growth measures (Laureate Education, 2013a).

Fiscal data will be gathered primarily from annual financial reports. To measure performance in relation to customers needs, direct interviews will be conducted whereby patients will be asked to describe their level of satisfaction with services provided. Secondly, patients will be asked to fill questionnaires detailing whether their needs have been met. Data relating to business practices and growth will be gathered through an assessment of whether the processes are in line with the organizations vision, mission and goals.

Evaluation and assessment Using the balanced scorecard, I will be able to view the organization in four different perspective; financial, customer, processes, and learning and growth. As posited by Mountain State Group (n.d), these different perspectives makes it easier to identify indicator to pinpoint progress in regards to the implementation of the proposed action plan. Conversely, a balanced scorecard will provide an opportunity to assess and compare current or existing levels of performance in all areas against projected outcomes in order to evaluate progress and the level of impact of proposed change (Mountain Sate Group, n.d). A balanced scorecard would also help in the identification of all financial considerations to be met before change strategies are implemented or executed (Laureate Education, 2013a).

Therefore, it is easy to identify whether the financial parameters considered will effect considerable and positive change. This would ensure sufficient funds are directed to projects that would facilitate achievement of positive outcomes hence justifying the costs. In a nutshell, it is imperative to consider the needs of patients and other stakeholders, fiscal parameters that ought to be met prior to implementation of proposed change, the kind of tools and processes employed in an effort to achieve projected outcomes, and continuation of the change process when creating a balanced scorecard.

ReferencesBalanced Scorecard Institute. (2013). Balanced scorecard basics. Retrieved from http://balancedscorecard.org/Resources/About-the-Balanced-Scorecard Laureate Education (Producer). (2013a). The balanced scorecard approach [Video file]. Retrieved from the https://class.waldenu.eduMountain State Group. (n.d.) Balanced scorecards for small rural hospitals: Concept overview and implementation guidance. Retrieved March 13, 2013, from https://www.ruralcenter.org/sites/default/files/Final%20BSC%20Manual%2010.18F.p df