Developing a Balanced Scorecard - Term Paper Example

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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…
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Developing a Balanced Scorecard
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Download file to see previous pages r 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.
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 ...Download file to see next pagesRead More
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