Balanced Score Card Inception

Topics: Project management, Management, Cost Pages: 6 (1712 words) Published: December 17, 2012
1) Choose a project. Define scope.
Project Name: Balanced Score Card inception.
Introduction/ Overview of the Project: The management introduced various new HR policies to be implemented across the entire plant, corporate and Business offices. Balanced Score Card inception into the Performance Management System of the higher level employees, including AGM and above (Level E13- E18), was one among such new renovated policies. A total of 195 employees were covered under the project. By redesigning the performance Management System for the higher level employees designated at the pivotal roles, the management aimed: a) to have a better track of performance of the employees in the four major areas: Customer, Financial, Process Improvement and Learning and growth. b) Besides, the same helped to gauge the difference between the targeted goals and actuals achieved. c) To trace the improvement areas.

d) To scale the competencies, knowledge and skills of the employees for the required role. e) To link individual balanced Score Card of key employees with their Departmental and in turn Organizational strategic goals. Project Organization: Management is the project sponsor, the PMS Dept. head is the Project manager and a consultant (to be hired )is the Project Champion and the HR Sectional Heads and the President HR formed the steering committee. Scope Statement, Version 1.0

November 4th 2012

Product Characteristics and requirements:
Balanced Score Card aims at measuring the performance of the key employees of the department through their contributions in the four areas: Customer, Financial, Process Improvement and Learning and growth. The performance assessment was scheduled to be done twice in an year.

The performance indicators in each areas are meant to be SMART (subjective, measurable, assignable, realistic and time- bound). Each perspective should have at least one performance indicator. Once the Targeted goals were set for each performance indicator, the Balanced Score Card of the individual would be sent to the reporting and reviewing officer for approval. At the mid yr. actual performance was put against the targeted goals.

As part of the project the Score Card of each department is to be drafted first in alignment with the Organizational goals. The individual BSC is then supposed to be planned in alignment with the Departmental Score Card. After a rigorous training and workshop on the concept, format and drafting fundamentals and basics of BSC, individual BSC was prepared in presence of other related departmental head, management (sponsor) and the steering committee (HR), linking their goals to Company’s goal. Lastly, specification for the same is to be conveyed to the IT dept. to get it online .

Product User acceptance Criteria:
Project would be considered successful if the end product meets all the targeted characteristics of BSC and the same is available online for the mid term evaluation of the targeted employees within 6 months time.

Project deliverables:
a) Project management related deliverables: Project charter, Project management Plan, Scope Statement, WBS, Project requirement, time schedule, Cost estimates etc.

b) Product- related deliverables: 1. Balanced Score Card
1.1Training of BSC (through a champion in the field)
1.2 Workshops to draft their Departmental Score Card,
1. 3 Meetings to draft individual BSC linked to Organizational goal. 1.4 Meeting with the IT department to explain the specifications of the tool before it goes online.
1.5 final online BSC, a performance management tool for higher level employees

Project Boundaries/ constraints: The project has a time constrain of 6 months and a budget of $200K.

Assumptions: As per Dr. Robert Kaplan and Dr. David Norton Balanced Score Card converts organization’s value drivers such as customer service, innovation, operational efficiency and financial...
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