Balnced Scorecard
BUS/475 Balanced Scorecard
To develop objectives from the vision, mission, values, and SWOTT analysis, one must first understand what the vision, mission, values, and SWOTT analysis of a company include. It also is important to derive the significance of the objectives in the implementation of a balanced scorecard (BSC). The BSC is a management system in a matrix format that tracks and measures the process of a company as it relates to customers, finances, internal processes, and leaning and growth for the particular company (Kaplan & Norton, 2008). The context of this paper will define the vision, mission, values, and a SWOTT analysis, and explain how a manager derives objectives from them.
Vision
An influential vision is one that gives a well-defined direction for future attainments. A vision with a well-defined direction guides the team in achieving a mutual endpoint. A common direction of the future helps to prevent conflict and misunderstanding among the working staff. It enables organization to put their time, energy and effort in carrying out necessary adjustments rather than bogging down in immaterial or trivial activities (Tan, 2010). The vision for Smith’s Medical Training Center is to become the premier training facility in the Fort Bragg military area as well as the surrounding communities of Fort Bragg. This vision, although vague, expresses a position SMTC wishes to be in five to seven years. The vision indicates a predestined position of the company’s upcoming perspective.
Mission
Mission defines where the organization is going now, describing why this organization exists (Anonymous, 2008). A Mission statement: tells you what the company is now. It concentrates on present; it defines the customer’s critical processes and it informs you about the desired level of performance. The vision and the mission of the company could be confusing at times. The vision depicts a future position and the mission depicts the current direction of the
To develop objectives from the vision, mission, values, and SWOTT analysis, one must first understand what the vision, mission, values, and SWOTT analysis of a company include. It also is important to derive the significance of the objectives in the implementation of a balanced scorecard (BSC). The BSC is a management system in a matrix format that tracks and measures the process of a company as it relates to customers, finances, internal processes, and leaning and growth for the particular company (Kaplan & Norton, 2008). The context of this paper will define the vision, mission, values, and a SWOTT analysis, and explain how a manager derives objectives from them.
Vision
An influential vision is one that gives a well-defined direction for future attainments. A vision with a well-defined direction guides the team in achieving a mutual endpoint. A common direction of the future helps to prevent conflict and misunderstanding among the working staff. It enables organization to put their time, energy and effort in carrying out necessary adjustments rather than bogging down in immaterial or trivial activities (Tan, 2010). The vision for Smith’s Medical Training Center is to become the premier training facility in the Fort Bragg military area as well as the surrounding communities of Fort Bragg. This vision, although vague, expresses a position SMTC wishes to be in five to seven years. The vision indicates a predestined position of the company’s upcoming perspective.
Mission
Mission defines where the organization is going now, describing why this organization exists (Anonymous, 2008). A Mission statement: tells you what the company is now. It concentrates on present; it defines the customer’s critical processes and it informs you about the desired level of performance. The vision and the mission of the company could be confusing at times. The vision depicts a future position and the mission depicts the current direction of the
References: Kaplan, R. S., & Norton, D. P. (2008). Mastering the Management System. Harvard Business Review, 86 ( 1), 62-77. Pearce, J. A. II, & Robinson, R. B. (2009). Strategic management: Formulation, implementation, and control (11th ed.). New York, NY: McGraw-Hill. Tan, V. S. (2010). Power of vision to motivate people: [Life and Times] (2nd ed.). Kuala Lumpur, Malaysia: New Straits Times Press.