Balanced Scorecard (BSC) – A Strategic Planning and Management System

Why select this training course?

The Balanced Scorecard (BSC) was designed and first published in 1992 by David Norton and Robert Kaplan. A BSC is a management technique that acknowledges that economic measures are not satisfactory and that companies require a more inclusive approach to management.

What are the benefits of using a balanced scorecard (BSC) planning and management system?

A balanced scorecard is a framework focusing on customers, learning requirements, shareholders, and internal processes of a company to develop a system of connected goals, targets, initiatives, and measures that collectively explain the company’s strategies and how they can be achieved. There are lots of benefits attached to using a balanced scorecard. They include clear communications of the firm’s goals, assistance in measuring performance using periodic/monthly reporting, streamlining and simplifying the strategic planning processes, offering focus to members of the executive teams, role definition, enhancing the reward systems through conning measures to compensations and driving the budgeting and resource allocation processes.

What is the relationship between a balanced scorecard and a strategy map?

A strategy map is the commencement point for designing a balanced scorecard. A strategy map is a digital representation of a firm’s strategies; it recognizes the strategic goals and objectives that an organization’s management team needs to focus on and the connections between both entities. On the other hand, the balanced scorecard converts the firm’s strategies, provided in the strategy map, into a comprehensive set of performance targets, initiatives, and measures offering a framework for vital performance management.

The Rcademy course on Balance Scorecard (BSC) – A Strategic Planning and Management System is designed to provide learners with features, characteristics, core principles, and concepts of the BSC. Participants will also learn about the BSC’s use cases, advantages, and disadvantages. Focus is also given to the SMART method of designing a company’s objectives using the BSC and Key Performance Indicators (KPIs) implementation steps. The course also provides a systematic way to design and execute a balanced scorecard strategic system for either private or public companies.

Who should attend?

The Balanced Scorecard (BSC) – A Strategic Planning and Management System Training Course by Rcademy is designed for experts and professionals within the management and finance industry and persons looking to venture into the field. The following persons should partake in this training course:

• Management service experts: tasked with studying the various ways organizations manage resources and how to utilize them for maximum profits
• Financial analysts: charged with tracking a firm’s financial performances, evaluating market and business conditions to design forecasts, and assisting the firm’s management in making tactical decisions
• IT managers: responsible for ensuring employees have the required technology for their jobs, providing VPN access, and coordinating with other departments
• Product managers: tasked with product design and product marketing
• HR managers: charged with supervising administrative functions connected to a company’s personnel, designing recruitment plans, executing them, and hiring new employees
• Business managers: responsible for monitoring and leading efficient production and offering direction on how to tackle various business challenges
• HR managers: charged with supervising administrative functions connected to a company’s personnel, designing recruitment plans, executing them, and hiring new employees
• Company directors: tasked with supervising the administration of a company’s financial performances, operations, ventures, and investments
• Stakeholders: responsible for offering guidance and supervising the administration of the company
• Budget managers: tasked with designing effective budget models for an organization or department and evaluating financial data
• Every other person interested in learning how to integrate the BSC planning and management model into their business administration

What are the course objectives?

The Balanced Scorecard (BSC) – A Strategic Planning and Management System Training Course by Rcademy will give participants the knowledge and skills needed to succeed in the management and planning industry. The course is designed to enable participants to achieve the following objectives:

• Understand the major concepts, principles, and pillars of the balanced scorecard planning and management system
• Learn about the Key Performance Indicators (KPIs) and the metrics of business
• Learn how to create and deploy a scorecard within the structure of an organization
• Recognize the techniques involved in converting a firm’s plans into measurable Key Performance Indicators
• Learn how to effectively communicate plans and data at various levels
• Identify the different ways they can align individual objectives with the firm’s goals and performances
• Learn how to outline the nine implementation steps of the BSC
• Define the strategies of BSC
• Identify the differences and relationship between the strategy map and BSC

How will this course be presented?

This training course is participant-driven and designed to meet attendees’ expectations while enhancing their knowledge and skills about the subject matter. Different practical techniques that will ensure participants’ constant and active learning will be utilized in delivering the course. Renowned professionals and experts in the field with several years of practice and experience will teach the course. The course modules are drafted from exhaustive and careful research into the subject matter.

The Rcademy course on Balance Scorecard (BSC) – A Strategic Planning and Management System incorporates practical and theoretical learning from lecture notes, case studies, real-life scenarios, and slides on the concepts. Attendees will also partake in seminar workshops, presentations, quizzes, and constant feedback on lessons taught to gauge and determine their maximum satisfaction.

What are the topics covered in this course?

Module 1: Introduction to Balanced Scorecard Planning and Management System

• The history of the balanced scorecard system
• The cause-and-effect relationship
• Merits of the balanced Scorecard
• The BSC is a management idea for various companies
• Design, strategies, and implementation of the balanced scorecard within existing frameworks
• Accountability, productivity, and Employee influence
• Differences and relationship between BSC and strategy map
• Balancing financial and non-financial aspects of a company
• Designing an effective balance scorecard

Module 2: Introduction to Key Performance Indicators and Target

• Definition of terms
• Types of key performance indicators
• Key performance indicators selection
• Target setting
• KPIs documentation, polarity, and status
• Forms of KPIs
• Selecting key performance indicators
• Target setting techniques and examples
• KPIs quality

Module 3: The Nine Steps in Launching a BSC Program

• Strategy profile
• Strategy value-chain mapping
• Evaluation
• SMART strategic objectives
• Evaluation of standings and current data
• Performance analysis of evidence-based data
• KPIs
• Strategic Initiatives to lower performance gaps
• Integration

Module 4: Alignment

• Employee alignment
• Vertical alignment
• Cascading in the public sector
• Horizontal alignment

Module 5: Strategy Architecture and Mapping

• Designing a BSC strategy map
• Connecting values, vision, mission, and value drivers
• Formulation of the desired state of evolution
• Organizational performance scorecard
• Understanding the execution of the four pillars of a BSC
• Profiling priorities and connecting them to BSC

Module 6: BSC Reporting

• Report design
• Strategy implementation
• The reporting processes
• Reporting strategies
• The reporting IT system
• Meeting review

Module 7: The Financial Aspects of BSC

• Fundamental strategic ideas linked to finance
• Reporting, correct data, and analysis
• Measuring ideas connected to other non-financial areas of the BSC
• Simplifying the financial overview
• Avoiding financial pitfalls

Module 8: The Customer Standpoint in a BSC

• The customer value plan
• Customer market segment
• Connecting client perspectives with the financial perspective
• Client perspective methods and Statistics
• Core customer measurements

Module 9: Growth Perspective and Learning

• Data and information hub
• Aligning intangible resources with a strategic approach
• Human resource wealth
• Organizational capacity building

Module 10: The BSC Internal Business Viewpoint Process

• Processes, compliance, and regulations
• KPIs and fundamental business objectives
• Operation management and processes
• The client service management processes
• Dashboards and performance scorecards
• Strategic and critical thinking