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4 replies Latest Post - 2006-06-08T15:53:44Z by SystemAdmin
Pinned topic What is a "balanced scorecard" and do I need it to use WBSE or WDF?
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I have heard about the balanced scorecard methodology - can you tell me more about this and if I need to follow this to use WBSE or WDF?
Updated on 2006-06-08T15:53:44Z at 2006-06-08T15:53:44Z by SystemAdmin
Re: What is a "balanced scorecard" and do I need it to use WBSE or WDF?2006-06-08T13:48:27Z in response to SystemAdminRe: What is a "balanced scorecard" and do I need it to use WBSE or WDF?
A number of methodologies have emerged that enable organizations to translate strategy, align employee action, and to manage quality and business performance. Balanced Scorecard, Six Sigma and Malcolm Baldridge are just three of the widely used programs. These approaches provide a framework to define organizational goals and track performance beyond just financial measures.
To answer your question, NO, WBSE and WDF are completely customizable. The products can easily be configured to support ANY objectives that an organization needs to track. Balanced Scorecard is one of many templates that companies can choose from.
Re: What is a "balanced scorecard" and do I need it to use WBSE or WDF?2006-06-08T13:50:03Z in response to SystemAdminIn 1992, Robert S. Kaplan and David Norton introduced the balanced scorecard (BSC), a concept for measuring a company's activities in terms of its vision and strategies. It gives managers a comprehensive view of the performance of a business.
BSC is a strategic management system that forces managers to focus on the important performance metrics that drive success. It balances a financial perspective with customer, internal process, and learning & growth perspectives. The system consists of four processes:
1. Translating the vision into operational goals;
2. Communicate the vision and link it to individual performance;
3. Business planning;
4. Feedback and learning and adjusting the strategy accordingly.
WBSE is built around the BSC framework. In order to use WBSE, you will need to first define your organizational goals and performance indicators. You do not need to follow the BSC concept verbatim, but understanding it will help you in getting the most out of WBSE.
Re: What is a "balanced scorecard" and do I need it to use WBSE or WDF?2006-06-08T13:59:23Z in response to SystemAdminNote also - that while WBSE can be deployed to support Balanced Scorecard methodology - it is completely customizable. It can be configured to support any type of metrics an organization needs to track.
Re: What is a "balanced scorecard" and do I need it to use WBSE or WDF?2006-06-08T15:53:44Z in response to SystemAdminThere are a couple of important ocncepts associated with the Balanced Scorecard, which are incorporated in WBSE and help understand its value.
First is multiple Perspectives, only one of which is Finance. All objectives in an organization's plan should be assigned to a Perspective. This helps provide the "balance" in the Balanced Scorecard. Although the literature typically uses four perspectives; WBSE also comes with four perspectives, but WBSE user organizations can select the number and names of perspectives that they already use.
The second concept is alignment of selected objectives on individuals' Scorecards, so that the most important corporate objectives appear on the Scorecards of each individual that can contribute significantly to attaining the objective. This implies that most quantitive targets for those objectives are allocated among the individuals that share the common objective.
Among the numerous tasks that WBSE performs is enabling objectives to be aligned and to track progress toward targets without the manual workload that
some large Balanced Scorecard users are encountering when creating and periodically reporting on objectives.