Post an explanation of your plan for creating a balanced scorecard for your Strategic Plan, including the processes you would use to gather data to measure performance. Explain how the use of this balanced scorecard will enable you to evaluate progress, assess the impact of your proposed change, and determine if the costs are justified in terms of the outcomes.
Review the information in the Learning Resources, including this week’s media presentation, focusing on the development of performance metrics for a strategic plan.
With your Strategic Plan in mind, think about how you would develop a balanced scorecard to measure performance, including the processes you would use to gather appropriate data.
Consider how the use of a balanced scorecard reflects the importance of being able to evaluate progress, assess the impact of planned change on performance, and determine if the costs are justified in terms of the outcome.
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The Balanced Scorecard in the Strategic Plan Process
The discussion will focus on using a balanced scorecard in the strategic plan and its effectiveness in evaluating the proposed change progress.
Using a Balanced Scorecard in the Strategic Plan
Over the years, the balanced scorecard has undergone great changes from its traditional performance measurement framework to adopting a full strategic and management system. Hasan and Chyi (2017) accentuate that a balanced scorecard in strategic planning makes it easier to attain feedback from healthcare organizations’ internal and external processes. Hence, by incorporating the balanced scorecard into our healthcare facility, the manager will effectively align its strategic plan with its strategy and vision. Also, it will be easier for the manager to improve external and internal means of communication while evaluating the healthcare facility’s performance compared to its strategic goals. The process to gather data necessary for performance measurement will involve evaluating the 360-degree feedback. Kamal Sobky et al. (2021) accentuate that through the 360-degree feedback, it is easier to gain insight on the management talent since the commentary comes from people who work closely with the managers. Considering that the organization’s main strategic issues are funding and management, the healthcare stakeholders will create an even ground in spotting development opportunities that can inform the success of the proposed change.
Balanced Scorecard Effectiveness in Evaluating the Proposed Change Progress
The balanced scorecard will help ensure that the strategic plan is a success. Consequently, Kamal Sobky et al. (2021) posit that for effective application of a balanced scorecard, there will be a need to consider the four perspectives: the customer perspective, internal operation perspective, learning and growth, and financial perspective. That approach will be effective in the healthcare facility’s strategic planning process since it will impact its long-term goals and criteria for making future decisions (Smith, 2020).
Through the balanced scorecard, the strategic plan will make it a point to focus on the necessary strategies since only key performance indicators are involved, thus preventing the organization from focusing on irrelevant aspects.
Hasan, R. U., & Chyi, T. M. (2017). Practical application of Balanced Scorecard-A literature review. Journal of Strategy and Performance Management, 5(3), 87.
Kamal Sobky, H., Ahmed Elsayed, K., & Farouk Kamel, F. (2021). Nursing Staff Perception about Quality Improvement and Organizational Development. Journal of Nursing Science Benha University, 2(2), 88-98.
Smith, C. (2020). The Role of Organizational Change Management in Successful Strategic Enrollment Management Implementation. Strategic Enrollment Management Quarterly, 8(2), 31.