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Sons,Suggested Reading,Just out this year: Strategy Maps: Converting Intangible Assets into Tangible Outcomes, Robert S. Kaplan and David P. Norton, HBS Press,Suggested Internet Surfing,The Balanced Scorecard Collaborative at www.bscol.com,The Balanced Scorecard Institute at www.balancedscorecard.org,Free basic online presentation by Paul Niven www.bettermanagement.com/seminars/ seminar.aspx?LibraryID=6199,Suggested Internet Surfing,Free netconferences are also available at The Balanced Scorecard Collaborative www.bscol.com/education/conferences/ netconferences/ Generally on the fourth Thursday of each month at 11:00 A.M. ET. Next netconference: October 28, 2004,Questions? Comments?,Thank You,Beyond the Scope,The slides that follow provide additional insight into the balanced scorecard.,Handling Initiatives,Inventory current initiatives,Map them to BCS Objectives,Eliminate nonstrategic initiatives,Add new initiatives,Prioritize remaining initiatives,Five Principles of StrategyFocused Organizations,Principle 1: Translate the strategy to operational terms,Principle 2: Align the organization to the strategy,Principle 3: Make strategy everyone’s job,Principle 4: Make strategy a continual process,Principle 5: Mobilize leadership for change,Anthony Atkinson, Robert Kaplan, S. Mark Yong,Implementing the Balanced Scorecard,Select an architect and form a taskforce.,Develop business strategies,Determine where business units fit into the big picture.,Hold meetings, workshops, and synthesis sessions.,Implementing the Balanced Scorecard,Select and design measures.,Establish targets,Establish initiatives,Build a consensus around strategic objectives.,The Balanced Scorecard and a New Management Processes,New management processes may result from implementing the balanced scorecard.,New Management Processes,1. Translating the vision,2. Communicating and linking,3. Business planning,4. Feedback and learning,1. Translating The Vision,To build a consensus around the organization’s vision and strategy,To express the vision in terms of an integrated set of objectives, measures and initiatives,Must be agreed upon by all senior executives,2. Communicating and Linking,Communicates the strategy up and down in the organization,Links strategy to departmental objectives,Links strategy to individual objectives,Expands on performance measures that focus only on financial performance,2. Communicating and Linking,A way to ensure that all levels of the organization understand the strategy,A way to ensure that department and individual objectives are aligned with the strategy,Links rewards to performance measures,3. Business Planning,Enables companies to integrate their business and financial plans,Various independent change programs difficult to integrate,However when goals are set and coordinated using the balanc