Discussion: Developing a Balanced Scorecard

timer Asked: Oct 16th, 2018
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Question Description

In this Discussion, you examine the use of a balanced scorecard to measure performance related to finances, customer/client satisfaction, internal processes, and learning and growth.

To prepare:

  • Review the information in the Learning Resources, focusing on the development of performance metrics for a strategic plan.
  • With your Course Project 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 outcomes.

By Day 3

Post an explanation of your plan for creating a balanced scorecard as part of your Course Project, including the processes you would use to gather data to measure performance. Explain how the use of this balanced scorecard would enable you to evaluate progress, assess the impact of your proposed change, and determine if the costs are justified in terms of the outcomes.

Tutor Answer

School: University of Maryland

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Balanced Scorecard
A balanced scorecard is a tool that helps in executing strategies. It is crucial first to define
a strategy which the balanced scorecard would come in to help measure its success for the New
York Methodist Hospital. Failure to define clearly what is vital in the medical institution from a
strategic point will lead to time wastage. Thus, the institution is looking towards increasing their
number of nurses which is a strategy they should work towards achieving. Measuring everything
wastes time and effort. In cases of such overload of data, it is vital first to define strategy then
decide on the set of measures which will guide on assessing the performance. To measure
performance, the processes involved would entail gathe...

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