Balanced Scorecard Sample Essay

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BALANCED SCORECARD EXAMPLE The following is an example of how one might develop a Balanced Scorecard. The information included is fictional and is provided to simply demonstrate the process. Anytown Hospital has just finished a two-day retreat where they revised and updated their mission and vision statements and drafted a strategic plan. The hospital’s vision statement is: The hospital’s mission statement is: During their retreat, the hospital board and leadership identified the following strategies to pursue the upcoming year. • Operate in the black with 5% margin by increasing revenues • Motivate, recognize and retain staff • Provide high quality services • Increase utilization of services The Anytown Hospital administrator enlisted the help of the department managers to implement a performance improvement process and Balanced Scorecard. First, they took these strategies and placed them into their appropriate perspectives as follows: [pic] [pic] [pic] [pic] NOTE: Once strategies are categorized according to the four perspectives, if there are imbalances, determine if they are significant and either add or remove strategies accordingly. The next step is to determine the causal linkages between the strategies and develop a strategy map to visually portray how your strategies support your mission and vision. One of the primary reasons for developing a strategy map is that it should clearly communicate the connection between strategies and mission and is an excellent communication tool. The following is Anytown Hospital’s strategy map. [pic] Once you have your strategy map, you can start identifying what actions you will take to achieve strategies and how you will measure the progress in accomplishing each strategy. The following are a few examples of

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