The Balanced Scorecard is a system for the implementation of corporate strategy. It is a performance measurement tool that helps an organization execute its strategies and turn them into measurable results "on the ground." In its practical form, a balanced scorecard is a 4-quadrant itemized list of key performance indicators (KPI's) that the organization strives to … [Read more...]
Key Performance Indicators (KPI) are clear, specific metrics that measure an organization's progress toward a corporate goal. They generally have a time component, because they track the execution of a corporate strategy. They are the "scorecard" part of a balanced scorecard. To develop KPI's, it helps to divide them into three … [Read more...]
A PEST Analysis is not a way to rid your office of undesirable rodents, although I suggest you take care of that first if it is a problem. Rather, it is strategic analysis technique which analyzes the external environment within which an organization operates. It is designed to give an organization a good overall picture of what factors are affecting its business. The … [Read more...]
A SWOT Analysis is a simple but effective tool used to examine an organization's business prospects determine the strategy that an organization will employ to achieve its goals. It is normally plotted on a simple 2 x 2 matrix. Scroll down for an example. SWOT stands for: Strengths Weaknesses Opportunities Threats Strengths This refers to the actions that … [Read more...]
Corporate Strategy refers to the methods with which an organization achieves its goals. In the world of corporate strategy, the development of strategy is the third in a three step process, in this order: Corporate vision defines the state the organization wants to be in over the long term. Corporate goals define the metrics to which the company wishes to strive, … [Read more...]
A corporate goal is an specific, measurable objective toward which an organization channels its efforts. Goals support a vision or mission statement. In strategic planning, the establishment of corporate goals comes right after the development of corporate vision and mission statements. These documents lay the groundwork for determining the more specific goals that an … [Read more...]
In today's ultra-competitive business environment, strategic planning is more than ever a necessary tool to growing a successful business. Even large companies are not immune to sharp downturns and failed strategic plans. Strategic planning is a process that results in the development of a strategic plan (really!). The strategic planning model in use by businesses and … [Read more...]
Many brilliant strategies fail. It doesn't take long to think of names like J.C. Penney, Blackberry, and Kodak. The policies developed by the management team sounded good, but sometimes they just don't translate into results. Policy deployment is the implementation of a corporate strategy, which probably plays at least some role in most corporate failures. Therefore, … [Read more...]
DMAIC (pronouned "Demayik") is an acronym from Six Sigma methodology that stands for: Define Measure Analyze Improve Control It is the road map for project managers to improve existing work processes. If there are any methods or practices that could use improvement at your company, DMAIC is the ticket to superstardom at your organization. Define When a … [Read more...]
A force field analysis is a decision making tool which clarifies the advantages and disadvantages of making a decision. It is an important tool for project managers and executives, and basically anyone who needs to get a firm grasp of the underlying issues before making a big decision. It's pretty basic. In fact, it's so simple you might wonder why it has a … [Read more...]
