Strategy Mapping (Essay Sample)
3 pages 2 sources APA paper Details Explain the process of strategy mapping and how it relates to performance management and establishing value propositions. You may discuss this theoretically or use the Glacier Inn case study presented in the Armitage and Scholey (2009) document in your readings to serve as an example for integrating these ideas. Alternatively, you can use the Hazard Action Zone case study presented in Murby & Gold document (see background readings) if you'd prefer. Armitage, H., Scholey, C., (2006). Using strategy maps to drive performance. Society of Mgt. Accountants of Canada. Retrieved from: http://www.cimaglobal.com/Documents/ImportedDocuments/Tech_MAG_Strategy_Mapping_March07.pdf Introduction: In this part of your essay you will need to introduce your topic and provide a very brief overview of the key points you plan to make in your paper. Analysis: In this section you will present the actual comparison and contrast between BAA's approach to the Balanced Scorecard and more traditional approaches. Conclusion: Wrap up your argument with a clear and cogent synopsis of your findings. Do your best to convince your reader (aka, your professor) as to your position. You must include a title page and a list references. APA formatting is preferred. Do not paste in sections of text into your essay. All of your work must be written in your own words. Short quotes are ok now and again, but quotations must be in quotation marks and properly cited. In-text citations should be used anytime you are borrowing somebody else's ideas, or information. That is to say, if you are borrowing a thought from a publication from J. Neutron's article written in 2010, that section of text must be followed with (J. Neutron, 2010). Quotations, data, and general ideas (put into your own words) should all be cited. MacKay, A., (2004) A practitioners guide to the balanced scorecard: A practitioners' report based on: Shareholder and stakeholder approaches to strategic performance measurement using the balanced scorecard. Chartered Institute of Management Accountants. Retrieved from: http://www.cimaglobal.com/Documents/Thought_leadership_docs/tech_resrep_a_practitioners_guide_to_the_balanced_scorecard_2005.pdf Murby, L., Gould, S., (2005). Effective Performance Management with the Balanced Scorecard: Technical Report. Chartered Institute of Management Accountants. Retrieved from: http://www.cimaglobal.com/Documents/ImportedDocuments/Tech_rept_Effective_Performance_Mgt_with_Balanced_Scd_July_2005.pdf Armitage, H., Scholey, C., (2006). Using strategy maps to drive performance. Society of Mgt. Accountants of Canada. Retrieved from: http://www.cimaglobal.com/Documents/ImportedDocuments/Tech_MAG_Strategy_Mapping_March07.pdfsource..
Companies formulate strategies to be competitive and the success is based on its implementation. There are few businesses that execute strategies effectively while others fail to meet their prospects. The reasons organization experience failure in execution of strategies is the lack of the top management to communicate the vision and involving all employees in achieving the goals. Most of the companies have clear processes in creating strategies but there is a gap that exists between the design and implementation. Tools and different ways have been created to decrease the gap and one tool that is in use is the strategy map.
Strategy mapping is a process that has been introduced by management gurus for effective execution of strategies in companies. A strategy map finds connection amid critical features for the company's strategy. The link between the employee motivation, increase in productivity and profit (Kaplan and Norton, 2004).
The organization requires creation of a vision, mission and strategy. The top management requires the introduction of performance measurements that is precise that will enable vision, mission and strategy statements all employees to act. In strategic performance management the key element is the balanced scorecard. The balanced scorecard improves the businesses performance implementation.
Organization strategy needs all stakeholders to comprehend and implement. The company requires being in alignment with the strategy and using the performance management structures will make it possible. The company to implement its strategy requires the management to link the strategy mapping and balance scorecards. The company looks at the benefits that can be derived from this requires that a company understands the steps of strategy mapping, balance scorecards and how to implement it and its usefulness.
Top corporates in United Kingdom are using Balanced Scorecard in their strategy in the last two decades. The British Airports Authority is one of the companies that have implemented the process in the building of terminal five at Heathrow airport in managing the value in main plans. The Balance Scorecard is a tool used in strategic measurement and is structured into financial, customer, internal process, learning and growth providing performance pointers in all roles of an industry (Kaplan and Norton, 1996).
Performance measurement systems enable businesses to evaluate its accomplishments to determine the pros and cons in its operations. The Balanced Scorecard approach in comparison to Total Quality Management is alike and incorporates the performance management and control systems. The systems emphasis is on communication, reduction in the cost and its main focus is on the systems and not people and requires management support. The Balance Scorecards rely on financial tools profit, assets return and income improvements while Total Quality Management focus is on people motivation and their involvement.
The Environmental Shareholder Value evaluates protection of the environmental. Cost savings are achieved at using minimal cost in environmental activities. The difference between Balanced Scorecard focuses on all stakeholders and Environmental Shareholder Value focuses on shareholders. Blue Ocean Strategy its emphasis is on organization finding new markets instead of competition. Balanced Scorecard approach concentration is on enhancement of the strategy of the organization to compete.
Management by Objectives basis is on persons effort is to be combined to reach a mutual aim. It has benefits on consequences based on the inspiration of employees, good communication and organization. The objectives are derived from consulting between leaders and juniors. Management by Objectives needs eight areas while Balanced Scorecard requires four areas and it is more complex than the later.
European Foundation Quality Management excellence model plan helps organization to gain quality through continual enhancement and this is through self-valuation through certain benchmarks. The system is similar to Balanced Scorecard are similar in aspects concerning improvement and differ from how they implement strategies. Performance Prism emphasizes on participants through their contentment, approaches, procedure, abilities and influences. Performance Pyramid deals with the connection of the strategies in a business into four levels of procedures. Both the Performance Pyramid and Balanced Scorecard utilize strategy maps. Balanced Scorecard is more operational in use of the strategy maps than Performance Pyramids.
ISO 14001 formed by the International Organization of Standardization. This ...
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