Importance of Metrics and Timelines in Strategic Planning
Assignment Content
Now that you’ve identified the organization’s SWOT, you need to determine the project and its objectives and metrics. This project should be based on an unmet opportunity for the organization, or to minimize a potential threat. What does the organization need to do to advance its goals and/or expand its competitive advantage? How will you measure their progress?
Use the Balanced Scorecard Template to:
Create at least 3 measurable project objectives for each quadrant of the scorecard based on your analysis.
Determine targets, timelines, and metrics for each objective.
Explain the following in 350-525 words on the Balanced Score Card Template:
Why these objectives are appropriate for the project.
Why these metrics and timelines are appropriate for your strategic plan.
Note: Review the Strategic Management-8 Most Popular Cases in Connect. Access the case studies from the folder on the main course page in Blackboard.
Submit your assignment.
Balanced Scorecard Template
Use the organization you chose in Week 1 as a resource for this assignment.
Background
Strategic objectives are a measure of attaining your vision and mission. They reflect the vision, mission, and values of the business, as well as the outcomes of the internal and external environmental analysis.
Scorecard Areas
Develop at least three strategic objectives for each of the four balanced scorecard areas.
Financial Objectives
Measures
Targets: Timeline/ Metrics
Increase market share
Total Revenue
Increase 5% in first year.
Increase profits.
Expand into new market sectors and penetrate new markets.
Increase profit by 5% in first year.
Maintain a strong brand image.
Providing relevant innovations like green technology.
Provide relevant innovations by next year.
Implement a differentiation strategy.
Manufacture more unique and attractive products.
Produce more unique products in first year.
Customer Objectives
Measures
Targets: Timeline/ Metrics
Increase customer value.
Increase profit contribution per customer.
Increase 5% in first year.
Develop the customer base.
Offer special discounts to Apple customers.
Provide discounts by end of the first year.
Increase customer loyalty.
Keep and maintain excellent customer support and service.
Increase customer loyalty by 5% in first year.
Understand customer needs.
Develop products that suit the needs of target customers.
Develop products suitable to meet customer needs by next two years.
Internal Business
Process Objectives
Measures
Targets: Timeline/ Metrics
Decrease lead times for new contract implementation
Project implementation time frames.
Decrease time by 3% in first year.
Decrease production cost.
Develop advanced machinery for attaining production efficiency.
Lower production cost by 4% within one year.
Decrease innovation cost.
Invest in productive research and development activities that provide suitable innovation at low cost.
Lower innovation cost by 3% within six months.
Decrease distribution cost.
Invest in customer preferred distribution channels such as online marketplaces.
Lower distribution cost by 5% within the fi...
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