For this assignment you must first select an actual company that employs a low-cost strategy. Options include: Aldi, Wal-Mart, Spirit Airlines, Motel 6, IKEA, Nucor Steel. Once you have selected the company this assignment involves two parts:
For part one of this assignment, conduct an internet search and determine the types of crisis this company has faced in the past.
For part two you must build a balanced scorecard for the organization. Creating a balanced scorecard is like creating a blueprint for making a company’s mission and vision a reality. When you create a balanced scorecard for this class you must assume the role of a business leader within the company and develop the plan for your company. A balanced scorecard brings together the 4 main perspectives or areas of a business (Financial, Business Process, Learning & Growth, and Customer) which all play a role in making a company’s mission and vision a reality. Next a balanced scorecard lists objectives, measurable targets, and initiatives for each of the 4 main areas. These help ensure each of the 4 areas supports the mission and vision. You will need to make these up as if you led the company. Review the lectures, the balanced scorecard videos, and materials from this module and the last module in this course to ensure you understand the concept. Many companies layout a balanced scorecard differently so I have laid out a blueprint below. You do not need to submit this assignment in a graphical format. A simple word style layout is fine [as a file upload to this dropbox], but you must provide the following:
List the organization’s Mission and Vision statements (search the web to locate)
Then in each of the 4 main areas (Financial Perspective, Business Process Perspective, Learning & Growth Perspective, Customer Perspective) you must create the following 4 items:
1. Objectives – Develop objectives that will help support the companies mission/vision as it relates to that particular area. There may be more than one in some areas. (FedEx example in the “business process perspective”: To deliver more FedEx basic ground delivery packages on time.)
2. Measures – Develop measures for each objective. (For the above FedEx example this would be % of basic ground packages delivered on time)
3. Targets – Develop Targets for each measure. (For the above FedEx example this might be to reach the following on-time delivery goals: FY 1– 96% on-time delivery, FY 2 96.5% on-time delivery, FY 99% on-time delivery)
4. Initiatives – Develop at least one real-world implementable initiatives for each objective that will help employees reach the targets and ultimately reach the objective, which ultimately makes the company live out its mission/vision. (For the above FedEx example this might be: Offer financial incentives of $100 bonuses to any delivery driver who delivers all packages on-time for an entire month.)
To help you understand each of the 4 main areas:
Financial Perspective answers the following: “To achieve our goals, how should we appear to our shareholders?”
Business Process Perspective answers the following: “To satisfy our customers and stakeholders, at what business process must we excel?”
Learning & Growth Perspective answers the following: “To achieve our vision, how will we sustain our ability to change and improve?”
Customer Perspective – answers the following: “To achieve our vision, how should we appear to our customers?”)
The goal of this assignment is to help you master this important concept. The ultimate goal of this assignment is to allow you to see how well built Balanced Scorecard can help a company live out its mission and see its vision become a reality.
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