Balanced Scorecard and Assessment Activity Essay

2.3 Implement operation plan within own area of responsibility; The operational plan that I have submitted is from my area of responsibility, this has been devised by using the organisational strategy and working out my areas on responsibility. This allows me to have an end goal and then I need to plan how to achieve it. Once this is done I can work out a step by step plan of what needs to be done and by whom. This is all added to the plan along with any other obligations that will arise like staff supervision and appraisals and monitoring. I can then arrange the plan so that it is ordered by

The components of a successful performance management system will help with defining; the plans to increase profits and the margin objectives. This includes having objectives for your individual employees, managers and anyone that contributes to the overall goals. Keeping a well-defined program will relate back to the planned and projected targets you have put in place in each entity of your company. Having a strong documented plan will also increase the trust factor within your customer base, along with your employees.

Establish Key Performance Indicator Dashboards: the first step for improving the revenue cycle is to establish the right key performance indicators (KPIs) for each department and track it. A gap between current and targeted outcomes directs an opportunity for development.

Developing your KPIs requires a two-prong approach. You should consider how your field service performance impacts service efficiency and customer satisfaction, as well as how service performance impacts your company’s overall business goals. Consider the following factors when establishing your KPIs:

"Organizations perform strategic planning to establish strategic goals, related objectives, and key performance measures. The performance measures provide feedback to managers on how well specific objectives are being achieved in support of the strategic goals and objectives. The most important organizational performance measures are called key performance indicators, or KPIs, and are used by senior management.... A 'performance gap' exists when the actual performance on a KPI is below the planned or expected level of performance" (Identifying Organizational Performance Gaps, 2010, IT Economics).

Identifying Key Performance Indicators & Metrics which captures the counts and ratios infused with business strategy Examples: Conversion rate, average order value, task completion rate.

Identifying Key Performance Indicators & Metrics which captures the counts and ratios infused with business strategy Examples: Conversion rate, average order value, task completion rate.

Strategic planning has a long time frame, often three years or more. Strategic planning generally includes the entire organization and includes formulation of objectives. Strategic planning is often based on the organization’s mission, which is its fundamental reason for existence. An organization’s top management most often conducts strategic planning. Tactical planning which is "a set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a distinct portion of the organization, such as a functional area like marketing" (p. 126). Middle-level managers often engage in tactical planning. And finally, operational planning which the book defines as "the process of identifying the specific procedures and processes required at lower levels of the organization" (p. 126). This type of planning generally assumes the existence of organization wide or subunit goals and objectives and specifies ways to achieve them. Operational planning is short-range (less than a year) planning that is designed to develop specific action steps that support the strategic and tactical plans.

As the core of the business performance evaluation system, Key Performance Indicators (KPI) is a scientific and effective method to manage and evaluate its performance, based on extracting the key performance indicators within the organization. It is a process of the top-down decomposition on indicators from the organization to individual. The essence is to break down the business strategic goal into a series of operational targets. It is a basic work in business management.

The firm in question deals in the trading of wheat and barley into domestic end users including feedlots and flour millers. This operational plan provides the structure of the operation, the long-term business strategy in place, a summary budget for this strategy, a description of planned major projects and available resources to support them. A discussion concerning how the operational plan will be implemented and monitored is followed by a description of the performance targets that will be used. The operational plan then delineates the respective responsibilities for the proposed actions, and provides relevant timeframes for projects goals and evaluations. Finally, an assessment of the measures that will be taken to improve resource use and the elimination of waste is followed by a discussion concerning learning needs and contingency measures that may be required.

Developing KPI: This stage focuses on using the ratios obtained in the previous stage and infusing them with business strategies, referred to as Key Performance Indicators (KPI).

Key performance indicators (KPIs) are essential component in our reporting plan as they provide insight on our “financial and non-financial performance against targets and long-term value creation goals” (EY, 2014, p. 18). Utilizing KPIs helps keep our organization focused as well as ensuring that the project is on track.

Undergoing the process of strategic planning can go a long way in helping to ensure the survival and growth of an organization it seeks to eliminate the weaknesses of an organization and to confirm its strengths. It also analyses the environment and other factors that might affect the smooth running of an org and tries to rectify them accordingly and also to give the organization competitive advantage.

Key Performance Indicators (KPIs) are used by managers and leaders as essential navigation measures to recognize the possibility and degree of success because the appropriate use of these indicators assist in identify the areas that should be considered in

We will recommend the approach that the organization needs to take in order to link the KRIs with the organization’s strategic initiatives.