To prepare: · Review the information in the Learning Resources, including this week’s media presentation, focusing on the development of performance metrics for a strategic plan. · With your Strategic
Balanced Scorecard
How does an organization gauge whether strategic changes are creating sound business results?
To create a balanced scorecard, a nurse executive will identify performance metrics and an evaluation plan in four major, interrelated areas: finances, customer/stakeholder satisfaction, internal business practices, and plans for future learning and growth. The effective use of a balanced scorecard can facilitate alignment between strategic initiatives and day-to-day operations. Overall success of the change of a strategic plan relies on success in all four important dimensions.
As preparation for Section 6 of your Strategic Plan, in this Discussion, you examine the use of a balanced scorecard to gather data and measure performance related to your planned change.
To prepare:
Review the information in the Learning Resources, including this week’s media presentation, focusing on the development of performance metrics for a strategic plan.
With your Strategic Plan in mind, think about how you would develop a balanced scorecard to measure performance, including the processes you would use to gather appropriate data.
Consider how the use of a balanced scorecard reflects the importance of being able to evaluate progress, assess the impact of planned change on performance, and determine if the costs are justified in terms of the outcomes.
References:
Penner, S. J. (2017). Cost finding, break even, and charges. In Economics and financial management for nurses and nurse leaders (3rd ed., pp. 189–215). Springer.
Penner, S. J. (2017). Comparing costs and benefits. In Economics and financial management for nurses and nurse leaders (3rd ed., pp. 217–248). Springer.
Brown, C. (2017). Balanced scorecard implementation in a school of nursing: A case study analysis. Planning for Higher Education, 45(4), 1–14.
Embree, J. L., Swenty, C. F., & Schaar, G. (2015). A balanced scorecard with strategy map. Journal of Nursing Care Quality, 30(4), 352–358.
Grigoroudis, E., Orfanoudaki, E., & Zopounidis, C. (2012). Strategic performance measurement in a healthcare organisation: A multiple criteria approach based on balanced scorecard. Omega, 40(1), 104–119.
Janbazi, S., Mandejin, M. R. R., Eslambulchi, A., & Monfared, A. B. (2019). Designing a comprehensive evaluation model for health system reform plan in Iran: An approach to extended balanced scorecard. Novelty in Biomedicine, 7(4), 187–201.
Soysa, I. B., Jayamaha, N. P., & Grigg, N. P. (2018). Developing a strategic performance scoring system for healthcare nonprofit organisations. Benchmarking, 25(9), 3654–3678.
