Balanced Scorecard Analysis and Strategic Plan

Balanced Scorecard Analysis and Strategic Plan

Part 5 of 5

GRADING RUBRIC MUST BE FOLLOWED

OUTSIDE RESOURCES MUST BE WITHIN THE PAST 5 YEARS

Create an integrated strategic management and implementation plan for a health care organization that incorporates instructor and real-world feedback into a final balanced scorecard analysis and strategic plan.

Questions to Consider:

• What is the purpose of the balanced scorecard?
• How do key performance indicators in the four perspectives affect the department, service line, or strategic business unit in which you currently work or desire to work?
• What are the logical steps that you as a health care leader can take to assure that your actions align with the needs of the organization, from the time that a new vision and directional strategy are defined?
• How do you, your team, your department, and so forth add value in a measurable way to the organization?

Overview

This assessment is the culmination of your work in the course. It includes the analyses you made of your selected organization, details of your proposed strategic plan, and recommendations for implementing your plan. An important aspect of this assessment is providing the rationale used when you incorporate feedback from stakeholders and/or colleagues (instructor, mentor…) into your integrated final report.

Preparation

To successfully complete this assignment, you will be expected to:

• Use strategic management and knowledge management theory and research to analyze the current environment of a health care organization.
• Apply strategic planning tools and research to determine alternative strategies for a health care organization’s future success.
• Synthesize operational and financial components in the strategic planning process.
• Evaluate the effect of your strategy formulation.
• Integrate additional knowledge that you have gained and feedback you have received as the course progressed.
• Incorporate any necessary instructor feedback and real-world feedback (from colleagues, for example) into previously submitted assessments, including your Kaltura recording and PowerPoint presentation.

Integration of Feedback

• Step One: Share this plan with a colleague in your profession (preferably in the health care organization you are analyzing) and receive feedback on your management and implementation strategies.
• Step Two: Integrate additional knowledge that you have gained along with the feedback you have received as the course progressed. Incorporate real-world and instructor feedback into previously submitted elements, including your Kaltura recording and PowerPoint presentation.
  • Refine each element accordingly and assemble a fully integrated plan. Create footnotes where refinements were made as a result of feedback received. Call out your rationale for changes made or reasons you chose to retain elements even though a stakeholder might have called for a change.
  • Re-record your 5–10 minute presentation as needed.

Final Report

Create a 12–15-page final report addressed to senior leadership in your selected organization that contains your balanced scorecard analysis and your proposed strategic plan. Your final report should contain the following elements.

• Title page.
• Executive summary: This is a 1-page summary of the main points of your analysis, an overview of the feedback you have received from stakeholders, along with the major recommendations contained in your strategic plan.
• Table of contents.
• Section headings and subheadings (based on the content of your analysis and your strategic plan).
• Footnotes: Provide a reference or footnote where substantive refinements were made from previous assessments. Support your rationale for changes or lack of changes in both management strategies as well as implementation strategies with relevant scholarly resources.
• References.
• Appendices.

Resources:

Operational Structure and Strategic Planning

• Ballé, M., Morgan, J., & Sobek, D. K. (2016). Why learning is central to sustained innovation. MIT Sloan Management Review, 57(3), 63–71.
• Daly, R. (2014). The structure of value. Healthcare Financial Management, 68(1), 56–63.
• Gingrass, J. (2015). Changing the channel: Strategies for expanding patient access. Healthcare Financial Management, 69(4), 64–68.
• Mangelsdorf, M. E. (2016). Mastering strategy. MIT Sloan Management Review, 57(2), 67–71.
• Mosadeghrad, A. M. (2015). Developing and validating a total quality management model for healthcare organisations. TQM Journal, 27(5), 544–564.
• Sheffi, Y. (2015). Preparing for disruptions through early detection. MIT Sloan Management Review, 57(1), 31–42.
• Smith, M., & Loonam, J. (2016). Exploring strategic execution: A case study on the use of the balanced scorecard within an Irish hospital. Journal of Strategy and Management, 9(4), 406–428.

SHOW LESS

Balanced Scorecard

These resources and articles help to illustrate the information necessary in communicating a balanced scorecard and strategic plan for a health care organization.

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• Balanced Scorecard Institute. (n.d.). What is strategic planning? Retrieved from https://balancedscorecard.org/Resources/Strategic-…
• Balanced Scorecard Institute. (n.d.). Creating organizational strategic alignment. Retrieved from https://balancedscorecard.org/Resources/Cascading-…
• KPI.org. (n.d.). What is a key performance indicator (KPI)? Retrieved from http://kpi.org/KPI-Basics