Strategic Planning Utilizing the Balanced Scorecard Assignment

Strategic Planning Utilizing the Balanced Scorecard - Assignment Example Vision and strategy statements often contain phrases such as superior or top class service or excellent product quality and so on. Often, these statements do not provide accurate meaning to internal and external stakeholders. Through the process of Balanced Scorecard, the management provides a clear-cut definition, for example, the top class service as 97 percent on-time delivery to customers. With this clarity, everyone concerned will focus and put their efforts to achieving the top class service rather than speculating on its abstract meaning. Scorecard provides a platform to translate the strategy overcoming vision barrier. Scorecard creates understandable measurement criteria that guide all employees to achieving desired goals. Customer satisfaction, customer loyalty, and market share are the critical indicators that inform how close the company is to customers. The organization needs to create the performance drivers that not only measure the customer perspective but suggests the ways to improve upon them. Entirely new processes such as product development, production activities, or service capabilities may be considered in this perspective. The organization needs to create the performance drivers that not only measure the internal process perspective but suggests the ways to improve upon them. Skyline College’s vision statement is: "Skyline College inspires a global and diverse community of learners to achieve intellectual, cultural, social, economic and personal fulfillment" (Skyline College, 2014). Keeping in line with vision statement, several strategies of Skyline are in operation for achieving its goal. To know about the effectiveness of the strategies formulated, Skyline has devised several measures such as retention, persistence, all course success, basic skill course success, student-counselor ratio, and many more. Through these measuring criteria, it is possible to know