Balanced Scorecard Discussion – 500 words

Put yourself in the role of a health care executive that is introducing the use of a balanced scorecard to middle management at the next management meeting for your institution. Find a short YouTube video to demonstrate key points about using a balanced scorecard that you believe would be valuable to present this concept at the management meeting.1. In your first post, provide the YouTube video link.Provide a brief summary of the video.
Address at least two benefits of using a balanced scorecard in health care institutions in your post.
Explain why using the balanced scorecard is a strategic measure to help a health care institution be successful and stay competitive.
2. Respond to at least two other student posts. You may debate the most important aspects of a balanced scorecard (such as financial, customers, internal, people, goals, measurement). Show your critical thinking and provide comments that detail why the balanced scorecard would be important to a strategic health care leader.Reference:
Student 1:Hi Class,I chose a YouTube Video presented by Bernard Marr. He has other videos dedicated to Balanced Scorecard but this one specifically explains 7 key benefits of the balanced scorecard.
1. It will help us end up with a better strategy. Marr explains making a template for a “strategy map”. This helps set the right culture in place and helps take the correct necessary steps to do things right internally.
2. Our balanced scorecard will give us a much better organizational alignment. It will help clarify where people should be contributing and will help everyone understand their role in the strategic plan.
3. Our product is what should be on our strategic map. He says that if we can produce a one-page outline of the strategic goals, it will make it easier for others to follow. He describes it as a “one page communication tool.”
4. A balanced scorecard makes it easier to execute our strategy. It will help us be more likely to not miss our target strategy. Our template is the action plan for our goals.
5. With our balanced scorecard in hand, we can get better information and improved performance reporting. It is used to focus in on indicators that help look at key goals using pie charts and color coating.
6. It is the template for the finance and tool. He states that budgeting runs parallel to strategy initiatives and can help create a neater alignment between the two.
7. It helps align risk management. Marr mentions that all too often this is done too narrowly. We need to concentrate on risk in relation to strategy. We need to identify risks of being unsuccessful in our strategy. By aligning risk management, we will know the risk of the delivering our goals.
Prescribed plans are the key factor to creating success. Having a balanced scorecard in place helps promote greater financial strength and in turn create the best patient care. It is a way to organize and understand our goals and helps translate the vision with clear communications. This will help our organization stay competitive by using feedback as a learning opportunity. It will help encourage a sense of learning that is often missed in organizations. Machado says that, “Theory attributes advantages to the Balanced Scorecard as a performance evaluation method, when compared to exclusively financial measures” (2013).-SamWhat Are The Benefits Of The Balanced Scorecard? – YouTubeMachado, M. J. C. V. (2013). Balanced scorecard: An empirical study of small and medium size enterprises/Balanced scorecard: Um estudo empírico sobre pequenas e médias empresas/Balanced scorecard: Estudio empírico sobre pequeñas y medianas empresas. Revista Brasileira De Gestão De Negócios, 15(46), 129-148. Retrieved from https://search.proquest.com/scholarly-journals/balanced-scorecard-empirical-study-small-medium/docview/1355246906/se-2?accountid=89121
Watch Video
What Are The Benefits Of The Balanced Scorecard?
Duration: 6:32
User: n/a – Added: 2/19/20
YouTube URL: http://www.youtube.com/watch?v=UnBR9J0Tq88
Approximate price: $22
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