Expert Answer:BUS675 POST Developing A BSC And Strategy Map For

  

Solved by verified expert:Module 1.2 – Message Board: Developing a BSC and Strategy Map for the SBARead the handout “SBA Vision, Goals and Objectives”.Then apply the concepts and techniques learned in this module to complete the following:Develop a Balanced Scorecard (BSC) for the SBA (A BSC worksheet is available in Canvas).Create a Strategy Map that identifies performance drivers for the outcomes listed in the BSC and explains how they are related (A Strategy Map worksheet is available in Canvas).-do not use outside Sources
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The University of Arizona
SCHOOL OF BUSINESS ADMINISTRATION
VISION AND MISSION
VISION
The University of Arizona School of Business Administration’s vision is to be a premier business school in the region recognized for challenging trend-setting
programs for educating future business leaders.
MISSION
At the University of Arizona School of Business Administration, we prepare students for successful careers and leadership positions in business. We provide a
challenging educational environment that promotes life-long professional and personal growth through experiential and service learning. Our commitment to ethics
and to diversity of thought, experience, and background inspires our students, faculty, and staff to become proactive and socially responsible citizens. As teacher
scholars we value scholarship and generate knowledge that is valuable to our profession and the business community. We embrace the interests of our stakeholders
and engage them in our programs and activities.
GOALS
Goal 1: Create a challenging undergraduate program that motivates students to learn, inspires them to be responsible citizens, and develops
their career potential through a rigorous classroom experience and experiential learning opportunities.
Goal 2: Develop high quality graduate programs that enhance students’ job performance and career advancement through state-of-the-art
courses offered in flexible delivery modes.
Goal 3: Grow School’s graduate student enrollment while maintaining desirable levels of diversity and quality in the student body.
Goal 4: Engage all School of Business Administration’s faculty in high quality research, the pursuit of teaching excellence, and active
participation in the school’s and the university’s programs and events.
Goal 5: Create an organizational environment at the School of Business Administration that will stimulate and reward innovation and
provide for efficient development and implementation of new programs and other competitive initiatives.
Goal 6: Create mutually beneficial partnerships with regional businesses that will increase our visibility and recognition, contribute to
faculty development, and provide career and experiential learning opportunities for our students.
Goal 7: Develop life-long learning and career enhancement initiatives.
OBJECTIVES
Goal 1: Create a challenging undergraduate program that motivates students to learn, inspires them to be responsible
citizens, and develops their career potential through a rigorous classroom experience and experiential learning
opportunities.
Objective 1.1: Increase levels of participation and job performance by students in the co-op program.
Objective 1.2: Provide at least one experiential learning opportunity including internships for credit and courses with service
learning component.
Objective 1.3: Establish and enforce code of professionalism for students, faculty, and staff.
Objective 1.4: Increase the number and level of academic preparedness of incoming freshmen.
Objective 1.5: Increase student participation in school, university, professional and civic organizations and associations.
OBJECTIVES
Goal 1: Create a challenging undergraduate program that motivates students to learn, inspires them to be responsible
citizens, and develops their career potential through a rigorous classroom experience and experiential learning
opportunities.
Objective 1.1: Increase levels of participation and job performance by students in the co-op program.
Objective 1.2: Provide at least one experiential learning opportunity including internships for credit and courses with service
learning component.
Objective 1.3: Establish and enforce code of professionalism for students, faculty, and staff.
Objective 1.4: Increase the number and level of academic preparedness of incoming freshmen.
Objective 1.5: Increase student participation in school, university, professional and civic organizations and associations.
Objective 1.6: Student learning will be assessed with regard to rigorous program learning objectives on an on-going basis.
Goal 2: Develop high quality graduate programs that enhance students’ job performance and career advancement
through state-of-the-art courses offered in flexible delivery modes.
Objective 2.1: Provide a cross-disciplinary approach in MBA core courses, opportunities for more electives, and foundation level
courses in flexible modes.
Objective 2.2: Develop graduate study opportunities that feature credit and non-credit offerings in flexible modes that complement
students’ experiences and advance their careers.
Objective 2.3: Create an environment that encourages faculty to develop courses that address current issues and offer them in
suitable delivery modes.
Objective 2.4: Ensure that offerings meet needs of the students and employers.
Objective 2.5: Strengthen career advising and placement services for graduate students and alumni.
Goal 3: Grow School’s graduate student enrollment while maintaining desirable levels of diversity and quality in the
student body.
Objective 3.1: Expand course offerings to those geographic locations that have high-growth potentials.
Objective 3.2: Partner with large businesses to expand on-site program offerings.
Objective 3.3: Expand offerings to wider geographic areas and provide time-flexibility to students.
Objective 3.4: Increase certificate programs.
Objective 3.5: Partner with other domestic and international higher education institutions to offer joint graduate programs.
Objective 3.6: Create a web site that is dynamic, interactive, and continually updated.
Goal 3: Grow School’s graduate student enrollment while maintaining desirable levels of diversity and quality in the
student body.
Objective 3.1: Expand course offerings to those geographic locations that have high-growth potentials.
Objective 3.2: Partner with large businesses to expand on-site program offerings.
Objective 3.3: Expand offerings to wider geographic areas and provide time-flexibility to students.
Objective 3.4: Increase certificate programs.
Objective 3.5: Partner with other domestic and international higher education institutions to offer joint graduate programs.
Objective 3.6: Create a web site that is dynamic, interactive, and continually updated.
Goal 4: Engage all School of Business Administration faculty in high quality research, the pursuit of teaching
excellence, service to profession and community, and active participation in the school’s and the university’s programs
and events.
Objective 4.1: Every full-time faculty member will be academically and/or professionally qualified.
Objective 4.2: Faculty will strive for high quality research on a national level and will publish in journals preferred by our aspiring
institutions.
Objective 4.3: Faculty will present their research at conferences that will lead to publications in high quality journals.
Objective 4.4: Develop a multiple measure of teaching excellence to include student evaluations, peer reviews, and syllabi content
and currency.
Objective 4.5: Faculty merit will include a measure of advising quality as well as a measure of institutional citizenship that includes
participation in student, university, and community programs and events.
Objective 4.6: Encourage faculty to participate in activities, such as serving as journal editors, paper reviewers, board members in
professional and civic organizations, etc. that will raise the profile of the SBA.
Goal 4: Engage all School of Business Administration faculty in high quality research, the pursuit of teaching
excellence, service to profession and community, and active participation in the school’s and the university’s programs
and events.
Objective 4.1: Every full-time faculty member will be academically and/or professionally qualified.
Objective 4.2: Faculty will strive for high quality research on a national level and will publish in journals preferred by our aspiring
institutions.
Objective 4.3: Faculty will present their research at conferences that will lead to publications in high quality journals.
Objective 4.4: Develop a multiple measure of teaching excellence to include student evaluations, peer reviews, and syllabi content
and currency.
Objective 4.5: Faculty merit will include a measure of advising quality as well as a measure of institutional citizenship that includes
participation in student, university, and community programs and events.
Objective 4.6: Encourage faculty to participate in activities, such as serving as journal editors, paper reviewers, board members in
professional and civic organizations, etc. that will raise the profile of the SBA.
Goal 5: Create an organizational environment at the School of Business Administration that will stimulate and reward
innovation, provide for efficient development and implementation of new programs and other competitive initiatives,
and promote effective management of ongoing programs.
Objective 5.1: Revise the organizational structure and policies of the SBA to enhance creation, implementation and support of new
and ongoing programs, projects, and initiatives.
Objective 5.2: Acquire external funds to reward faculty, staff, and administrators for their efforts in new program developments,
implementations, and assessment of these programs.
Objective 5.3: Reward innovation in design, redesign, delivery, and assessment of all ongoing programs.
Goal 6: Create mutually beneficial partnerships with regional businesses that will increase our visibility and
recognition, contribute to faculty development, and provide career and experiential learning opportunities for our
students.
Objective 6.1: Encourage faculty to participate in faculty internships in industry.
Objective 6.2: Engage members of the SBA Business Advisory Council and Executives in Residence to be ambassadors to regional
businesses to promote SBA programs and initiative.
Objective 6.3: Increase the quantity and quality of post graduation career opportunities for our students.
Objective 6.4: Encourage faculty to partner with business professionals in team-teaching.
Objective 6.5: Increase student exposure to the business world.
Objective 6.6: Host conferences in topics of contemporary concern to business interests in the metropolitan area.
Goal 6: Create mutually beneficial partnerships with regional businesses that will increase our visibility and
recognition, contribute to faculty development, and provide career and experiential learning opportunities for our
students.
Objective 6.1: Encourage faculty to participate in faculty internships in industry.
Objective 6.2: Engage members of the SBA Business Advisory Council and Executives in Residence to be ambassadors to regional
businesses to promote SBA programs and initiative.
Objective 6.3: Increase the quantity and quality of post graduation career opportunities for our students.
Objective 6.4: Encourage faculty to partner with business professionals in team-teaching.
Objective 6.5: Increase student exposure to the business world.
Objective 6.6: Host conferences in topics of contemporary concern to business interests in the metropolitan area.
Goal 7: Develop life-long learning and career enhancement initiatives.
Objective 7.1: Help alumni, undergraduate, and graduate students, and faculty and staff to achieve their professional goals.
Objective 7.2: Increase alumni involvement in SBA activities.
Objective 7.3: Increase the participation of alumni and the general public in SBA life-long learning and career development
programs.
Balanced Scorecard Worksheet
Strategic vision:
Strategic Objectives
Financial
Customers
Internal business processes
Learning & growth
Outcome Measures
(Lag indicators)
Performance Drivers
(Lead indicators)
BUS 675
Managing For Results
Week 1
Overall Course Objective
Provide the tools & perspectives to “Manage for
Results”


Integration across the MBA program
Application focus
Key Question: “What does it take to make the firm
more successful?”


Effective strategies
Competitive advantage
Managing for Results:
Key Questions for Managers
Are you achieving desired results?


Competitive advantage
Balanced scorecard
If not, why not?



Activity analysis
Strategy mapping
Analyzing strategy & identifying causes of failure
What can you do to improve results?


Enhance integration of activities
Find new opportunities & markets


Innovation
Globalization
The Role of Managers
Analyzing the situation & improving results using
skills as a(n) …
◼ Integrator
Achieving better integration

Innovator
Creating new value for customers
Finding new markets & new revenue sources

Global strategist
Leveraging global opportunities
Achieving Results through
Strategy
Effective strategies → CA → Superior results
Strategy explains how an organization faced with
competition will achieve superior performance

Magretta, Competition: The right mindset (Ch. 1)
Strategy is an integrated & coordinated set of
commitments & actions designed to exploit core
competencies & gain a competitive advantage


Hitt, Ireland, & Hoskisson 12e (2017)
An effective strategy is, thus, a “bundle” of internally
consistent & intertwined functional decisions/actions.
Why Integration is Important
Functional decisions and actions do not occur in
isolation – they interact with each other


Positive interactions → synergy
Negative interactions → cancel effect
Decisions interact if one choice alters the marginal
costs/benefits of another choice.

Example: Decision by Southwest to fly short hauls
To ensure positive interactions, firms must make
internally consistent decisions.
What is Competitive
Advantage?
Achieving a larger spread between relative cost &
relative price (value) than rivals

Magretta, Competitive advantage: The value chain & your P&L (Ch.3)
CA results from a difference in firm activities


Better execution of the same configuration of activities
Choosing a different configuration of activities
CA & the value chain



The value chain is the basis of competitive advantage
A firm’s value chain is the collection of value-creating and
cost creating activities
See Magretta (Ch. 3) p. 14, Fig 3-2 & next slide for examples
A Generic Firm Value Chain
FIRM INFRASTRUCTURE
SUPPORT
ACTIVITIES
HUMAN RESOURCE MANAGEMENT
TECHNOLOGY DEVELOPMENT
PROCUREMENT
INBOUND
LOGISTICS
OPERATIONS
OUTBOUND
MARKETING
LOGISTICS
& SALES
SERVICE
PRIMARY
ACTIVITIES
Competitive Strategy
The strategy to create a competitive advantage by
focusing on ↓cost or ↑ willingness to pay (price)
within a given business unit/product market


Low cost (cost leadership) strategy – emphasis on ↓cost
Differentiation strategy – emphasis on ↑ willingness to pay
Note: different ≠ differentiation as a source of CA
See next two slides for an illustration of value chain differences
across cost leadership & differentiation

Dual (integrated) strategy – emphasis on both
simultaneously
Scope

The range of customers that is targeted
Broad versus narrow (or focused)
Cost Leadership
SOURCE: Adapted with the permission of The Free Press, an imprint of Simon & Schuster Adult Publishing Group, from Competitive
Advantage: Creating and Sustaining Superior Performance, by Michael E. Porter, 47. Copyright © 1985, 1998 by Michael E. Porter.
Differentiation
SOURCE: Adapted with the permission of The Free Press, an imprint of Simon & Schuster Adult Publishing Group, from Competitive
Advantage: Creating and Sustaining Superior Performance, by Michael E. Porter, 47. Copyright © 1985, 1998 by Michael E. Porter.
The Balanced Scorecard
The framework that translates a firm’s vision &
strategy into coherent & linked performance
measures
Four perspectives
Financial


Business objectives (growth, harvest, or sustain)
Financial themes (revenue ↑, cost ↓, asset utilization)
Customer


Target customer outcomes (retention, acquisition, satisfaction)
Customer value propositions (product attributes, relationship, image)
Internal processes


Key existing processes
New processes
Learning/growth/innovation

Closing capability gaps (people, systems, & procedures)
The BSC: Goal & Key Questions
Goal: To link business strategy, performance
outcomes, & performance drivers
Key Questions:



To succeed with our vision & strategy, what do we need to
accomplish?
Objectives for each of the four perspectives
What are the critical performance outcomes?
Outcome measures (lag indicators) for the objectives
identified above
What are the drivers of performance outcomes?
Measures of performance drivers (lead indicators) for
the outcome measures identified above
Why use the BSC?
Idea in Brief (Kaplan & Norton, 1996)

A framework that clarifies business strategy by making
the cause & effect relationships among objectives and
measures explicit
To focus on balance & integration across…




The four perspectives
Short term & long term objectives
Measures of desired outcomes (lag indicators) &
measures of the performance drivers of desired
outcomes (lead indicators)
Objective & subjective measures
To focus on the critical areas/elements of the
business strategy
Strategy Maps: Extending the BSC
Establishes & highlights the links between strategy,
daily activities, & performance outcomes


Cause & effect chain among desired outcomes & drivers
of these outcomes
Highlights connections across functional areas
Refines BSC measures



Incorporates & emphasizes the “how?”
Exposes gaps at lower levels of implementation
Additional clarification
BSC → Strategy Map
Financial


Revenue growth: new vs. established
Productivity: ↓ expenses vs. ↑ asset utilization
Customer

Operational excellence, customer intimacy, or product
leadership
Product/service attributes, relationship, & image
Internal processes

Innovation, customer handling, supply (value) chain
management, or corporate citizenship
Learning & growth

Human capital, core competencies, technology, &
culture
APPENDIX
“How to’s” & Additional Considerations
How to Build the BSC
1. Pick business unit – with its own customers,
operational capability, accountability
2. Clarify/develop vision, mission, & strategy
3. Identify goals/objectives for the 4
perspectives (2-3 each)
4. Identify desired outcomes (lag indicators) &
performance drivers for the objectives(lead
indicators) (2-3)
BSC: What Kinds of Measures?
Measures related to strategy and CA
Measures that require managers to create
strategic change and improve results

e.g. penetrate new markets
Measures that are internally consistent &
quantifiable
Measures that are customized for each
unit – take into account the cause-effect
relationship, context-specific
How to Select the Right Measures (from the
thousands available)
Tie measures to goals/objectives in the
strategic plan
Use causal models

Lay out cause-effect relationships between
actions/drivers and strategic outcomes
Validate the proposed relationships

Statistical analyses, focus groups
Set targets at appropriate levels

Not too low or too high – cost-effective level
Use accurate measures – valid, reliable
How to Develop a Strategy Map
1. Set vision, mission, goals, strategy for CA
2. Develop financial strategy to increase
shareholder/stakeholder value
3. Develop customer value proposition that
will achieve financial goals
4. Determine which processes will be used
to achieve this value proposition
5. Identify the skills, competencies, and
culture that will support these processes
Strategy Map Worksheet
Revenue Growth Strategy
New Sources
Existing Customers
Productivity Strategy
↓cost
↑ asset utilization
Financial Perspective
Customer Perspective
Product/service Attributes
Relationship
Image
V …
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