How does this work?
An organization must identify what their objectives are and how they wish to measure them from the four perspective quadrants – Learning and Growth, Business Process,Students and Parents, and Financial.
There is an old adage that says, “What gets measured gets managed.” For example, an objective that many institutions have is to increase minority enrollment. In order to address that objective, an organization must
1. Identify the area of the institution which an objective will address such as
financial, business process, students/parents, or learning and growth.
2. Identify the metric that will be used to measure the objective such as percentage increase, total number of students, quality of information received, etc…
3. Identify the target value based on the metric and that will be the success factor for the objective.
4. Identify the objective owner or sponsor that is responsible for execution or
management of the strategic initiative.
The balanced scorecard provides an institution with a comprehensive tool to measure their performance both short and long term. It empowers management with the ability to keep a pulse on “how things are going”. It is recommended that once a balanced scorecard strategy is implemented, that it is revisited often initially until the organization
is very familiar with the process. Many organizations begin by revisiting the scorecard every quarter for the first year and then annually thereafter. Either way, the balanced scorecard will answer the important question – “how are we doing?”
Note: Check the Balance Score Card Implementation process