Topic 7: Practice, Implementation and Control

Question 1

What is Strategic implementation?

Answer 1

The aim to achieve the strategy

Question 2

What is the Balanced Scorecard (BSC) Framework

Answer 2

A performance measuring system that helps companies identify and improve their internal operations to help with external outcomes, measures past performance data and provides organizations with feedback on how to make better decisions in the future

Question 3

What are the four perspectives of the BSC Matrix?

Answer 3

1. Financial metrics –> used to understand financial performance such as sales, expenditures, and income
2. Customer perspectives –> collected to gauge customer satisfaction with quality, price, and availability of products or services. Customers provide feedback about their satisfaction with current products
3. Internal/Business Processes –> investigate how well products are manufactured. Operational management is analyzed to track any gaps, delays, bottlenecks, shortages, or wastes.
4. Learning and Growth –> analyzed through investigation of training and knowledge resources. Handles how well information is captured and how effectively employees use that information to convert it to a competitive advantage within the business