Presentation on theme: "What is a Balanced Scorecard? 1 The balanced scorecard is a tool that aligns an organization’s activities to its vision and strategy Used to monitor performance."— Presentation transcript:
What is a Balanced Scorecard? 1 The balanced scorecard is a tool that aligns an organization’s activities to its vision and strategy Used to monitor performance against strategic goals Focuses on key performance indicators: – Key Performance Indicators: made up of two or more metrics that indicate overall performance – Key Performance Metrics: Represent finite and measurable items Category Financial Customer Internal Process Learning and Growth
Steps to Deriving a Balanced Scorecard 2 Define Core Values and Purpose **Today’s Discussion** Objectives Definition Define 1 to 3 year objectives or goals Initiatives Definition The organized efforts that will help COHBE reach the objectives Strategic Performance Measurement Balanced Scorecard: the mechanism that will track objective success A tool to inform the ongoing performance management plan
Core Values and Purposes 3 Core Purpose: an organization’s reason for being Core Values: timeless guiding principles that have intrinsic value to those inside the organization
Core Values and Purposes 4 DRAFT Core Mission: (as defined by SB200) To increase access, affordability and choice for individuals and small employers purchasing health insurance in Colorado. Core Purpose To help people be healthy and more secure. Core Values Keep the customer at the heart of all we do; Be open, honest and respectful; and Act with courage and excellence.
Next: Strategic Objectives, Initiatives and KPIs 5 Strategic objectives are defined to achieve shorter term goals (1-5 years) – Strategic objectives are created to achieve operational focus in the organization and must be measurable Strategic initiatives are programs designed to meet strategic objectives – Strategic initiatives are small in number (no more than 5) and measurable Key Performance Indicators – Can be leading and lagging indicators – Finite and manageable