Balanced Scorecard – Feature Help
Using a Weighted Scorecard for Strategy Execution
Balanced Scorecard is a popular methodology for managing strategic performance.
This methodology uses a balanced set of financial and non-financial goals and metrics.
Why use a Balanced Score Card (BSC)?
- Standardize your format for “Business Review Meetings”
- Simplify interpretation of business metrics
- Create accountability for internal business metrics that drive external results
- Benefit from established best practices
Create a Balanced Scorecard
- Click +ADD
- Select New Huddleboard
3. Name the Huddleboard, select Department, and visibility.
Note: BSC will be visible in the waffle (huddleboard menu).
4. Click “add goal” to select an existing or create a new goal.
Link Metrics to a Goal
- Click on Goal name to open goal detail tile.
- Select Action>> Add/Edit Metric
Point Scale
Auto-calculate the BSC Score field based on 5 tier point scale. Admin users can configure the points that correspond with each zone.
Note:
- This setting will apply for all metrics in your account.
- Inside each metric, the BSC Score will be auto-calculated when the actual field is updated.
To Configure:
- Settings>> Point Scale
Balanced Scorecard Frequently Asked Questions (FAQ)
Q: How do I remove a goal from balanced scorecard?
A. Click edit weight/scale icon. click unlink option in action column.
Q: Can I have more than 4 goals on a balanced score card?
A: Yes. Four are displayed by default, but you can add more by clicking “add Goal”.
Q: Can I re-order the goals in the BSC?
A: The sequence is assigned when goals are added to the BSC. To re-order, unlink the items & re-link in the desired sequence. All metric scores will remain with the metrics.
Q: What is a Normalized Score?
A: All metrics can be measured on a scale (eg 1-5, 1-10) so that the performance of metrics with different units, or values can be evaluated against each other.
Best Practices & Tips for Success:
-Balanced Scorecard feature works best with “monthly” Data Input Frequency. If you have a metric that is only measured 1 time per year, we recommend you set it up as Data Input Frequency = Monthly.
-The note displayed in the Balanced Scorecard is from the corresponding metric input on the row corresponding to the month selected in the date selector in top left of page.
-See previous month scores by adjusting the date selector input in upper left corner.
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