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Workshop Objective

Balanced Scorecard Workshop Customer Objective: Enhance Relevance to Early Career Engineers TEC 2005 Pittsburgh, Pennsylvania Larry Dickinson, VP, K&C Program and Activities Marian Heller, Coordinator, Educational Activities DickinsonL@asme.org HellerME@asme.org. Workshop Objective.

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Workshop Objective

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  1. Balanced Scorecard WorkshopCustomer Objective:Enhance Relevance to Early Career EngineersTEC 2005Pittsburgh, PennsylvaniaLarry Dickinson, VP, K&C Program and ActivitiesMarian Heller, Coordinator, Educational ActivitiesDickinsonL@asme.org HellerME@asme.org

  2. Workshop Objective The purpose of this workshop is to: • Provide you with a basic understanding of Strategy Development and Execution/Management using the Balanced Scorecard system • Use one of the ASME customer objectives as an example to demonstrate how technical and global units can plan and contribute to ASME’s overall objectives through unit operations. THIS IS AN INTERACTIVE WORKSHOP AND YOUR PARTICIPATION WILL MAKE IT A SUCCESS!

  3. Review of Balanced Scorecard The Balanced Scorecard facilitates the strategy management process • Facilitates strategy formulation, execution, measurement, and communication • Provides a framework to link strategy to operations at all levels of the organization • Enables organization to become centrally focused on the strategy

  4. Review of Balanced Scorecard The Balanced Scorecard centers around four important perspectives 1. The economic model of key levers driving financial performance Financial Perspective Return on Investment Revenue Strategy Productivity Strategy Sources of Growth Sources of Productivity 2. The identification of targeted customer segments and their value propositions Customer Perspective Value Proposition Quality Function Image Relationship Price Time Internal Process Perspective 3. The process-focused aspects of the business “Build the Brand” “Make the Sale” “Deliver the Product” “Service Exceptionally” 4. The intangible assets necessary to drive performance Learning & Growth Perspective Staff Competencies Technology Infrastructure Climate for Action + + A Balanced Scorecard tells the “story of the strategy” Source: Kaplan and Norton, Strategy-Focused Organization, 2001.

  5. ASME Balanced Scorecard Customer Objectives • Enhance Relevance to Industry & Government • Serve our Core Customers • Increase and Expand Market Relevant Content • Expand & Enhance Global Presence • Enhance Relevance to Early Career Engineers • Expand/Enhance Multi-Disciplinary Activities

  6. Strategy Development As you formulate your strategy around the four Balanced Scorecard perspectives, ask yourself the following questions: • Customer: "To achieve our vision, how should we appear to our customers?“ • Financial: "To succeed financially, what models must be implemented for global growth, sustained viability and reinvestment?“ (key drivers of financial performance) • Internal: "To satisfy our customers, what business processes and procedures must we excel at?" • Learning and Growth: "To achieve our vision, how must our organization learn and change to sustain our ability to improve?"

  7. Strategy Development • A clear definition of the “value proposition” is the single most important step in strategy formulation

  8. Strategy Development Need to identify: • Current assessment of our situation (a complete honest assessment is key) - Use SWOT Table: • Resources needed

  9. Customer Objective:Enhance Relevance to Early Career Engineers ASME is losing its relevance to Early Career Engineers leading to erosion of its membership base and loss of sales of key programs. The Society must take on initiatives (e.g., develop key programs and activities) that can attract and retain early career engineers as members. What are early career engineers looking for from a professional society? How can the Balanced Scorecard help units (technical and global) plan and implement effective programs for early career engineers?

  10. Customer Objective:Enhance Relevance to Early Career Engineers Learning & Growth Internal CustomerValue Proposition Financial Strategic Theme: Enhance Relevance to Early Career Engineers What andHow do we do that? (Basic requirements and differentiators) What processes must we master to support the customer value proposition? Unit Operations? What competencies, knowledge and climate do we need to support processes and activities?

  11. Statement of what strategy must achieve and what’s critical to its success How success in achieving the strategy will be measured and tracked The level of performance or rate of improvement needed Key action programs required to achieve objectives Objectives Measurement Target Initiative The Final Component –Measures, Targets & Initiatives

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