THE STRATEGY MAP AND ITS BALANCED SCORECARD

ABSTRACT

Most executives are effective at formulating their strategy. Their frustration is with having their managers and employee teams implement their strategy. Evidence of executives failing to successfully execute their strategy is an increase in job terminations of CEOs. Boards of directors, no longer a ceremonial role, have become activists; and their impatience with CEOs failing to meet shareholder expectations of financial results is leading to job firings of CEOs, chief financial officers (CFOs), and executive team members. The strategy map and its associated balanced scorecard method with key performance indicators (KPIs) addresses this problem. It communicates the strategy to managers in a way they can understand it. By assigning targets for the KPIs and holding managers accountable to achieve or exceed their assigned KPIs, this aligns the managers actions and decisions with the strategy.

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No potential conflict of interest was reported by the author(s).

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Gary Cokins

Gary Cokins is an internationally recognized expert, speaker, and author in enterprise and corporate performance management improvement methods and business analytics. He is the founder of Analytics-Based Performance Management, an advisory firm located in Cary, North Carolina at www.garycokins.com. Gary received a BS degree with honors in Industrial Engineering/Operations Research from Cornell University in 1971. He received his MBA with honors from Northwestern University’s Kellogg School of Management in 1974.

Gary began his career as a strategic planner with FMC’s Link-Belt Division and then served as Financial Controller and Operations Manager. In 1981 Gary began his management consulting career first with Deloitte consulting, and then in 1988 with KPMG consulting. In 1992 Gary headed the National Cost Management Consulting Services for Electronic Data Systems (EDS) now part of HP. From 1997 until 2013 Gary was a Principal Consultant with SAS, a leading provider of business analytics software.

His two most recent books are Performance Management: Integrating Strategy Execution, Methodologies, Risk, and Analytics, and Predictive Business Analytics. His books are published by John Wiley & Sons.

https://www.linkedin.com/in/garycokins

All of his books are at:

https://www.goodreads.com/author/list/47692.Gary_Cokins