An integrated implementation model of strategic planning, BSC and Hoshin management

Abstract

In pursuit of excellence in business performance and long-term profits, strategic planning and Hoshin management have been widely implemented as strategic-management tools for some time. In recent years, the Balanced Scorecard (BSC) has also been gaining in popularity. Indeed, some organisations have been implementing these three management systems simultaneously. The present study compares and contrasts strategic planning, Hoshin management and BSC. Although differences exist, these strategic-management systems can be integrated on the basis of the features they share in common. Moreover, because each system has its shortcomings, the combination of the differences can overcome the individual weaknesses of each methodology. The paper presents an integrated model of strategic planning, BSC and Hoshin management, and provides a practical case study of its hugely successful implementation. The study confirms that this integrated model is feasible and effective.

Keywords:

• strategic planning
• Balanced Scorecard
• Hoshin management
• integrated model
• performance management