Walden NURS6241 Week 8 Discussion Latest 2020 December

NURS6241 Strategic Planning in Healthcare Organizations

Week 8 Discussion

Balanced Scorecard

How does an organization gauge whether strategic changes are creating sound business results?

To create a balanced scorecard, a nurse executive will identify performance metrics and an evaluation plan in four major, interrelated areas: finances, customer/stakeholder satisfaction, internal business practices, and plans for future learning and growth. The effective use of a balanced scorecard can facilitate alignment between strategic initiatives and day-to-day operations. Overall success of the change of a strategic plan relies on success in all four important dimensions.

As preparation for Section 6 of your Strategic Plan, in this Discussion, you examine the use of a balanced scorecard to gather data and measure performance related to your planned change.

To prepare:

Review the information in the Learning Resources, including this week’s media presentation, focusing on the development of performance metrics for a strategic plan.

With your Strategic Plan in mind, think about how you would develop a balanced scorecard to measure performance, including the processes you would use to gather appropriate data.

Consider how the use of a balanced scorecard reflects the importance of being able to evaluate progress, assess the impact of planned change on performance, and determine if the costs are justified in terms of the outcomes.

Post an explanation of your plan for creating a balanced scorecard for your Strategic Plan, including the processes you would use to gather data to measure performance. Explain how the use of this balanced scorecard will enable you to evaluate progress, assess the impact of your proposed change, and determine if the costs are justified in terms of the outcomes.

Read a selection of your colleagues’ responses.

By Day 6

Respond to at least two of your colleagues on two different days by offering feedback on their balanced scorecard plans.