Question

In this assignment, you will develop a more personalized understanding of the Balanced Scorecard concept and see how your vision and mission can be linked to your goals and objectives. Using the S-M-A-R-T tools in section 6.7 of Chapter 6 in the text, create your own list of goals and objectives. Create 4 to 5 S-M-A-R-T goals and objectives and demonstrate how they link to your Strategy Diamond and personal vision and mission statements.

A) Discusses the steps involved in creating S-M-A-R-T goals.
B) Provides an example of a balanced scorecard concept.
C) Outlines the connection between S-M-A-R-T goals, Strategy Diamond, and personal vision/mission statements.
D) None of the above options.

Answer 1

S-M-A-R-T goals must be Specific, Measurable, Achievable, Relevant, and Timely. These goals should be linked with one's personal vision and mission statements, as well as with a strategy framework, like the Strategy Diamond. An example includes setting a career goal to become an office manager with a specific timeline and measurable salary increase objectives.

Step-by-step explanation:

Developing S-M-A-R-T Goals

To develop S-M-A-R-T goals, one must ensure that they are Specific, Measurable, Achievable, Relevant, and Timely. A specific goal clearly defines what is to be achieved, avoiding vagueness. Measurability allows for tracking progress and knowing when the goal is accomplished. 'Achievable' pertains to the feasibility of the goal, ensuring it's attainable with effort and resources available. 'Relevant' ensures the goal aligns with broader objectives and 'Timely' refers to setting a realistic time frame for completion.

Creating a Balanced Scorecard

An example of a balanced scorecard might involve a personal career goal, such as becoming an office manager with a 10-15% salary increase within 2-3 years, possibly within the same organization. The balanced scorecard methodology helps align such career objectives with broader personal visions and strategic planning.

Linking S-M-A-R-T Goals with Strategy and Vision/Mission Statements

S-M-A-R-T goals are interconnected with a personal Strategy Diamond and vision/mission statements. Your personal vision articulates your desired future, while your mission statement defines your current aim and approach. The Strategy Diamond provides a framework for strategic decisions and ensures that goals are coherent with this strategy.

Action plans are essential for achieving S-M-A-R-T goals. They include specific actions, resources needed, and milestones to measure progress. Reflecting on your vision and mission helps you to set relevant career goals and establish a tangible action plan to achieve them, using tools like the balanced scorecard and the Strategy Diamond for alignment and coherence.