{"id":1004,"date":"2016-08-19T12:18:00","date_gmt":"2016-08-19T12:18:00","guid":{"rendered":"https:\/\/johannessiebert.com\/?p=1004"},"modified":"2023-12-27T10:24:07","modified_gmt":"2023-12-27T10:24:07","slug":"combining-value%e2%80%90focused-thinking-and-balanced-scorecard-to-improve-decision%e2%80%90making-in-strategic-management","status":"publish","type":"post","link":"https:\/\/johannessiebert.com\/?p=1004&lang=en","title":{"rendered":"Combining Value\u2010Focused Thinking and Balanced Scorecard to Improve Decision\u2010Making in Strategic Management"},"content":{"rendered":"\n
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Dr. Johannes Siebert, Universit\u00e4t Bayreuth<\/figcaption><\/figure>\n<\/figure>\n\n\n\n

Ver\u00f6ffentlichung<\/strong><\/p>\n\n\n\n

Kunz, Reinhard; Siebert, Johannes U.; M\u00fctterlein. \u201cCombining Value-Focused Thinking and Balanced Scorecard to Improve Decision-Making in Strategic Management\u201d, Journal of Multi-Criteria Decision Analysis<\/em>, September-December, 2016, 225-241DOI: 10.1002\/mcda.1572<\/a><\/p>\n<\/div>\n\n\n\n

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Goal orientation is key to strategic management. In this field, the Balanced Scorecard is one of the most widely used management tools. It structures a company’s main objectives from different perspectives based on the strategy of the firm and uses performance indicators to measure the achievement of objectives and strategy. However, its method of creation is not theoretically sound. Value\u2010focused thinking is a decision\u2010making philosophy that fits perfectly with Balanced Scorecard creation. It provides methods and techniques for the identification and structuring of objectives that are suitable to systematically derive a scorecard from a means\u2010ends network. However, such a means\u2010ends network is often too complex for enduring use in strategic management. By adapting the network’s structure to the Balanced Scorecard’s layout, the profound and clear set of derived objectives and their measures serve as a reasonable basis for applying methods of multi\u2010criteria decision\u2010making in an organization.<\/p>\n\n\n\n

This paper aimed to outline a procedure that merges the Balanced Scorecard and value\u2010focused thinking by preserving each concept’s strengths while eliminating their weaknesses. A six\u2010step process was developed theoretically and employed empirically in a case study. This process included (1) identifying objectives; (2) structuring objectives; (3) characterizing clusters of objectives; (4) formulating mission, vision, and strategy; (5) designing the scorecard; and (6) monitoring and adapting to change. On the basis of this approach, a Management Scorecard was produced that enabled strategy development and execution, put forth a clear and comprehensive means\u2010ends network, and visualized a company’s most important objectives and their relationships structured through perspectives roughly following the Balanced Scorecard. It acts as a foundation for research to generalize and compare findings regarding goals of organizations. Our procedure demonstrates how scientific methods, such as value\u2010focused thinking, can yield benefits to practitioners’ instruments, like the Balanced Scorecard, and how management tools can likewise improve scientific methods.<\/p>\n\n\n\n

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a<\/p>\n","protected":false},"excerpt":{"rendered":"

Goal orientation is key to strategic management. In this field, the Balanced Scorecard is one of the most widely used management tools. It structures a company\u2019s main objectives from different perspectives based on the strategy of the firm and uses performance indicators to measure the achievement of objectives and strategy. However, its method of creation is not theoretically sound. Value\u2010focused thinking is a decision\u2010making philosophy that fits perfectly with Balanced Scorecard creation. It provides methods and techniques for the identification and structuring of objectives that are suitable to systematically derive a scorecard from a means\u2010ends network. However, such a means\u2010ends network is often too complex for enduring use in strategic management. By adapting the network\u2019s structure to the Balanced Scorecard\u2019s layout, the profound and clear set of derived objectives and their measures serve as a reasonable basis for applying methods of multi\u2010criteria decision\u2010making in an organization.<\/p>\n

This paper aimed to outline a procedure that merges the Balanced Scorecard and value\u2010focused thinking by preserving each concept\u2019s strengths while eliminating their weaknesses. A six\u2010step process was developed theoretically and employed empirically in a case study. This process included (1) identifying objectives; (2) structuring objectives; (3) characterizing clusters of objectives; (4) formulating mission, vision, and strategy; (5) designing the scorecard; and (6) monitoring and adapting to change. On the basis of this approach, a Management Scorecard was produced that enabled strategy development and execution, put forth a clear and comprehensive means\u2010ends network, and visualized a company\u2019s most important objectives and their relationships structured through perspectives roughly following the Balanced Scorecard. It acts as a foundation for research to generalize and compare findings regarding goals of organizations. Our procedure demonstrates how scientific methods, such as value\u2010focused thinking, can yield benefits to practitioners\u2019 instruments, like the Balanced Scorecard, and how management tools can likewise improve scientific methods.<\/p>\n","protected":false},"author":1,"featured_media":1006,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[93],"tags":[],"class_list":["post-1004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-publications-research"],"yoast_head":"\nCombining Value\u2010Focused Thinking and Balanced Scorecard to Improve Decision\u2010Making in Strategic Management - Johannes Siebert<\/title>\n<meta name=\"description\" content=\"We show how you can easily create a balanced scorecard with little effort using methods of value-focused thinking.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/johannessiebert.com\/?p=1004&lang=en\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Combining Value\u2010Focused Thinking and Balanced Scorecard to Improve Decision\u2010Making in Strategic Management - 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