{"id":887,"date":"2016-07-01T15:51:00","date_gmt":"2016-07-01T15:51:00","guid":{"rendered":"https:\/\/johannessiebert.com\/?p=887"},"modified":"2022-08-09T09:45:18","modified_gmt":"2022-08-09T09:45:18","slug":"designing-a-media-specific-balanced-scorecard-by-applying-value-focused-thinking","status":"publish","type":"post","link":"https:\/\/johannessiebert.com\/?p=887&lang=en","title":{"rendered":"Designing a Media-Specific Balanced Scorecard by Applying Value-Focused Thinking"},"content":{"rendered":"\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<figure class=\"wp-block-gallery has-nested-images columns-1 is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"650\" height=\"738\" data-id=\"797\" src=\"https:\/\/johannessiebert.com\/wp-content\/uploads\/2021\/04\/168-Qualitaet-von-Entscheidungen-1.bmp\" alt=\"\" class=\"wp-image-797\" srcset=\"https:\/\/johannessiebert.com\/wp-content\/uploads\/2021\/04\/168-Qualitaet-von-Entscheidungen-1.bmp 650w, https:\/\/johannessiebert.com\/wp-content\/uploads\/2021\/04\/168-Qualitaet-von-Entscheidungen-1-264x300.jpg 264w\" sizes=\"auto, (max-width: 650px) 100vw, 650px\" \/><figcaption>Dr. Johannes Siebert, Universit\u00e4t Bayreuth<\/figcaption><\/figure>\n<\/figure>\n\n\n\n<p><strong>Publications<\/strong><\/p>\n\n\n\n<p>Siebert, Johannes U.; Kunz, Reinhard \u201eEntwicklung einer Balanced Scorecard mit Value-focused Thinking am Beispiel eines mittelgro\u00dfen Medienunternehmens\u201c. <em>Controlling:<\/em> <em>Zeitschrift f\u00fcr erfolgsorientierte Unternehmenssteuerung, <\/em>March 2016, 210-215<em>. <\/em>DOI:&nbsp; <a href=\"http:\/\/dx.doi.org\/10.15358\/0935-0381-2016-3-209\">10.15358\/0935-0381-2016-3-209<\/a><\/p>\n\n\n\n<p>Kunz, Reinhard; Siebert, Johannes; M\u00fctterlein. \u201cCombining Value-Focused Thinking and Balanced Scorecard to Improve Decision-Making in Strategic Management\u201d, <em>Journal of Multi-Criteria Decision Analysis<\/em>, September-December, 2016, 225-241 <a href=\"http:\/\/onlinelibrary.wiley.com\/doi\/10.1002\/mcda.1572\/abstract\">DOI: 10.1002\/mcda.1572<\/a><\/p>\n\n\n\n<p>Kunz, Reinhard; Siebert, Johannes; M\u00fctterlein, Joschka. \u201eA Media-Specific Balanced Scorecard Based on Value-Focused Thinking\u201c, <em>Journal of Media Business Studies<\/em>, 13(4), 2016, 257-275. <a href=\"http:\/\/www.tandfonline.com\/doi\/full\/10.1080\/16522354.2016.1220114\">http:\/\/www.tandfonline.com\/doi\/full\/10.1080\/16522354.2016.1220114<\/a><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p>The Balanced Scorecard (Kaplan and Norton 1992) is one of the five management tools used most often and has been implemented by nearly 40 percent of the companies (Rigby and Bilodeau 2013). Yet, there is no theoretically sound approach for developing a balanced scorecard. Value-focused thinking is a decision-making philosophy that fits perfectly to 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-ends network. However, such a means-ends 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 provide a reasonable basis for applying methods of multi-criteria decision-making in an organization. In a case study, we develop a media-specific Balanced Scorecard to provide media decision-makers with a model that takes characteristics of media management into account and that helps to manage their company successfully. Using a scientifically sound approach that is based on value-focused thinking (Keeney, 1992), we interview the publisher, the CEO, nine management representatives, and ten key employees of a German medium-sized local newspaper company. Overall, 698 distinct objectives and 1,009 relationships are identified. By concentrating on the most important objectives, we derive a Balanced Scorecard with 33 objectives and 65 relationships, which are organized in seven perspectives. Because of its innovativeness, this project was runner-up in the final of the Practice Awards der Decision Analysis Society (INFORMS).<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"658\" height=\"776\" src=\"https:\/\/johannessiebert.com\/wp-content\/uploads\/2021\/04\/Means-ends-network-1.png\" alt=\"\" class=\"wp-image-894\" srcset=\"https:\/\/johannessiebert.com\/wp-content\/uploads\/2021\/04\/Means-ends-network-1.png 658w, https:\/\/johannessiebert.com\/wp-content\/uploads\/2021\/04\/Means-ends-network-1-254x300.png 254w\" sizes=\"auto, (max-width: 658px) 100vw, 658px\" \/><\/figure>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Balanced Scorecard (Kaplan and Norton 1992) is one of the five management tools used most often and has been implemented by nearly 40 percent of the companies (Rigby and Bilodeau 2013). Yet, there is no theoretically sound approach for developing a balanced scorecard. Value-focused thinking is a decision-making philosophy that fits perfectly to 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-ends network. However, such a means-ends 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 provide a reasonable basis for applying methods of multi-criteria decision-making in an organization. In a case study, we develop a media-specific Balanced Scorecard to provide media decision-makers with a model that takes characteristics of media management into account and that helps to manage their company successfully.<\/p>\n","protected":false},"author":1,"featured_media":891,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[68,53],"tags":[],"class_list":["post-887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-consulting","category-research"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Designing a Media-Specific Balanced Scorecard by Applying Value-Focused Thinking - Johannes Siebert<\/title>\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=887&lang=en\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Designing a Media-Specific Balanced Scorecard by Applying Value-Focused Thinking - Johannes Siebert\" \/>\n<meta property=\"og:description\" content=\"The Balanced Scorecard (Kaplan and Norton 1992) is one of the five management tools used most often and has been implemented by nearly 40 percent of the companies (Rigby and Bilodeau 2013). Yet, there is no theoretically sound approach for developing a balanced scorecard. Value-focused thinking is a decision-making philosophy that fits perfectly to 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-ends network. However, such a means-ends 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 provide a reasonable basis for applying methods of multi-criteria decision-making in an organization. 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