Strategic Planning
Look at the Balanced Scorecard for Mercy Hospital. Use Memorandum format and direct it to your faculty. Please explain what data and information was needed to develop this report. Be specific and offer examples. Explain why some portions of the document are missing initiatives. Tell us how this scorecard is going to be used for Mercy Strategic Planning process. Make sure to use APA to cite relevant sources.
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Introduction: The Balanced Scorecard is a strategic planning and management tool used by organizations to communicate and track their progress towards achieving their objectives. In this assignment, we are going to look at the Balanced Scorecard for Mercy Hospital and explain what data and information was needed to develop this report, why some portions of the document are missing initiatives, and how this scorecard is going to be used for Mercy Strategic Planning process.
Answer:
To develop the Balanced Scorecard for Mercy Hospital, various data and information were needed. First, the hospital had to identify its mission, vision, and core values. This information was essential in aligning the Balanced Scorecard with the hospital’s strategic goals and objectives. Mercy Hospital also had to gather data on key performance indicators (KPIs). These KPIs presented measurable and quantifiable data that was used to evaluate the hospital’s performance against its goals. For instance, one KPI for Mercy Hospital was patient satisfaction. The hospital had to collect information on patient satisfaction levels to determine whether it was meeting its target goal. In addition, data on financial performance, staff retention rates, and patient safety incidents were also needed to inform the development of the Balanced Scorecard.
Some portions of the document are missing initiatives because the hospital’s leadership team may have decided to focus on a few strategic goals and objectives that were deemed critical to the hospital’s success. These initiatives were likely to have been prioritized through a process of evaluating the KPIs. In some cases, initiatives may have been excluded because they were not in line with the hospital’s mission, vision, and core values. The Balanced Scorecard for Mercy Hospital is going to be used for the hospital’s strategic planning process by providing a framework for tracking progress towards its goals. The Scorecard will help to ensure that the hospital’s efforts are focused on the initiatives that are deemed critical to achieving its objectives. By using the Balanced Scorecard, Mercy Hospital will be able to monitor its performance and make adjustments accordingly.
