Kaplan and Norton, 2006 + Collis and Rukstad, 2008 - Kaplan and Norton, 2006 - Stage Closed-Loop Management System
8 important questions on Kaplan and Norton, 2006 + Collis and Rukstad, 2008 - Kaplan and Norton, 2006 - Stage Closed-Loop Management System
What are the 5 stages of the Closed-Loop Management System?
- Develop the strategy
- Translate the strategy
- Plan operations
- Monitor and learn
- Test and adapt the strategy
What are the 3 questions that can be linked to the first stage of the Closed-Loop Management System?
- What business are we in and why? (establishing the mission, vision and values)
- What are the key issues we face in our business? (doing a strategic analysis of company's external and internal situation which can be summarised in SWOT matrix, the analysis will reveal issues that strategy must address)
- How can we best compete? (strategy formulation)
What framework can managers lean on when formulating a strategy?
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Stage 2 is about translating the strategy, which consists of 3 steps, which 3 are these?
- Define strategic objectives and themes
- Select measures and targets
- Select strategic initiatives
What is the ultimate goal of this Stage 2?
What 2 types of meetings make up for Stage 4 being: Monitor and Learn?
- Operational review meetings: reviewing performance of operating departments and business functions
- Strategy review meetings: review balanced scorecard to assess progress
What does stage 5 consist of which is Test and adapt the strategy?
What are the 3 types of tests that must be done?
- Conduct profitability analysis: understanding current where strategy succeeded and failed
- Conduct strategy correlation analysis: estimate correlations among strategy performance numbers
- Examine emerging strategies: consider new strategy proposals
The question on the page originate from the summary of the following study material:
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