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Method for identifying strategic objectives in strategy maps

Author

Listed:
  • Quezada, Luis E.
  • Cordova, Felisa M.
  • Palominos, Pedro
  • Godoy, Katherine
  • Ross, Jocelyn

Abstract

This paper describes a simple tool for identifying strategic objectives as part of the design of strategy maps, based on the balanced scorecard, and meant to be used in organisations to establish performance indicators. To design the tool, a number of companies that implemented the balanced scorecard were analysed, in order to obtain their methodologies to create strategy maps. Three types of methods were found, different from each other in the way the strategic objectives are defined. By studying the benefits and drawbacks of the three methods, a simple, method was obtained. Basically, the method identifies general and specific strategic objectives and uses a modified SWOT (strengths, weaknesses, opportunities, threats) analysis. This paper also makes an analysis of the type of strategic objectives that the studied companies defined as part of the balanced scorecard implementation process.

Suggested Citation

  • Quezada, Luis E. & Cordova, Felisa M. & Palominos, Pedro & Godoy, Katherine & Ross, Jocelyn, 2009. "Method for identifying strategic objectives in strategy maps," International Journal of Production Economics, Elsevier, vol. 122(1), pages 492-500, November.
    • Handle: RePEc:eee:proeco:v:122:y:2009:i:1:p:492-500
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    References listed on IDEAS

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    2. Yugal Nauhria & Makarand S. Kulkarni & Sunil Pandey, 2018. "Development of Strategic Value Chain Framework for Indian Car Manufacturing Industry," Global Journal of Flexible Systems Management, Springer;Global Institute of Flexible Systems Management, vol. 19(1), pages 21-40, March.
    3. Quezada, Luis E. & López-Ospina, Héctor A., 2014. "A method for designing a strategy map using AHP and linear programming," International Journal of Production Economics, Elsevier, vol. 158(C), pages 244-255.
    4. Khanmohammadi, Ehsan & Malmir, Behnam & Safari, Hossein & Zandieh, Mostafa, 2019. "A new approach to strategic objectives ranking based on fuzzy logarithmic least squares method and fuzzy similarity technique," Operations Research Perspectives, Elsevier, vol. 6(C).
    5. Rosa, Carmen Brum & Rigo, Paula Donaduzzi & Rediske, Graciele & Moccellin, Ana Paula & Mairesse Siluk, Julio Cezar & Michels, Leandro, 2021. "How to measure organizational performance of distributed generation in electric utilities? The Brazilian case," Renewable Energy, Elsevier, vol. 169(C), pages 191-203.
    6. Negin Fallah Haghighi & Mahdieh Sadat Mirtorabi & Masoud Bijani & Naser Valizadeh, 2021. "Appropriate strategies to establish knowledge‐based companies: Evidence from Iran," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 6375-6389, October.
    7. Mar’atus Sholihah & Tatsuru Maezono & Yuya Mitake & Yoshiki Shimomura, 2019. "PSS Strategic Alignment: Linking Service Transition Strategy with PSS Business Model," Sustainability, MDPI, vol. 11(22), pages 1-30, November.
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    9. Maccarrone, Vincenzo & Filiciotto, Francesco & Buffa, Gaspare & Mazzola, Salvatore & Buscaino, Giuseppa, 2014. "The ICZM Balanced Scorecard: A tool for putting integrated coastal zone management into action," Marine Policy, Elsevier, vol. 44(C), pages 321-334.
    10. Wang, Chun-Hsien & Lu, Iuan-Yuan & Chen, Chin-Bein, 2010. "Integrating hierarchical balanced scorecard with non-additive fuzzy integral for evaluating high technology firm performance," International Journal of Production Economics, Elsevier, vol. 128(1), pages 413-426, November.
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