Practical Application of a Balanced Scorecard as a Strategic Management System

Abstract

A case study using a balanced scorecard approach to strategic management is described for an engineering development organization supporting a major academic healthcare center. While balanced scorecards are well described in the literature, this paper shows how one organization, the Mayo Clinic Division of Engineering, has applied these principles to develop an effective means of capturing and tracking the execution of tactics tied to our strategic plan. The challenges of developing a set of operational objectives and a framework for balancing the organization's strategic objectives, operational objectives, ongoing business processes, and project portfolio will be described.