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Using balanced scorecard and Kotter's eight-stage process

1.How does using a balanced scorecard benefit a project? What are the strengths and weaknesses of the balanced scorecard? What other tools are available to determine the financial viability of a project? How would you decide which tools to use?

2. How would you use Kotter's eight-stage process of successful change in executing your project proposal?

Solution Preview

The balanced scorecard is utilized as a process of identifying and setting standards for
performance and achieving organizational goals, then measuring desired outcomes against actual
outcomes achieved. It also involves the development of strategies that support the organization's
mission and vision, while redefining or narrowing the vision, if necessary. The balanced scorecard can
be adopted at the organizational level, at the unit level, or at the project level.

The balanced scorecard must first identify the main objectives of the organization and must
determine how well those objectives are understood and supported by all team members or units
involved. When objectives are thoroughly defined, the organization must then determine methods of
measuring how well the objectives are met. "Having defined in your project charter what
measurements you are going to use, ...

Solution Summary

The expert uses the balanced scorecard and Kotter's eight-stage process. The financial viability of a project is determined.