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Mastering the management system.

Robert S Kaplan1, David P Norton

  • 1Harvard Business School, Boston, USA. rkaplan@hbs.edu

Harvard Business Review
|February 15, 2008
PubMed
Summary
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Effectively managing business strategy and operations requires a closed-loop management system. This five-stage system links strategy development to operational execution and continuous performance review for adaptive strategy updates.

Area of Science:

  • Business Management
  • Strategic Planning
  • Operations Management

Background:

  • Balancing operational demands with strategic priorities is a persistent challenge for companies.
  • Effective strategy execution is crucial for business success, yet often hindered by operational limitations.

Purpose of the Study:

  • To present a closed-loop management system for effectively linking strategy and operations.
  • To provide a managerial toolkit for successful strategy execution and continuous improvement.

Main Methods:

  • The proposed system involves five stages: strategy development, translation into objectives and initiatives using strategy maps and balanced scorecards, operational planning, execution and monitoring, and strategy testing.
  • Utilizes tools like strategy maps, balanced scorecards, and dynamic budgets for planning and performance tracking.

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  • Incorporates analysis of operational, environmental, and competitive data for assessment and strategy refinement.

    • Main Results:

    • The closed-loop system facilitates tight integration between strategic goals and operational activities.
    • Managers can monitor performance, identify execution barriers, and test strategic assumptions.
    • The system enables adaptive strategy updates based on performance analysis and changing conditions.

    Conclusions:

    • The described management system offers a comprehensive blueprint for aligning strategy and operations.
    • It empowers managers with a practical toolkit for enhancing strategy execution and achieving business objectives.
    • Continuous feedback loops are essential for adapting strategy and ensuring long-term success.