Life coach - Step 61 of 100 - What are your Balanced Scorecard parameters?

During my MBA at Indian School of Business I studied Balanced Scorecard. The balanced scorecard says that you want to manage your profits, your customer satisfaction, your employees and innovation all in a holistic perspective. Being out of sync with any would hamper your long term interests.

From a Project management perspective, it is like managing scope, quality, cost and time. You change any one parameter you have to balance the rest to maintain the status quo.

Back to ISB, we played this game of operating an airline business and though our customer satisfaction was the highest in the class we were at the bottom of the class in profitability. Lesson learnt - balance all the parameters. We should have raised the prices and earned higher profits if we were providing higher quality.

Marriott hotels measure the Hotel manager on 3 parameters - profitability of the hotel, customer satisfaction ratings and also employee evaluation of the manager. I have seen project managers achieve the project objectives but at a high team attrition rate. The team members left the team and the organization during or at the end of the project as soon as they got a chance. And I have seen organizations where the employees were very happy - they got all the freedom but failed to achieve the goals. Balance, its all about balance. Marriott has got a simple and clean balance scorecard structure.

Just go back to Bhagvad Gita - it is always about moderation in everything - not extremism.

What is your Balanced Dashboard on which you measure your success?