From the course: Balanced Scorecard and Key Performance Indicators
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How KPIs relate to a mission statement
From the course: Balanced Scorecard and Key Performance Indicators
How KPIs relate to a mission statement
- In this module, we'll discuss the connection between mission statements and key performance indicators. In brief, the key performance indicators or KPIs, as organized in the balanced scorecard are what bring the mission statement to life. To aid in this discussion, we will use a hypothetical example of an optometrist's office. So imagine that you are an optometrist with your own practice. For the past 20 years, you've focused almost exclusively on profitability of your practice as your sole performance measure. In fact, you've been quite profitable. However, during the past two years, a number of new low-cost commercial optometrist offices, including outlets based in supermarkets have opened in your practice area. In addition, some of your customers have discovered, as has my son, that the absolute lowest cost way to buy eye glasses and contact lenses is online. As a result, your profitability has decreased to…
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