Balanced Scorecards and Strategy Maps
Monroe Corporation makes precision parts for boats and aircraft. Quality is an important competitive advantage in the industry and the company prides itself on the quality of its products. The company recently adopted a balanced scorecard for performance evaluation. Monroe uses the following strategy map to communicate its strategy to its managers and line employees:
Required
a. Using the strategy map, comment on the performance measures used for each of the four perspectives of the scorecard. Would you recommend any changes to the measures? If so, what changes would you make? Why?
b. What are the strengths and weaknesses of the strategy map as developed by Monroe Corporation?
c. Recommend changes to the map that will better communicate the strategy for Monroe Corporation and incorporate your recommendations from requirement (a).