Question: Both the Genesis Energy and Sensible Essential Consulting teams believe that the client engagement was very successful. All the critical learning tools were fully explored. However, the operations management team believes there were several topics that were not covered but are important to their respective disciplines. These topics centered primarily on selecting/developing meaningful and rational measurements of performance as they relate to measuring the success of the company's expansion strategy. The financial indicators are important, but the team is also concerned about more forward-looking measures that might reflect product quality, customer satisfaction, internal process efficiency, performance, and perhaps, other strategic indicators.
Based on your understanding of the concepts covered in this course, address the following:
• Develop and describe a strategic measurement "scorecard" that incorporates the financial measures applied in this course. Consider the prospect of new equity owners and explain why this is important.
• Describe the non-financial measures that should be considered and are important to the success of an organization. Explain why these measures should also be considered in the strategic initiatives of the organization.