Walmart’s Balanced Scorecard
Justification of why these objectives are appropriate for the project
Objectives and goals identified in the tables are appropriate for the project since they may help Walmart expand its competitive advantage and achieve higher performance. Walmart, the U.S. multinational retail corporation which operates a significant number of grocery stores, discount department stores, and hypermarkets, has its own specific values and goals. Moreover, its vision and mission are focused on making the customers happier by keeping the prices as low as possible while enhancing product quality. It is an extremely successful chain of hypermarkets that aims at never failing their clients’ expectations and trust. Some of the mentioned objectives will also help Walmart satisfy their customers as well as increase profit.
What is more, since employees are a significant part of any company’s success, it is vital to focus on their satisfaction. A number of goals indicated in the tables may help make sure that Walmart’s performance, reputation, and income will increase because the workers’ feedback is evaluated and taken into account. Finally, these objectives are created considering Walmart’s unmet opportunities and potential threats; that is why they are appropriate for this project.
Justification of why these metrics and timelines are appropriate for the strategic plan
Metrics and timelines identified in the tables are also quite appropriate for the strategic plan. To begin with, all timelines are indicated considering the real time that may be needed to achieve a goal. Employees and managers will have enough months to create a needed and proper strategy and implement necessary changes. Those objectives that are easy to reach and are likely to take less time have shorter timelines (a quarter). For example, enhancing employee satisfaction and increasing discounts and great offers awareness. At the same time, it is evident that increasing profit or market share and decreasing call center waiting times may take longer than several months. Such objectives require an extended plan of action and are likely to require more resources.
As for metrics, they are also indicated considering the real possibilities of employees, customers, and managers. Even a 3% or 5% increase is a success, and it is better to achieve goals step by step. Moreover, some metrics are taken from Walmart’s real objectives mentioned in their mission and vision. Since strategic plans require simple measures to track success, the timelines and metrics mentioned in the tables are appropriate for this project.