ronaldweinland.info: The Execution Premium: Linking Strategy to Operations for Competitive Advantage (): Robert S. Kaplan, David P. Norton: Books. To download abstracts, personal subscriptions or corporate solutions, visit our Web site at ronaldweinland.info or call us at our U.S. office () or . Request PDF on ResearchGate | On Jul 1, , ROBERT S. KAPLAN and others published The Execution Premium: Linking Strategy to Operations for.
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Library of Congress Cataloging-in-Publication Data Kaplan, Robert S. The execution premium: linking strategy to operations for competitive advantage/ Robert S. The Execution Premium: Linking Strategy to Operations for. Competitive Advantage. Q&A with HBS professor Robert S. Kaplan by Martha Lagace. Companies. Editor's note: Two copies of books for review should be sent to the Book Review. Editor: Stephen A. Zeff, Rice University, Jesse H. Jones Graduate School of.
Kaplan , Heather A. Heaton, David M. Nestler, William J. Barry, Richard A. Helmers, Mustafa Y. Sir, Deepi G. Goyal, Derek A.
Harvard Business School. HBS Home. Business and Environment Business History Entrepreneurship. Finance Globalization Health Care. Technology and Innovation. Finance General Management Marketing. Technology and Operations Management. Book Execution Premium: Print Email. Print Find at Harvard download. About the Author Robert S.
Sadosty Objectives: To apply time-driven activity-based costing TDABC methodology to determine emergency medicine physician documentation costs with and without scribes. Two research assistants shadowed attending physicians for a total of 64 hours in the adult emergency department.
A tablet-based time recorded was used to obtain estimates for physician documentation time on both control no scribe and intervention scribe shifts.
Control shifts yielded approximately 3 hours of documentation time per 8 hours of clinical time. When paired with a scribe, attending physician documentation decreased to 1 hour and 45 minutes during a shift and 15 minutes of post-shift documentation.
The physician cost estimate for documentation without and with a scribe is and dollars, respectively. The costing approach enables clinicians to understand utilization and cost of medical resource at a more granular level. Haas, and Annie T. View Details. Haas Objectives: Also, to demonstrate a scientific, comprehensive, and an analytical approach to estimate direct costs involved in monitoring and management of anticoagulation therapy for outpatients in an academic primary care clinic setting, post-initiation of therapy.
The study measured the personnel and supplies costs to monitor and manage anticoagulation therapy for 5, patients. For complex anticoagulation patients, the total cost of medication and monitoring for warfarin anticoagulation therapy is similar to that for NOACs. Despite warfarin being significantly less expensive to download than NOACs, overall warfarin management incurs higher costs due to laboratory monitoring and provider time than NOACs.
NOAC treatment, therefore, may not be more expensive than warfarin therapy management for complex anticoagulation patients. Odell, and Derek A.
Pre-published online March 4, Cite View Details download Related. Kaplan and Anette Mikes Kurt Meyer, chief risk officer of Swissgrid, the Swiss national electricity transmission system operator, reflects on the risk management system he installed after the deregulation and liberalization of the European energy market.
Meyer describes the periodic interactive risk workshops conducted at each business unit to identify, assess, and mitigate risks. New and emerging risks are discussed at Extraordinary Risk Workshops. Reports from the app are embedded in a new real-time crisis management platform used by several Swiss companies, federal authorities, and the Swiss Army. Despite a full array of risk management tools and processes, Meyer remains concerned about risks yet to be identified.
Find at Harvard download. Key concepts include: An excellent strategy often fades from memory as the organization tackles day-to-day operations issues. The operational plan and budget should be driven from the revenue targets in the strategic plan.
The senior management team needs to have regular, probably monthly, meetings that focus only on strategy. The Office of Strategy Management is a small cadre of professionals that orchestrate strategy management processes for the executive team.
Email Companies often manage strategy in fits and starts. Though executives may formulate an excellent strategy, it easily fades from memory as the organization tackles day-to-day operations issues, doing what HBS professor Robert S. Kaplan calls "fighting fires. The Execution Premium: Linking Strategy to Operations for Competitive Advantage shows managers how to weave organizational principles into a more effective management system that respects the differences between strategy and operations yet integrates them in a powerful way.
Kaplan and Norton introduced the Balanced Scorecard, a performance measurement system, in The Execution Premium is their fifth book as coauthors.
Kaplan recently explained the ideas behind The Execution Premium and how they bridge the common divide between strategy and operations. Martha Lagace: What particular issues around execution need to be better addressed in business?
Robert Kaplan: There are two key issues. First is leadership. Without strong visionary leadership, no strategy will be executed effectively. The second key issue is to recognize that strategy and operations or tactics are both important but they are different. The normal course of events is for companies to focus on day-to-day operations and short-term problem solving. Management meetings focus on fighting fires and fixing problems.
Often little time and few resources get committed to strategic issues. We don't advocate abandoning an intense focus on operations and their improvement. But we do advocate planning strategy, not just describing it as important. We describe in the book the different roles, frequencies, participants, and agendas for operational review meetings and strategy review meetings. We open the book with a great quote often but perhaps inaccurately attributed to Sun Tzu in The Art of War: "Strategy without tactics is the long road to victory; tactics without strategy is the noise before defeat.
Q: What are typical challenges and pitfalls when linking strategy with operations? Why is a formal strategy execution system valuable?
A: One challenge or pitfall is that few companies align their operational improvement activities to strategic priorities. Many companies today are practicing Total Quality Management, Six Sigma, or other continuous improvement activities. But these are done across the organization with no sense of priorities or impact from process improvements. Consequently, much effort does not show up in tangible results. Companies need a formal process for using strategic objectives to set priorities for where operational improvements can have the largest impact on strategy execution.
We note that quality and process improvement programs are like teaching people how to fish. Strategy maps and scorecards teach people where to fish. Another pitfall occurs when budgeting and financial planning are done separately from strategic planning. We advocate that the operational plan and budget be driven from the revenue targets in the strategic plan.
In The Execution Premium, we describe how a time-driven activity-based cost model provides the previously missing link between the revenue growth targets in a strategic plan and the authorization for spending to supply the quantities of resource capacity that are necessary to fulfill the sales and production needs of the strategic plan. Without this coupling, operational plans either provide too little or too much capacity for the strategic plan.
A third challenge is that most management meetings get consumed with discussions about short-term operational and tactical issues. It is important to meet to discuss and solve operational problems. But companies err when they devote all their time together for fire-fighting and coping with near-term issues.
The formal strategy execution system schedules strategy review meetings at a different time from operational review meetings.
In that way, each meeting has its own frequency, agenda, information system, and participation, as best meets the goals for that meeting. Q: Given the proliferation of tools, how should management choose the right one to formulate strategy and improve operations?
A: We don't have a preferred position on strategy formulation methodologies. We have seen each approach lead to success in different circumstances. If, for example, the company has low capital utilization, then some use of a value-based management approach would help to define a financial strategy. If the company does not have a distinctive brand or market presence, a focus on identifying an attractive customer segment, such as through Harvard University professor Michael Porter's positioning framework, W.
Prahalad and V. Ramaswany's customer co-creation process might prove most relevant. If the company has distinctive capabilities in important business processes— operations management, customer data mining, or product features and innovation—that are superior to or not possessed by competitors, then the resource-based view and identification of core competencies are effective frameworks for strategy formulation.
If the company has a great human capital base, with skilled, experienced, and highly motivated employees, then striving to create a learning organization and encouraging emergent strategies to be proposed can identify promising new strategic approaches.
While we are agnostic with respect to which strategy methodology a company uses to arrive at its strategy, we do believe that creating a strategy map and scorecard for that strategy is the logical and proven next step for putting the strategy into action. That is why we have placed strategy analysis and formulation as Stage 1 of our management system, with planning and translating the strategy as Stage 2.
We take the same position with the various operational improvement methodologies. We don't want to be caught debating the relative merits and shortcomings of TQM, Six Sigma, lean management, and reengineering. We do believe, however, that these methodologies are most effectively applied to the strategic processes identified in a company's strategy map and scorecard. That is why we place planning operations in Stage 4 of the management system, downstream from the Stage 2 processes of translating and planning the strategy.
You can't focus on the critical processes for improvement until they have been identified in the strategic planning and translation stage. Q: What is an Office of Strategy Management, and why is it necessary in a company? A: The OSM is analogous to a military general's chief of staff. The general is responsible and accountable for developing the strategy to win wars and battles.
But a general almost always has a chief-of-staff, often several ranks junior, who leverages the general's time and attention. The chief-of-staff does not create strategy or operational tactics and has no authority or accountability for its execution.
A chief-of-staff schedules the general's meetings, ensures that the appropriate people show up at the meeting, attends and takes notes at the meeting, and follows up after the meeting to ensure that the actions decided upon are carried out.