Development of a dynamic strategy map incorporating scenario analysis and system dynamics: a simulation test on an international construction company

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2018
Yıldız, Açelya Ecem
The balanced scorecard (BSC) and strategy map (SM) methods developed by Kaplan and Norton [1] are widely utilized both in academic studies and in practice to measure organizational performance. On the other hand, these methods are criticized in the literature due to their inability in quantifying bi-directional causalities among strategies, aggregating performance measures, reflecting dynamic nature of real-life behavior, and making simulations to understand implications of future scenarios to support strategic decision-making. The aim of this research is to develop a dynamic SM model by incorporating scenario analysis and systems dynamics to enhance strategic planning (SP) and performance management (PM) practices of international construction companies. To develop a dynamic SM model, this research uses BSC and SM methods of Kaplan and Norton [1], future scorecard model of Fink et al. [2] and Systems Dynamics method of Forrester [3] and Sterman [4]. To develop and test the dynamic SM model, this research is conducted in five consecutive phases with the collaboration of one of the biggest Turkish construction companies. Some serial Group Model Building sessions are conducted with the participation of company experts in order to ensure structural and behavioral validity of the model as well as to test whether the model has a potential to enhance strategic decision-making. The simulation tests conducted with the Company revealed that, the model improves the quality of strategic decision-making as it simulates impacts ofalternative strategic options and possible future scenarios on organizational performance. Thus, this research has potential to offer a reliable methodology and a model for scholars and industry practitioners about how to develop dynamic SMs via SD modeling and utilize them during strategic decision-making and PM.

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Citation Formats
A. E. Yıldız, “Development of a dynamic strategy map incorporating scenario analysis and system dynamics: a simulation test on an international construction company,” Ph.D. - Doctoral Program, Middle East Technical University, 2018.