Keywords: strategic management, balanced scorecard, BSC, SWOT, QFD, double HOQ, BSQ models, quality function deployment, strategic planning, critical success factors, strengths, weakenesses, opportunities, threats, performance measures, diagnosis, prioritisation, implementation, monitoring
Holistic approach for diagnosing, prioritising, implementing and monitoring effective strategies through synergetic fusion of SWOT, Balanced Scorecard and QFD
The integrative fusion of three powerful strategic tools yields obvious synergetic benefits for strategy planners. This holistic approach provides a pragmatic framework for developing a list of Key Success Factors (KSFs) and converting them into the respective internal strengths and weaknesses of an organisation. A systematic way is adopted to explore and evaluate the significance and likelihood of occurrence of various external factors to generate the list of external opportunities and threats. Matching the internal factors with the external factors, the SWOT analysis yields a list of action items as the basis for strategies. Slotting these action items (strategic performance measures) in the BSC framework portrays subjective yet democratic 'cause and effect' relationships among them through QFD. A Double House Of Quality (Double HOQ) is introduced to depict the relationships among the internal KSFs and the derived strategies. This holistic strategic formulation approach is called BSQ (short-form of Balanced Scorecard-SWOT-QFD).