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Best Practice Toolkits On How To Build Your Strategy Map & Scorecard
choosing the lightest yellow choice. Change the font color of the text for Target, Target #, and Target % to Green and Actual, Actual #, and Actual % to Red.
Convert a Numeric Ratings Scale into a Symbol Ratings Scale in the Balanced Scorecard
Now that you have your basic balanced scorecard in Excel template formatted, you can add a great feature that will convert a numeric (1 to 5) performance scale into symbols. To see the transformation:
1. 2. 3. 4. Select in the first cell in the Target column (C4) Under Format, Cell, change the font for the cell from Arial to Wingding 2 Insert this formula into the cell: =CHOOSE(F4,CHAR(129),CHAR(157),CHAR(158),CHAR(156),CHAR(152)) Copy the cell formula to the other data cells in the column by using the copy and drag feature working your way down the C column 5. Repeat the steps above to create symbols in the Actual column, except change the cell reference in the formula from F4 to G4.
Now you can enter 1 through 5 and the scale will be converted to these symbols.
Convert a Percentage Ratings Scale into Symbol Ratings Scale in the Balanced Scorecard
If your raw data is in percentages, you can convert it to the 1-5 numeric scale. For example (5 is above 89, 4 is 89 to 79, etc.) and then use this numeric scale to create a symbol ratings scale as outlined above.
1. Select the first Target # data cell (F4) and type in this formula: =IF(H4>89,"5",IF(H4>79,"4",IF(H4>69,"3",IF(H4>59,"2","1")))) 2. Use the copy and drag feature of Excel to paste the formula into the other cells in the Target # column 3. Repeat the steps for Actual # data cell (G4), except change the cell reference in the formula from H4 to I4.
Now when you can type in data from 1-100, it will convert it automatically into the 1-5 scale and then create the symbol ratings. You can also adjust the conversion formula to fit a smaller and closer percentage range.
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BALANCED SCORECARDS
Thinking about developing a balanced scorecard for your business? Learn more about these important analysis tools and find examples that you can freely download for your own personal or business use.
Should Your Company Use Balanced Scorecards? Weighing the Pros and Cons of Balanced Scorecards Working Examples of a Balanced Scorecard Creating a Balanced Scorecard in Excel Deciphering the Meaning of a Financial Statement
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