After creating a strategy, you can begin adding its components.
To do this, you can click the "Strategy Components" button on the "Strategy Information" screen or the "Components" button for the relevant strategy on the "Strategies" screen.
Adding an Objective to a Strategy
Objectives are the measurable steps you take to achieve a Strategy, and they represent high-level organizational goals.
Strategic objectives are the continuous improvement activities that must be carried out during strategy execution.
They are statements that identify what is critical or important within a strategy. In other words, they are the goals you aim to achieve within a specific period.
Objectives should be clear, measurable, specific, and achievable.
You can click the "New Objective" button to add a new objective to a strategy.
Objective Status Information
You can select a Planned Start Date and Planned End Date from the calendar.
You can also select an Actual Start Date and Actual End Date from the calendar.
You can then enter the Balanced Weight %.
Status
You can select one of the following statuses from the drop-down list.
AA - Proposed
LA - Approved
YH - Rejected
PA - Frozen
LB - Restarted
XA - Completed - Expectation Met
XB - Completed - Expectation Partially Met
XC - Completed - Expectation Not Met
YC - Abandoned
ZZ - Archived
After creating a new objective (after saving the "New Strategy Component" screen), the default Status is displayed as "Proposed." You can change it if necessary.
Objective Categorization
In Minerva, strategy perspectives and strategy themes are used to categorize objectives.
In addition to the Standard Strategy Perspectives, you can create new perspectives specifically for the objectives of this strategy by clicking the "Strategy Perspectives" row under the "Menu" tab on the "Strategy Information" screen. These perspectives will not apply to objectives created for other Strategies.
Deleting Standard Strategy Perspectives
If you need to delete any of the standard strategy perspectives, you can do so by clicking the relevant "Delete" button after selecting the "Strategy Perspectives" row under the "Menu" tab on the "Strategy Information" screen. Please note that this deletion applies only to the current strategy.
You can also select a Strategy Theme from the drop-down list.
You can create strategy themes specifically for the objectives of this strategy by clicking the "Strategy Themes" row under the "Menu" tab on the "Strategy Information" screen. These themes will not apply to objectives created for other Strategies.
Defining KPI Objects
For each objective, at least one measure or Key Performance Indicator (KPI) should be defined and monitored over time.
A KPI indicates progress toward a desired outcome. A strategic KPI monitors the execution and effectiveness of an organization's strategies, identifies the gap between actual and targeted performance, and measures organizational effectiveness and operational efficiency.
Under the "KPI Objects" tab, you can select and define Key Performance Indicator Objects from the window. You can also enter the "Balanced Weight %" if required.
Adding Initiatives to Objectives
Initiatives are the activities you undertake and execute in support of your objectives. In other words, they are the projects that help you achieve your objectives.
To begin adding an initiative, you can click the "New Initiative" button for the relevant objective on the "Strategy Components" screen.
The initiative's "Parent Component" will be displayed as the code of the objective.
Initiative Status Information
You must select a Planned Start Date and Planned End Date from the calendar.
You can also select an Actual Start Date and Actual End Date from the calendar.
Status
You can select one of the following statuses from the drop-down list.
AA - Proposed
LA - Approved
YH - Rejected
PA - Frozen
LB - Restarted
XA - Completed - Expectation Met
XB - Completed - Expectation Partially Met
XC - Completed - Expectation Not Met
YC - Abandoned
ZZ - Archived
After creating a new initiative (after saving the "New Strategy Component" screen), the default Status is displayed as "Proposed." You can change it if necessary.
Initiative Categorization
You can select an Initiative Type from the drop-down list.
You can create initiative types specifically for the initiatives of this strategy by clicking the "Strategy Initiative Types" row under the "Menu" tab on the "Strategy Information" screen. These initiative types will not apply to initiatives created for other Strategies.
Adding Actions to Initiatives
An action (also referred to as a tactic) is the method used to carry out an initiative associated with an objective.
Action items generally originate from review meetings and are usually tasks assigned to an individual or a small team. Although they are not technically part of the BSC framework, they are part of the overall management process and help ensure that key initiatives are carried out in a timely and organized manner.
To begin adding an action, you can click the "New Action" button for the relevant initiative on the "Strategy Components" screen.
The action's "Parent Component" will be displayed as the code of the initiative.
Action Status Information
You must select a Planned Start Date and Planned End Date from the calendar.
You can also select an Actual Start Date and Actual End Date from the calendar.
Status
You can select one of the following statuses from the drop-down list.
AA - Proposed
LA - Approved
YH - Rejected
PA - Frozen
LB - Restarted
XA - Completed - Expectation Met
XB - Completed - Expectation Partially Met
XC - Completed - Expectation Not Met
YC - Abandoned
ZZ - Archived
After creating a new action (after saving the "New Strategy Component" screen), the default Status is displayed as "Proposed." You can save it if necessary.
Strategy Components Overview Example
For example, during your company's annual financial strategy meeting, it may be decided to increase sales revenue by 25% by the end of the year, which means generating USD 3.5 million in sales by year-end.
To achieve this, it may be determined that the existing customer base must be expanded, and as an initial step, the marketing department may be asked to prepare a list of 25 prospective customers.
To reflect this example, it is recommended that the following structure be created in the Minerva Strategy Management module.
New Objective -> "Increase sales revenue by 25% by the end of the year" --- Tip: Define a KPI for this objective -> "Generate USD 3.5 million in sales by the end of the year."
New Initiative -> "Identify new customers"
New Action -> "Prepare a list of 25 prospective customers" --- Tip: You can assign a task to the "Marketing" department.
Viewing the Strategy Tree
You can view the strategy tree, in which strategy components are displayed in a hierarchical tree structure, by clicking the "Strategy Tree" row under the "Menu" tab.