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The Balanced Scorecard as a basis for strategic company management in the context of the world economy transformation

Author

Listed:
  • Dudin, Mikhail

    (Russian Presidential Academy of National Economy and Public Administration (RANEPA), Russian Academy of Entrepreneurship)

  • Frolova, Evgenia

    (Far Eastern Federal University)

Abstract

The objective of this article is to develop a common methodological concept of creating the Balanced Scorecard (BSC) and the determination of a set of key performance indicators for manufacturing type companies. Authors came up with the following conclusions. - Efficient business management under contemporary conditions becomes a complex task. Within this task, managers must not only timely identify capabilities of the external environment, but also look for internal growth reserves. When applying these reserves, manager should take into account the evolvability of the company and possible threats to the company development. - There are many ways, methods and approaches to improve the strategic business management of contemporary companies. At that, the technique, which is based on the Balanced Scorecard, remains the most appropriate approach to build and structure company business management, as well as elaborate the long-term development strategy. - The Balanced Scorecard is a special set of indicators that are of equal importance for analyzing and evaluating the operation and business development of companies. The Balanced Scorecard is focused on meeting the information needs of strategic planning and management. - Created Balanced Scorecard must meet the basic requirements for managerial information, as well as show the development dynamics of all functional subsystems and business areas. Besides, the Balanced Scorecard should be adaptive and able to be updated when changing exogenous trends or shifting paradigm of managerial decisions; - The Balanced Scorecard can be used not only in the strategic management of large companies, but can also be used by small and mid-sized companies. Small and mid-sized businesses can use a limited number of indicators, most important to make sound and rational managerial decisions.

Suggested Citation

  • Dudin, Mikhail & Frolova, Evgenia, 2015. "The Balanced Scorecard as a basis for strategic company management in the context of the world economy transformation," Published Papers dud12, Russian Presidential Academy of National Economy and Public Administration.
    • Handle: RePEc:rnp:ppaper:dud12
    Note: Published in "Asian Social Science", #3'2015
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    File URL: https://repec.ranepa.ru/rnp/ppaper/dud12.pdf
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    References listed on IDEAS

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    1. Dudin, Mikhail & Ljasnikov, Nikolaj & Yahyaev, Magomedsaid & Kuznetzov, Aleksandr, 2014. "The organization approaches peculiarities of an industrial enterprises financial management," Published Papers 9, Russian Presidential Academy of National Economy and Public Administration.
    2. Daniel Covitz & Nellie Liang & Tobias Adrian, 2015. "Financial Stability Monitoring," Annual Review of Financial Economics, Annual Reviews, vol. 7(1), pages 357-395, December.
    3. Mr. Garry J. Schinasi, 2004. "Defining Financial Stability," IMF Working Papers 2004/187, International Monetary Fund.
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    Cited by:

    1. Natalia Antonova & Ines Ruiz-Rosa & Javier Mendoza-Jimenez, 2022. "Water Resource Management in Hotels Using a Sustainable Balanced Scorecard," Sustainability, MDPI, vol. 14(13), pages 1-19, July.
    2. Nikolai Vasilevich Lyasnikov & Evgeniya Evgenevna Frolova & Andrei Alievich Mamedov & Sergei Borisovich Zinkovskii & Natalya Andreevna Voikova, 2017. "Venture Capital Financing as a Mechanism for Impelling Innovation Activity," European Research Studies Journal, European Research Studies Journal, vol. 0(2B), pages 111-122.
    3. Mihail Nikolaevich Dudin & ?vgenia ?vgenevna Frolova & Julia Alexandrovna Artemieva & Vitaliy Vasil evich Bezbah & Alexey Nikolaevich Kirsanov, 2016. "Problems and Perspectives of BRICS Countries Transfer to Green Economy and Law-carbon Energy Industry," International Journal of Energy Economics and Policy, Econjournals, vol. 6(4), pages 714-720.

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