Opportunities of Application of the Balanced Scorecard in Management and Control

Proceedings of ADVED 2017- 3rd International Conference on Advances in Education and Social Sciences 9-11, October 2017- Istanbul, Turkey; ISBN: 978-605-82433-0-9

19 Pages Posted: 12 Mar 2018

See all articles by Venelin Terziev

Venelin Terziev

Vasil Levski National Military University; University of Ruse

Banabakova Vanya Kuzdova

Vasil Levski National Military University

Oleg Latyshev

Russian Academy of Natural History

Marin Georgiev

Vasil Levski National Military University

Multiple version iconThere are 2 versions of this paper

Date Written: October 9, 2017

Abstract

Modern organizations focus on the importance of strategic management and control over current and short-term goals and their corrective role on the strategic success factors of the organization in the process of using the resources of the external environment, ignoring the challenges; as the priorities of the activity are to maximally satisfy public expectations, to minimize the spending of resources, to use its own priorities, to successfully overcome uncertainty and risk, to introduce the adequacy of management decisions against the background of reasonable and measured risk. In the study alternatives are discussed as the Balanced Scorecard model suggested by observations and practice, and implications are provided in regard to changing and improving the architecture of the Balanced Scorecard (BSC) as a tool for management and control in conditions of high variability and uncertainty of the economic and social environment. Examined are some models in place to develop and implement the BSC and on this basis are structured conclusions and recommendations in the following aspects: the organization's strategy, which involves the application of BSC and the inclusion of elements to develop key aspects of the strategy; the potential of the BSC model and its application according to the different needs of management; the needs of the process of developing and implementing BSC and to further expand the applications of the BSC as a strategic management tool requiring an assessment of the expected status and priorities in the control of the indicators included.

Keywords: balanced scorecard, management, control, development

JEL Classification: C65, L25

Suggested Citation

Terziev, Venelin and Kuzdova, Banabakova Vanya and Latyshev, Oleg and Georgiev, Marin, Opportunities of Application of the Balanced Scorecard in Management and Control (October 9, 2017). Proceedings of ADVED 2017- 3rd International Conference on Advances in Education and Social Sciences 9-11, October 2017- Istanbul, Turkey; ISBN: 978-605-82433-0-9 . Available at SSRN: https://ssrn.com/abstract=3137783

Venelin Terziev

Vasil Levski National Military University ( email )

Veliko Tarnovo
Bulgaria
0035982820982 (Phone)

University of Ruse ( email )

8 Studentska Street
Ruse, 7017
Bulgaria

Banabakova Vanya Kuzdova

Vasil Levski National Military University

Veliko Tarnovo
Bulgaria

Oleg Latyshev

Russian Academy of Natural History ( email )

Moscow
Russia

Marin Georgiev (Contact Author)

Vasil Levski National Military University ( email )

Bulgaria

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