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DEVELOPMENT AND IMPLEMENTATION OF A BALANCED SCORECARD
Abstract
The process of company management requires the implementation and constant development of effective, structured and scalable set of instruments. These instruments must be continuously improved and updated under current conditions of intensifying competitive environment. The integral parts of such a set must reflect and be representative in the following aspects: economic and financial state of the enterprise, climate and culture codes inside the company and the current state of affairs in the company environment. In order to take right strategic decisions, the management of the company must be able to set clear goals and transform these strategic goals into the operational ones for each department, or any other functional unit. In the process of such transformation particular attention must be paid to the delivery of methods for achieving these goals with appropriate level of effectiveness. One of the instruments to delivering strategic goals, setting objectives and achieving effectiveness can become the system of balanced scorecard. The purpose of the research was to analyze and give classification to problems, which occur while developing and implementing the system of balanced scorecard in Russian companies. The methodology of the research included: company surveys, field research, and comparative analysis. The major findings demonstrate: the common challenges for the companies in the process of introducing balanced scorecard system were identified; the classification of these challenges was proposed; the solutions for enabling implementation process were introduced. The impact of the research is presented through the algorithm of system implementation, which is aimed at helping more companies on their way to balanced scorecard development.
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References6
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The recommendations on the development and implementation of Balanced Scorecard, Financial Director Journal, Russia, 2015.
The implementation of Balanced Scorecard: everything about Balanced Scorecard, Executive Director Journal, Russia, 2014.
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