INTERRELATION OF THE BALANCED SCORECARD SYSTEM WITH THE STRATEGIC GOALS OF THE ORGANIZATION

UDC 65
DOI: 10.36871/ek.up.p.r.2022.07.01.004

Authors

Polina V. Barsukova,
Lyubov V. Gusarova,
Financial University under the Government of Russia

Abstract

Strategy is of key importance for any organization, because it determines the vector of the organization’s development. In today’s world, companies must be able to adapt to the rapidly changing environment and outperform their competitors while adhering to the strategy. Only prompt receipt of information contributes to the timely adoption of the right decision by the top management team, which would contribute to the achievement of long-term goals. For this purpose it is necessary to define correctly a development strategy of the company and way of its realization. Balanced scorecard system is a tool to implement the strategy of the company, allowing to achieve the goals and indicators.

Keywords

balanced scorecard, strategic objectives, indicators, projections, strategic map, causal relationships.