Strategy management control thorugh the balanced scorecard model

The Balanced Scorecard (BSC) is a strategic planning and management system that has been used extensively used in business and industry as well as in government and non-profit organizations worldwide during the last two decades. BSC enables the user to align business activities with the organization’s vision and strategy at the same time, improving both internal and external communications, and to monitor the organization’s performance against strategic goals. It was designed by Kaplan and Norton as a performance measurement framework to apply strategic non-financial performance measures to traditional financial metrics, providing managers and executives a more “balanced” view of organizational performance. The goal of this paper is to establish a model based on combination of existing strategic planning models, which will give a precise insight of the resources and their optimal use, and monitor the progress of strategic plan execution. Such will be determined by previously defined specific key performance indicators (KPIs) and their quantification according to strategic plans.