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Balanced Scorecard: a Tool for Performance Monitoring and Improvement

Author

Listed:
  • Corina GROSU

    (West University of Timişoara, Faculty of Economics and Business Administration, Romania)

  • Alina ALMASAN

    (West University of Timişoara, Faculty of Economics and Business Administration, Romania)

Abstract

To successfully compete with companies from all over the world, any organization must have useful tools to measure, monitor and improve its performance. Such tools must be adapted to the information needs of a company, which is forced to action in a complex environment. Balanced scorecard is considered such an important tool, a system of measures which enables to understand the way in which performance is built, by establishing a balance between four forces, based on a process approach of the organization. If it is correctly created and implemented, the balanced scorecard enables to create a relationship between different performance measurement measures, in order to achieve the final goal – value creation for the shareholder.

Suggested Citation

  • Corina GROSU & Alina ALMASAN, 2008. "Balanced Scorecard: a Tool for Performance Monitoring and Improvement," Timisoara Journal of Economics, West University of Timisoara, Romania, Faculty of Economics and Business Administration, vol. 1(4), pages 311-320.
  • Handle: RePEc:wun:journl:tje:v01:y2008:i04:a02
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    Keywords

    performance; activities; processes; balanced scorecard;

    JEL classification:

    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • O21 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy

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