OPPORTUNITIES OF APPLICATION OF THE BALANCED SCORECARD IN MANAGEMENT AND CONTROL
Venelin Terziev1*, Vanja Banabakova2, Oleg Latyshev3, Marin Georgiev4
1Corresponding Member of the Russian Academy of Natural History, Moscow, Russia, Professor, Ph.D., D.Sc. (National Security), D.Sc. (Ec.), University of Rousse, Rousse, Bulgaria; National Military University, Veliko Tarnovo, Bulgaria; University of Telecommunications and Post, Sofia, Bulgaria, firstname.lastname@example.org
2Professor, Ph.D., National Military University, Veliko Tarnovo, Bulgaria, email@example.com>
3Academician of the Russian Academy of Natural History, Moscow, Russia, Professor, Ph.D., D.Sc., firstname.lastname@example.org
4National Military University, Veliko Tarnovo, Bulgaria, email@example.com
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.
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