Acta Technica Corviniensis

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ACTA TECHNICA CORVINIENSIS – BULLETIN of ENGINEERINGCREATION AND DESIGN OF THE BALANCEDSCORECARD (BSC)The steps to follow the making up, the creationand the development of the Balanced ScorecardBSC must proceed from the steps presented infig.3.As we can see the methodology to create theBalanced Scorecard BSC, has many the first one(blue), we define the plan of the company, laterwe go the confection of the own BalancedScorecard BSC (green).If in the organizations has already an strategicplan well defined, it will not be necessary torealize the blue stage, anyway it is convenient tomake an internal and strategic analysis of yourcompany, to check our mission and vision, toknow the current situation and objectives wehave to reach.Frequently, the process of creation of theBalanced Scorecard allows the executives toreview the strategies and to define new ones,according to the situation where the business isdeveloped.Fig. 3. Creation and the development of the BalancedScorecard [4]CONCLUSIONThe Balanced Scorecard (BSC) is a conceptualframework enabling an organization in clarifyingits vision and strategy, thus effectively translatingthem into action. This performancemanagement approach provides feedbackaround both the internal processes and externaloutcomes, essentially focusing on fourindicators: Customer Perspective, Internal-Business Processes, Learning and Growth andFinancials.For the present-day organizations information isno longer the basic component. Because theorganizations administer a too big volume ofdata and information, the manner in which therelevant information is selected and used withinthe organizational actions and in decision-takingis of extreme importance. The ecosystem thatunderlies a Balanced Scorecard is made up ofvisions, missions, organizational values andcompetences, strategies.It is important for certain fundamentalobservations which express the BSC’simportance and value to be reiterated:Only 10% of the organizations that define astrategy are capable of successfully fulfillingit;The strategy of an organization must be clearand synthetic;The BSC is a strategic management andperformance system;The BSC translates the organization’s strategyinto concrete actions;The BSC explains and clarifies anorganization’s strategy from both themanagement’s and employees’ point ofview;The BSC is a communication instrument, notone of control/constraint;The BSC allows the alignment of the componentstructures and organization members to thestrategy set by the management team.Implementing the balanced scorecardmethodology in the projects gives quick accessto important metrics - for example cost,expected return of investment (IRR) for theproject, customer satisfaction, innovation etc. Allthese help continously monitor the performanceof the projects.622008/ACTA TECHNICA CORVINIENSIS/Tome I
ACTA TECHNICA CORVINIENSIS – BULLETIN of ENGINEERINGREFERENCES[1] OLVE, N., ş.a. – Making ScorecardsActionable. Balancing Strategy andControl, Editura John Wiley&Sons,England;[2] http:// www.balancedscorecard.com[3] http:// www.balancedscorecard.org[4] http:// www.webandmacros.net/Balanced-Scorecard[5] AKKERMANS, H. A. and OORSCHOT, K. E., ACase Study of Balanced ScorecardDevelopment Using System Dynamics,Journal of the Operational ResearchSociety, Vol. 56, No. 8, pp. 931–941, (2005)[6] AKKERMANS, H. A. and van OORSCHOT, K. E.,“Developing a Balanced Scorecard withSystem Dynamics”, Proceeding of 2002International System DynamicsConference, 2002[7] MOORAJ, S. and OYON, D. H. D., TheBalanced Scorecard: a Necessary Good oran Unnecessary Evil?, EuropeanManagement Journal, Vol. 17, No. 5, pp.481-491, (1999)[8] RICHARD D. HANKS and JOHN CROFTS, TheBalanced Scorecard: A Practical Approach,2002–2009, Mindshare Technologies[9] KAPLAN, R. and D. NORTON, “The BalancedScorecard: Measures that DrivePerformance,”, HBR, Jan 1992[10] KAPLAN, R. and D. NORTON, “The BalancedScorecard: Translating Strategy intoAction”, HBS Press, 1996[11] KAPLAN, R. S., & NORTON, D. P. Strategymaps: Converting intangible assets intotangible outcomes. Boston: HarvardBusiness School Press, 2004[12] * * * The Balanced Scorecard - Measuresthat Drive Performance", Harvard BusinessReview, Feb. 1992[13] COBBOLD, I. and LAWRIE, G., “TheDevelopment of the Balanced Scorecard asa Strategic Management Tool”, 2002[14] COBBOLD, I. and LAWRIE, G., “Classificationof Balanced Scorecards based on theireffectiveness as strategic control ormanagement control tools”., 2002[15] NIVEN, PAUL R., "Balanced Scorecard. Stepby-step.Maximizing Performance andMaintaining Results", 2006[16] PAPALEXANDRIS, A., IOANNOU, G. andPRASTACOS, G.P. (2004), Implementing theBalanced Scorecard in Greece: a softwarefirm’s experience. Long Range Planning,37(4), 347-362[17] PAPALEXANDRIS, A., IOANNOU, G., PRASTACOS,G.P. and SODERQUIST, K.E. (2005), Anintegrated methodology for putting theBalanced Scorecard into action. EuropeanManagement Journal, 23(2), 214-227[18] NORREKLIT H. (2000), The balance on thebalanced scorecard - a critical analysis ofsome of its assumptions, ManagementAccounting Research, 11, pp. 65-88AUTHORS & AFFILIATION1.VASILE ALEXA,2.CONSTANTIN GRIGORE1.“POLITECHNICA” UNIVERSITY OF TIMISOARA,FACULTY OF ENGINEERING OF HUNEDOARA,DEPARTMENT OF ENGINEERING AND MANAGEMENT,ROMANIA2“POLITECHNICA” UNIVERSITY OF TIMISOARA,FACULTY OF ENGINEERING OF HUNEDOARA,DEPARTMENT OF ELECTRICAL ENGINEERING ANDINDUSTRIAL INFORMATICS, ROMANIAACTA TECHNICA CORVINIENSIS– BULLETIN of ENGINEERINGcopyright ©UNIVERSITY POLITEHNICA TIMISOARAFACULTY OF ENGINEERING HUNEDOARA5, REVOLUTIEI331128 – HUNEDOARAROMANIAhttp://acta.fih.upt.ro2008/ACTA TECHNICA CORVINIENSIS/Tome I 63
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