Combining Value-focused Thinking and Balanced Scorecard to Improve Decision-making in Strategic Management

2016 ◽  
Vol 23 (5-6) ◽  
pp. 225-241 ◽  
Author(s):  
Reinhard E. Kunz ◽  
Johannes Siebert ◽  
Joschka Mütterlein
Keyword(s):  
Decision Making ◽  
Strategic Management ◽  
Balanced Scorecard ◽  
Value Focused Thinking

scholarly journals The Elaboration of Strategic Decisions in the Socio-Economic Systems

2017 ◽  
Vol 41 (1) ◽  
pp. 57-67
Author(s):  
Anna Alekseevna Khanova ◽  
Kristina Igorevna Averianova
Keyword(s):  
Decision Making ◽  
Information Technology ◽  
Strategic Management ◽  
Balanced Scorecard ◽  
Main Idea ◽  
Economic Systems ◽  
Strategic Decisions ◽  
Modern Information Technology ◽  
Multidimensional Modeling ◽  
Modern Information

The article deals with socio-economic strategic management, which implemented on the basis of Balanced Scorecard, multidimensional modeling and its set-theoretic representation. The main idea of the article is using of modern information technology to assist in decision-making. Much attention is given to formalization of SCIPEOmodeling and integration of its sub-model. The process of developing of management decisions is considered. The integration of these tools will improve the management of the system in a situation of total or partial indeterminacy.

Balanced Scorecard in the strategic planning of a construction company

2018 ◽  
Vol 1 (1) ◽  
pp. 1
Author(s):  
Roberth Frias ◽  
Maria Medina
Keyword(s):  
Strategic Planning ◽  
Strategic Management ◽  
Balanced Scorecard ◽  
Organization Theory ◽  
Management Control ◽  
Management Tool ◽  
The Balanced Scorecard ◽  
Construction Company ◽  
Construction Companies ◽  
The Impact

This research focused on the strategic management tool Balanced Scorecard and strategic planning, as a guide to guide the management of companies, allowing communication and the functionality of the strategy using KPIs that allow to identify, maintain control and increase efficiency and the achievement of optimal results. For the deductive hypothetical analysis, the specific factors that affect business management performance were grouped into two variables: Balanced Scorecard and Strategic Planning. The objective of the work was to demonstrate the impact of the Balanced Scorecard in the strategic planning of a construction company. In order to support the research, the following theories were approached: the Financial Theory, the Economic Theory of the Company, the Transaction Costs, the Network Theory, the Organization Theory, the Dependence on Resources, the Strategic Management Theory and the Business Diagnosis Theory. The result obtained confirms the hypothesis that there is a significant incidence of the Balanced Scorecard in the strategic planning of construction companies. In conclusion, the construction company has obtained significant improvements in the results in each of the indicators evaluated with the implementation of the Balanced Scorecard, demonstrating improvements in their management results, affirming that there is better performance and management control allowing them to achieve the organizational objectives set.

A Value Focused Thinking Approach to Decommissioning Decision Making

2021 ◽  
Author(s):  
Aaron Tung
Keyword(s):  
Decision Making ◽  
Scientific Evidence ◽  
Analysis Tool ◽  
Stakeholder Values ◽  
A Value ◽  
Value Focused Thinking ◽  
Science Theory ◽  
Past Experiences ◽  
Stakeholder Acceptance

Abstract Values are what stakeholders regard to be important to decisions (Kruglanski & Higgins 2007). How stakeholder prioritize, rank, balance, and trade-off values can have significant influence on their reasoning and evaluation of decommissioning outcomes and decisions. Stakeholder values can vary depending on various factors including religious beliefs, personal interests, and past experiences (Lechner et al., 2017). Value-focused thinking is a decision science theory developed by Keeney (1992) which builds upon the concept of varying stakeholder values. Keeney (1992) argues that the best decision is one that best reflects the actual values of stakeholders. which suggests that the acceptability of decommissioning decisions (full removal, partial removal, leave in-situ, rigs-to-reefs, etc.) by stakeholders will vary depending on the values of stakeholder in that particular context. This paper explores the idea of value-focused thinking and derive implications for decommissioning decision-making. Overall, the research finding suggests that rather than basing a decommissioning decision solely on scientific evidence, there is also a need for the decommissioning decisions to be able to reflect the actual values of stakeholders in that particular context. The criteria and weightage of the adopted multi-criteria decision analysis tool, for example, should accurately represent the actual values of stakeholders, so as to enable the tool to produce outcomes and decisions that has a higher probability of stakeholder acceptance.

scholarly journals Application of the Balanced Scorecard to Realize Strategic Management of Wildlife Resources

Rangelands ◽  
2007 ◽  
Vol 29 (2) ◽  
Author(s):  
David R. Rios ◽  
Butch Thompson ◽  
Mickey W. Hellickson ◽  
Keyword(s):  
Strategic Management ◽  
Balanced Scorecard ◽  
The Balanced Scorecard

scholarly journals THE PARADIGM OF STRATEGIC MANAGEMENT OF MULTINATIONAL CORPORATIONS ON THE BASIS OF THE BALANCED SCORECARD

2015 ◽  
Vol 1 (7) ◽  
pp. 43
Author(s):  
Olena Burunova ◽  
Sergii Gushko ◽  
Volodymyr Kulishov
Keyword(s):  
Strategic Management ◽  
Multinational Corporations ◽  
Balanced Scorecard ◽  
Business Strategy ◽  
Business Processes ◽  
Swot Analysis ◽  
Scenario Planning ◽  
Information Support ◽  
Support Mechanism ◽  
The Balanced Scorecard

The paper investigates the process of strategic management and missions of a multinational corporation on the basis of the model of the balanced scorecard (BSC) formation. Due to the trends in modern management, the development of a company’s strategy, and the estimation of its efficiency are carried out with increasing frequency by means of scorecards. Thus, the aim of the research is to explore the paradigm of strategic management of multinational corporations within the framework of implementation of the model of an enterprise scorecard in an ERP system. The topicality of the research is determined by the necessity to implement the worked out in detail monitoring of company’s activity in a strategic focus, which will allow increasing the operationability and efficiency of administrative decisions and controlling the most essential financial and non-financial performance indices. In the course of work, the authors were guided by the principles of systemic and dialectical approaches to explore the problem. Thereat methods of logic and factor analysis, swot analysis, scenario planning, approaches to grouping, comparison, generalization, interconnection of the theoretical and practical aspects of the work of multinational corporations were used. They serve to deepen the theoretical and methodological aspects referred to the formation of the accounting and analytical information and implementation of the balanced scorecard model in the process of institutionalization of informative economy. It is well-proven that optimization of a business strategy of companies contributes to realization of the information support mechanism of the accounting and analytical systems under the condition of ERP introduction- systems for the improvement of methods of accounting, control and analysis. It gives an opportunity to efficiently manage the resources of corporations, to regulate their production load, to control quality and push their products forward to foreign markets. It has been found out that, taking into account these tendencies, it is possible to construct a pay card of the system of indices according to the levels of acceptance of administrative decisions on the basis of all main business processes of a corporation.

scholarly journals Development of a system of indices of the efficacy of the performance of general outpatient department of "Children's Clinical Medical Center" of the city of Chita

2019 ◽  
Vol 19 (3) ◽  
pp. 163-165
Author(s):  
Tatyana A. Chuprova ◽  
G. I. Bisharova
Keyword(s):  
Strategic Management ◽  
Health Facility ◽  
Balanced Scorecard ◽  
Medical Center ◽  
Training And Development ◽  
Rational Structure ◽  
Strategic Objectives ◽  
The Balanced Scorecard ◽  
The World ◽  
The City

One of the most effective and popular tools in the world of strategic management of the organization is the Balanced Scorecard, which increases the capability to achieve the strategic objectives and provides an integrated work of the organization. There is considered the classical rational structure of the working activity of the department in the context of prospects for 4 - finances, cases, internal processes, training and development. There are developed key indices of the efficacy and established their aimed values. The developed system of indices of the efficacy of the work of the Department will allow to detail the aims of operational and personal levels, and as a consequence to improve the efficacy of the management of health facility.

scholarly journals IMPLANTAÇÃO DO BALANCED SCORECARD EM UMA INDÚSTRIA DE CERÂMICA VERMELHA

2018 ◽  
Vol 7 (2) ◽  
pp. 72
Author(s):  
Célio Gomes de Lima Júnior ◽  
Julianne das Chagas Gomes ◽  
José Guilherme Said Pierre Carneiro ◽  
José Sarto Freire Castelo
Keyword(s):  
Strategic Management ◽  
Balanced Scorecard ◽  
Management Tool ◽  
Management Model ◽  
Managerial Control ◽  
Management Tools ◽  
The Balanced Scorecard ◽  
The Creation ◽  
Ceramics Industry ◽  
Red Ceramics

A implantação de ferramentas de gestão, como o Balanced Scorecard (BSC), envolve mudanças no controle gerencial de uma empresa em diversos aspectos, pois enfatiza a comunicação de estratégias e a criação de uma nova metodologia para o controle de desempenho. O objetivo deste estudo é realizar uma análise crítica sobre a aplicação do Balanced Scorecard em uma indústria de cerâmica vermelha, a partir da construção e da implementação dessa ferramenta de gestão em uma cerâmica localizada no município de Russas, Ceará. O estudo de caso revelou a necessidade de rever a gestão estratégica da empresa, em virtude da criação de mecanismos eficientes de alimentação dos indicadores pertencentes ao mapa estratégico, de modo a refletir sobre a situação da mesma, e por fim, garantiu que os gestores e funcionários estivessem alinhados com o modelo de gestão estratégica recém-implantado, a fim de que seja possível obter as vantagens propiciadas por este modelo de gestão. IMPLEMENTATION OF BALANCED SCORECARD IN A RED CERAMICS INDUSTRY ABSTRACT The implementation of management tools such as the Balanced Scorecard (BSC) involves changes in the managerial control of a company in several aspects, as it emphasizes the communication of strategies and the creation of a new methodology for performance control. The objective of this study is to perform a critical analysis on the application of the Balanced Scorecard in a red ceramics industry from the construction and the implementation of this management tool in a ceramics located in the municipality of Russas, Ceará. The case study revealed the need to review the strategic management of the company due to the creation of efficient mechanisms to feed the indicators belonging to the strategic map, in order to reflect on the situation of the company, and finally ensured that managers and employees were aligned with the newly implemented strategic management model, in order to obtain the advantages provided by this management model.

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