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AUTHOR(S): Venelin Terziev, Marin Georgiev
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TITLE Development and Transformation of the Balanced Scorecard Concept |
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ABSTRACT The article examines the evolution of the Balanced Scorecard (BSC) - from a tool for measuring organizational performance to an integrated framework for strategic management and control. It analyzes the limitations of traditional financial control, which fails to account for intangible assets, innovation, and long-term goals. The main stages in the development of the BSC are outlined, including its transition to a third-generation model that incorporates measurement, feedback, communication, and active management involvement. The article emphasizes the role of the BSC as a key managerial tool in today’s knowledge-based and sustainability-oriented economy. |
KEYWORDS Balanced Scorecard; Strategic Management; Performance Measurement; Organizational Control; Intangible Assets; Knowledge-Based Economy |
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Cite this paper Venelin Terziev, Marin Georgiev. (2025) Development and Transformation of the Balanced Scorecard Concept. International Journal of Economics and Management Systems, 10, 250-255 |
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