Contribution of Balance Scorecard Model in Efficiency of Managerial Control

Abstract

able to guarantee the performance that creates a value superior to that of the competitors, so that this might be sustainable in time. For such an improvement of the performance and of the competitiveness in a dynamic and complex environment we can reveal as fundamental the implementation of the most efficient and most participative management audit systems, able to clarify its objectives and necessary methods in order to attain the objectives, as well as the connection between the defining processes of the strategies and the current operational activities. These controlling systems must be able to assess the performance, not only as regards the quantity but also the quality, based on the evolution of these results, as well. Thus, the 21st century companies, currently undergoing the market globalization process, need strategies that would allow them to face the continuous transformations of the world economy in order to succeed. Therefore, in order to take advantage of positive trends, markets need to be confronted with winning strategies, with instruments that create a valid orientation in the implementation of long-term objectives. The new economic reality is highly complex, thus triggering an equal development of the management techniques and control practices not to lose sight of a significant feature of the monitoring of the economic evolution and management decisions of companies. This is why the second part of the paper focuses on creating a BSC model for the Alfa Group in order to underline the applicative use of the new instrument for measuring the economic-financial performance, as well as to highlight its importance as means of communication with all categories of stakeholders.Balance Scorecard, Key Performance Indicators, decisional processes, managerial control, efficient method