A proactive balanced scorecard

Authors:
Panagiotis Chytas;Michael Glykas;George Valiris
Affiliations:
University of Aegean, Department of Business Administration, 8 Michalon Street, Chios 82 100, Greece;University of Aegean, Department of Financial and Management Engineering, Kountouriotou Street, Chios 82 100, Greece;University of Aegean, Department of Business Administration, 8 Michalon Street, Chios 82 100, Greece
Venue:
International Journal of Information Management: The Journal for Information Professionals
Year:
2011

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Abstract

This paper describes a methodology for the development of a proactive balanced scorecard (PBSCM). The balanced scorecard is one of the most popular approaches developed in the field of performance measurement. However, in spite of its reputation, there are issues that require further research. The present research addresses the problems of the balanced scorecard by utilizing the soft computing characteristics of fuzzy cognitive maps (FCMs). By using FCMs, the proposed methodology generates a dynamic network of interconnected key performance indicators (KPIs), simulates each KPI with imprecise relationships and quantifies the impact of each KPI to other KPIs in order to adjust targets of performance.