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Title: Assessment of economic activity of enterprise based on the balanced scorecard
Authors: Martynenko M. V.
Lysytsia N. M.
Polyakova Y. O.
Bolotova O. O.
Keywords: assessment
economic activity
balanced scorecard (BSC)
key performance indicator (KPI)
correlation and regression analysis
Issue Date: 2020
Citation: Martynenko M. Assessment of economic activity of enterprise based on the balanced scorecard / M. Martynenko, N. Lysytsia, Yа.Polyakova et. al. // Financial and credit activities: problems of theory and practice. – 2020. - № 4(35). - P. 248–257.
Abstract: Assessment of the economic activity of the enterprise in modern business relations requires the necessity of addition of non-financial components to the traditional tool of assessing the financial performance of the enterprise. The purpose of the article was using BSC as a methodological tool for assessing and transforming an enterprise’s mission into short-term tasks and indicators. This allows the authors to identify the most relevant reserves for improving the economic activity of the enterprise. Correlation-regression analysis of the parameters is included in the assessment of the economic activity of the enterprise by basic perspectives. This allows us to make a detailed analysis of internal business processes and external possibilities of enterprise. Division of all researched indicators into key performance indicators (KPI) and auxiliary indicators, depending on the degree of influence on enterprise development has been made. The key performance indicators that have the greatest correlation with others are as follows: net revenue, balance sheet, current assets, fixed funds, raw materials, finished products, cash. It has been established, that the key reserves for the successful development of the enterprise are concentrated mainly in internal processes and the financial perspective of enterprise development. This makes it possible to optimize the process of making managerial decisions in conditions of limited economic resources and uncertainty. Auxiliary indicators are more likely to be parameters supporting the required level of certain KPI in the long term perspective. Using the full range of indicators in the assessment of economic activity of enterprise will allow balancing the direction of sustainable development of enterprise.
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