engleski

The Balanced Scorecard vs. EFQM Excellence model: a performance management perspective

Projects are constantly disappointing their stakeholders and thus organization are constantly delivering poor performance. It is evident that in the world of competitive, economic, political and technological pressures, a company must constantly align its position on the market. Present performance models, like The Balanced Scorecard and EFQM Excellence model, although very popular, showed low applicability in such situations. This paper brings these two models on opposite sides and discusses their strengths and weaknesses regarding a design of efficient and effective performance management model. It suggests a symbiotic relationship where The Balanced Scorecard and EFQM Excellence model are combined and put together in action. BSC showed its applicability in strategy implementation based on diagnostic and interactive control, where EFQM showed doubts, but showed high efficiency in strategic control based on self-assessment techniques. The paper concludes that in order for a company to: implement full strategic control, connection with the environment and enabled benchmarking ; the use of just one system is not sufficient. Organization must seize the strengths of both models and join them together, in order to efficiently and effectively manage performance.

BSC; EFQM; performance management; theoretical framework; strengths; weaknesses

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