Designing a balanced scorecard as strategic management system for higher education institutions: A case study in Macedonia

Abstract

European higher education institutions (HEIs) in the last two decades have faced a number of challenges: reduced public funding, increased competition from foreign and private universities, constant pressures and demands for their greater quality, and constant changes of education laws and legal regulations. The only way for fast adjustment of HEIs to the new competitive conditions is to explore all possibilities for effective implementation of some of the most popular management concepts such as Balanced Scorecard (BSC) system. Although the application of the BSC in the business sector is well documented, limited research has been reported regarding the application of the BSC in the education sector. For this purpose, relied on the existing literature, reported results and experiences from its implementation in business, firstly, we propose a suitable process for building a BSC system for HEI, and then we design a specific Strategy map and BSC system applicable for the Faculty of Economics-Skopje, Ss. Cyril and Methodius University, easily adaptable for implementation in other HEIs.

Higher Education as a Determinant of the Competitiveness and Sustainable Development of an Economy

“…After all, new knowledge changes the population, the society, and the world for the better. Therefore, any responsible society that strives to ensure economic and social development and improve the quality of life of the population should have higher education in the primary focus of interest [13,14].…”

Perancangan Sistem Pengukuran Kinerja Dengan Metode Balanced Scorecard (Studi Kasus Bumd Abc Kota Bogor)

“…Menurut Rangkuti (2016), dengan menggunakan analisis SWOT dan perspektif BSC akan diperoleh keseimbangan secara strategis antara target kinerja keuangan dengan target kinerja pelanggan, kinerja proses bisnis internal dan kinerja pembelajaran dan pertumbuhan. Penggunaan BSC digabungkan dengan analisis SWOT meruapakan alat analisis strategis yang cukup baik menghasilkan kerangka kerja strategi baru sebagai alat bantu manajemen untuk menentukan strategi yang akan dilakukan (Eftimov et al 2016;Ayoubi et al 2018).…”

Strategic Planning and Performance Measurement for Public Universities in Sulawesi, Indonesia;quantitativeapproach

“…Although the balanced scorecard has been successfully implemented and is well documented in the business sector and other for-profit organisations, there is still very limited research regarding the application of the balanced scorecard in the education sector (Eftimov, Trpeski, Gockov & Vasileva, 2016;Karathanos & Karathanos, 2005;O'Neil, Bensimon, Diamond, & More 1999;Rompho, 2004;Shuterland, 2000). Many universities worldwide have successfully implemented the balanced scorecard in their institutions in the past decade but only a few studies of their specific experiences and implementation process proceed to published papers (Eftimov et al, 2016).…”