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Implementing the Balanced Scorecard in Greece: a Software Firm's Experience

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Long Range Planning 37 (2004) 351–366

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Implementing the Balanced Scorecard in Greece: a Software 5 Firm’s Experience
Alexandros Papalexandris, George Ioannou à and Gregory P. Prastacos

The Balanced Scorecard (BSC) is a relatively new approach to strategic management and performance measurement and control, which has generated substantial interest in the academic and industrial communities. This paper presents the experience from the implementation of a specific BSC model at a large software development company in Greece. The study illustrates and evaluates the main obstacles and shortcomings, as well as the critical success factors that characterise such BSC projects, while offering managerial insights and guidelines for similar implementations.
Q 2004 Elsevier Ltd. All rights reserved.

Introduction
The shortcomings of traditional management control and performance measurement motivated the development of the Balanced Scorecard (BSC), a management system incorporating all quantitative and abstract measures of true importance to an enterprise.1 The two key elements of the BSC are:
(a) Clustering of similar types of measures into groups (perspectives); (b) Limiting the measures and linking their values to improve clarity, allow for transparent communication throughout the organisation, and effectively manage change.

5 An earlier and compact version of this paper was presented at the IEEE International Engineering Management Conference, St John’s College, Cambridge, August 18–20, 2002. Ã Corresponding author. Tel.: +30-1-8203449; fax: +30-1-8828078; e-mail: ioannou@aueb.gr

0024-6301/$ - see front matter # 2004 Elsevier Ltd. All rights reserved. doi:10.1016/j.lrp.2004.05.002

The BSC is developed along the financial, customer, internal business process and learning and growth perspectives, which define

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