Multi-criteria optimization of the balanced scorecard for the enterprise’s activity evaluation: management tool for business-innovations

Abstract

The effectiveness of the managerial decisions regarding the enterprise's activity is determined by its evaluation objectivity, which in its turn is based on the mathematical model. The aim of the article is to solve the problem regarding the enterprise's activity evaluation based on the multi-criteria optimization models of the balanced scorecard. The object of the study is a process to investigate multi-criteria optimization models of the balanced scorecard to evaluate the enterprise's activity. In order to solve the multi-criteria optimization tasks in the enterprises' activity evaluation, it is recommended to use the fminimax procedure, which minas to be implemented in the software environment MatLab. Four optimization tasks are recommended to be solved for four constituents of the balanced scorecard: financial, customer, internal business processes, training and advancing of the staff. The partial criteria in these tasks are levels of the financial constituent development, internal business processes, customer constituent, the staff training and advancing constituent, general level of the enterprise's active development. While forming the restrictions in changes of partial indicators values, it is recommended to calculate numerical features regarding the distribution laws of these indicators. The calculated optimal values of the enterprise's activity indicators should be used for comparison in the evaluation, and while investigating the functional strategies of the relevant enterprise's activity types. The comparison of optimal indicators values with achieved ones on the example of the concrete enterprise is an ability to reveal some negative tendencies of its economic processes development, related to the constituents of the balanced scorecard: financial, customer, internal business processes, staff training and advancing, and as a result, in order to increase its activity efficiency, the enterprise has to review its policy regarding reproduction of the basic productive assets, particularly, regarding the renovation of their active part. The optimal values of the balanced scorecard make the base to develop managerial measures regarding the evaluation of all enterprise's activities efficiency and require the relevant information provision, based on the constituents and results of the multi-criteria optimization of the balanced scorecard values as a tool of the enterprise's innovative development.