• Ljupco Eftimov Faculty of Economics-Skopje, University "Ss. Cyril and Methodius", R. Macedonia
  • Lucija Eftimova
  • Marina Serafimoska
Keywords: Performance Management, Balanced Scorecard (BSC), Republic of Macedonia


Robert Kaplan and David Norton have been, and remained among the most influential authors in the field of Performance Management and their Balanced Scorecard still is the most successful concept in this field. This paper describes the evolution of Balanced Scorecard distinguishing three main evolution phases in its development, concerning the strategic and performance management literature. The paper examines the results of BSC implementation in the companies worldwide, and compares with the results of its employment in Republic of Macedonia. Also suggest potential improvements for ensuring higher implementation rate in Macedonia.

Author Biographies

Ljupco Eftimov, Faculty of Economics-Skopje, University "Ss. Cyril and Methodius", R. Macedonia
Teaching Assistant
Lucija Eftimova
MBA Student
Marina Serafimoska
Teaching Assistant


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