The Use of a Balanced Scorecard in the Chemical Industry in Times Of Crisis

Abstract

Products of chemical industry along with oil and gas complex form the basis of Russian economy, therefore any instability in the economic situation of the country affects seriously the functioning of chemical industry enterprises. The crisis of chemical industry enterprises is one of the most important problems for Russian economy. In view of this fact we face the necessity of crisis management of enterprise activity in order to prevent and eliminate threats to their finance security and to obviate after-effects of the crisis needed to minimize adverse consequence for enterprises of chemical industry. Taking it into account we should choose a correct methodology and landmarks of strategic managerial accounting at enterprises of chemical industry in conditions of crisis, which could become effective tools of prevention and elimination of crisis phenomena and at the same time could raise efficiency of adopting and implementing strategic plans of crisis counteraction. The author proposes to use a well-balanced system of indicators, which in terms of a crisis could provide an opportunity to form a system of managerial decisions that are differentiated in regard to crisis stage and based on correctly developed strategy built within the frames of strategic management and strategic managerial accounting of the business entity.

Keywords

• managerial accounting
• strategic managerial accounting
• crisis management
• well-balanced system of indicators
• crisis