APPLICATION OF THE BALANCED SCORECARD AS A STRATEGIC MANAGEMENT TOOL IN PRACTICE: A CASE OF SLOVAK TOURISM SECTOR

Abstract

In this paper, we addressed the analysis of strategic management issues with specific focus on the use of Balanced Scorecard concept within the Slovak tourism enterprises. The main objective of paper is to highlight barriers complicating the application of the above mentioned method into business practice by means of the data obtained from the questionnaire survey. The essence of paper consisted of hypotheses formulated on the basis of literature review with an emphasis on professional publications and research studies conducted so far. Hypotheses were verified by selected statistical methods to explore the potential dependencies between variables. The partial objective of this research study was to point out the importance of Balanced Scorecard concept in terms of enterprise management assessing its performance by financial indicators as well as non-financial indicators.

Keywords

• Balanced Scorecard
• tourism
• ownership
• personnel resources
• Chi-Square Test of Independence.