Zastosowanie zbilansowanej karty dokonań przy ocenie projektów inwestycyjnych
The use of balanced scorecard (BSC) in investment projects appraisal

Summary/Abstract: The purpose of this article is to present the possibility of the application of the information generated by BSC in capital budgeting. In addition to this, we would like to demonstrate the influence of BSC on capital budgeting procedure and to analyse the conditions of the application of BSC in capital budgeting. It is possible to support the managerial analysis of the initiatives which require large initial cash outlays and generate results in the long run. In the article, we focused on the possibility of embedding directly the information about the relations among the performance measures in capital budgeting. The inclusion of these relations in capital budgeting is conditioned by the modeling of performance measures. We analyzed the representative links between financial performance and the results defined in other than financial perspectives of BSC. The influence of change of performance on projected cash-flow was demonstrated for all periods of the project. The impact on the capital budgeting procedure of information generated by BSC was described. The focus was on the analysis of change of performance on project cashflow. The analysis was incremental; this indicates that only the results of the evaluated project were analysed. By using the methodology described in the article the possibility of integration of BSC with capital budgeting (including NPV method) was demonstrated.

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