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Advisor(s)
Abstract(s)
Management control systems seem of extreme importance for a company’s
successful strategy implementation and execution, assuring, simultaneously, that all
the employees are committed to the company’s strategy achievement, contributing
to the value creation for all the stakeholders involved.
ISBAN requested a consulting project in order to obtain recommendations for its
management control system and monitoring procedures.
Therefore, in order to support the developed recommendations, previous literature
regarding the importance of management control systems, the concept of
Management by Objectives as well as the evolution of the Balanced Scorecard and
the follow-up it requires, was investigated.
The value-added of this thesis consists in the application of a practical case that
provides ISBAN the necessary suited recommendations which enable its
management and performance improvement along with the commitment and
mobility of top management to the framework recommended for their specific case,
the Balanced Scorecard.
The main conclusions that arose with this investigation were, firstly, the necessity
to implement a strategic management system with intrinsic explanatory power
about the critical areas identified through the strategic relationships represented in
the Strategy Map, such that corrective actions can be taken. Secondly, when it comes
to monitoring and reporting practices, it seems essential to appoint an entity that
ensures an alignment between the company’s strategy and the management
processes, being accountable for updating and following-up the model, through
regular monitoring and reporting practices. Finally, the Balanced Scorecard should
be supported by an information system in order to automate the process, linking the
defined measures to the company’s databases and systems.