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 . ,  . 

  .    



 1996 by the President and Fellows of Harvard College Published by arrangement with Harvard Business School Press. All rights reserved.

    , , .  -, 2003, 2009, 2014, 2016, 2017, 2018, 2019




   


       :

     (Marvin Bower)       .

      18   ,   16   Graduate School of Administration (GSA)   Carnegie Mellon.  1977  1983    GSA.

         MIT     ,     .  1994         .

 10    120 ,    10   Harvard Business Review.     :   :    ,   :  ,    ,     ,             .



    2003       ,     .               ;      ;  ,      ,   .

    400 -   .       .

     -         ,       .     ,        .    ,  ,         .                  .




 


Ϡ   

BET break-even time,  

EDI electronic data interchange,    

EVA economic value-added,   

Π management-by-objectives,    

MCE manufacturing cycle effectiveness,   

OTD on-time-delivery,   

ROCE return-on-capital-employed,   () 

ROI return-on-investment,  








      1990 ,     (Nolan Norton Institute),   KPMG[1 - Kleiveld Peat Marwick Goerdeler       . . .],         .     ,       .     ,       ,       ,  .   ,      .  ,    ,   ,    .   [2 - Advanced Micro Devices, American Standard, Apple Computer, Bell South, CIGNA, Conner Peripherals, Cray Research, DuPont, Electronic Data Systems, General Electric, Hewlett-Packard  Shell Canada.]   ,     頖     1990 ,          .

          .        Analog Devices[3 - R. S. Kaplan. Analog Devices: The Half-Life Metric // Harvard Business School Case #9-190-061, 1990.]           .                   ,       ,      .       , - Analog Devices,      .        ,          ,   ,       ,        .

      ,       (),       : , , ,      .     ,        ,    ,    ,       .            ,      .   1990                 .

       The Balanced Scorecard Measures That Drive Performance,   Harvard Business Review (1992, January/February).               .       .  ,       Rockwater,   ,  -  FMC Corporation,      ,        ,       ,   .          ,            ,              .                 .      ,  ,  ,      ,       .

      ,  ,  ,    ,        ,           .        ,   Harvard Business Review   Putting the Balanced Scorecard to Work (1993).

  1993       Renaissance Solutions, Inc. (RSI),         .        .   Renaissance  Gemini Consulting      ,  ,  2025        ,   .   ,    ࠖ ,    :      ,  ,          .

 ,  , ,        ,   ,       .            Brown & Root Energy Services (     Rockwater), Metro Bank, National Insurance, Kenyon Stores  Pioneer Petroleum (     ).          .         Using The Balanced Scorecard as a Strategic Management System,   Harvard Business Review (1996, January/February).

          ,       ,    .        ,      .       .

      ,                  ,  ,   ,       . ,       Balanced Scorecard: The Sequel (    : ).

     ,       .       FMC (    ), Rockwater (     )  Analog Devices ( ,     ).           Metro Bank, National, Kenyon Stores, Pioneer Petroleum   ,         .           .

     RSI     ,     ,     ,  ,        Massachusetts Special Olympics.  RSI           11,        .                 Gemini Consulting.

       .  ,  Harvard Business School Press,            .  ,  ,          .    ,      ,              .

 ,  ,     ,   ,   ,   ,      .      ,    ,             .    Renaissance Solution      ,   ,          .         .      .



 .    . 
  , ,  1996 




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    ()[4 -         balanced scorecard:   ,   ,   ,   ,   ,   ,    (!)    . . .]            蠖 ,      .       ,          .   ,  ,             ,           .     -      ,       .         : ,   ,  -,       .         ,               .




   



      .         .    (18501975)        ,      [5 - A. D. Chandler, Jr. Scale and Scope: The Dynamics of Industrial Capitalism. Cambridge, Mass.: Harvard University Press, 1990.]. ,     ,      ,      ,       .

             [6 - . A. D. Chandler, Jr. The Visible Hand: The Managerial Revolution in American Business. Cambridge, Mass.: Harvard University Press, 1977; T. H. Johnson, R. S. Kaplan. Relevance Lost: The Rise and Fall of Management Accounting. Boston: Harvard Business School Press, 1987.]  ,   General Motors, DuPont, Matsushita  General Electric,    .    ,   ,  ,  (return-on-capital-employed, ROCE), , ,   ,      (internal capital) ,   頖               .

 ,      XX ,   ,       .       ,         ( )         .

         ,     . ,    ,  ,   ,                  .           .         ⠖       ,        .         ,     .     20     ,            -  .

          蠖        ,       .              ,      [7 - H. Itami. Mobilizing Invisible Assets. Cambridge, Mass.: Harvard University Press, 1987.].    :

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             .    :         ,    .       :  , , , ,        ,       .         ,         ,   ,     [9 -             .          ,    1980-         (. R. Cooper, R. S Kaplan. Measure Costs Right: Make the Right Decisions // Harvard Business Review, 1988, September/October, p. 96103).   ,          ,            .]   .



 

        -,          .        ,       .        ,          ,        .





        .                 [10 - J. L. Bower, C. M. Christensen. Disruptive Technologies: Catching the Wave // Harvard Business Review, 1995, January/February, p. 4353.]. ,       ,           ,       , -,             堖 -.                   ,       .



  

          .    ࠖ  (, ), ,    ,      ,      ,     .    ,        .           ,    ,      .          ⻠   .   XX   ,  ,      ,    .       ,   , , ,   .    ,  ,   ,      ,      .          Ford,    ,   .  頖   ,   ,  ,  ,  ,          [11 - R. S. Kaplan, A. Sweeney. Romeo Engine Plant, 9-194-032. Boston: Harvard Business School Press, 1994.].

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     ,                 .          ,          .           ,          ,          [12 - R. K. Elliott. The Third Wave Breaks on the Shores of Accounting // Accounting Horizons, 1992, June, p. 6185.].

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: R. S. Kaplan, D. P. Norton. Using the Balanced Scorecard as a Strategic Management System // Harvard Business Review, 1996, January/February, p. 76.   .

 1.1.               



            .     ,           ,   ,    ,           , -         ,  .                    ,         .




     


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: R. S. Kaplan, D. P. Norton. Using the Balanced Scorecard as a Strategic Management System // Harvard Business Review, 1996, January/February, p. 76.   .

 1.2.        



 ,      (. .1.2,  )           ,    .       ,      .  ,        ,     .

     (. .1.1)      .       .    젖  .   .         ,    ( )       ().  (  )     .             ,  -.   ,     ()  ,       ,          ,     ,        (   ).        .       ,     ,       ,          .        (),           .

                .       ,  -        . ,           ,      .   ,           .  -         . ,   ,   ,       ,   .    ,        ,    ,      ,    ,  .       .     ,       ,   .  ,  ,  ,       ,        .

                ,           .          [13 - R. Simons. Levers of Control: How Managers Use Innovative Control Systems to Drive Strategic Renewal. Boston: Harvard Business School Press, 1995, p. 20.].       ,    ,    .

         ( )[14 -        : C. Argyris, D. A. Sch?n. Organizational Learning II: Theory, Method, and Practice. Reading Mass.: Addison-Wesley, 1996; Teaching Smart People How to Learn // Harvard Business Review, 1991, May/June, p. 99109.].     ,         ,    ,      . ,     ,        ,         .       ,  ,         (    ).     ,  ,          .

       .      - ,               . ,          ,   ,    蠖  ?    ?      ,             .

       ,    ,   ,   ,      ,       (,       ).  ,   ,      , ,    .      ,   ,   ,     .      ,          . , ,           蠖    軠          .            -         .    ,  ,    ,  , ,                .

         1.2.          ,     ,                .







               .      -,   .          ,      ,       .    ,     ,  ,        -.

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  ,       .   ,     .        ,  ,   .              .   XIX    , ,    .            [15 - A. D. Chandler. The Visible Hand: The Managerial Revolution in American Business. Cambridge, Mass.: Harvard University Press, 1977; H. T. Johnson, R. S. Kaplan. Relevance Lost: The Rise and Fall of Management Accounting. Boston: Harvard Business School Press, 1987. Chap. 2. Nineteenth-Century Cost Management Systems.].    ,    (return-on-investment, ROI),      ,         XX   DuPont  General Motors[16 - H. T. Johnson, R. S. Kaplan. Ibid., Chap. 4. Controlling the Vertically Integrated Firm: The DuPont Powder Company to 1914; Chap. 5. Controlling the Multidivisional Organization: General Motors in 1920s.].           .            - ,     ,  General Electric,              IT&T.

,   XX         .      ,    ,     [17 -           .].  ,                  젖   .      ,      .

      FMC Corporation,   1970-1980-       ,    .   1992        ,           .  , ,        ,       .  ,  FMC Corporation, :



          (ROCE)   .      ,      .    20       .      ,              .     ,   -   .  ,        ,        [18 - Implementing the Balanced Scorecard at FMC Corporation: An Interview with Larry D. Brady // Harvard Business Review, 1993, September/October, p. 143147.].


     ,       ,      ,        .  ,            ,  ,   ,  ,    ,       .                ,    ()                (economic value). , ,      ,      .       ,              .

 :  Xerox   1970-         . Xerox    ,     ,        .     ,            蠖  .               [19 - .: J. M. Juran. Made in U.S.A.: A Renaissance in Quality //Harvard Business Review, 1993, July/August, p. 45.].              ,        :       Xerox           ,       . ,      ,         .  ,          ,     .  ,       . ,   ,   ,    ,    .

        .  ,    .      ,    .        .  ,     -     ,   ,   ,       ,         Xerox. Xerox,        1955  1975 ,  .      ,   ,       ,    1980-    .

               .            ,       .               ,     , ,  ,     .




  



      ,          .         .       ,         , :           ,        .

   ,            [20 - R. Simons. Levers of Control: How Managers Use Innovative Control System to Drive Strategic Renewal. Boston: Harvard Business School Press, 1995, p. 134.].       .    ,  ,    ,      ,     蠖  ,   ,     [21 - . M. .  :     . .: -, 1999.].

      ,    Rockwater,     .      -   ,         .                 : ,  ,   :    ,    ,       .    .    ?  ,   ,      ,    ?.   ,           .

       ,     ,   , ,  -,    .   ,    ;              .       , -   ,          .

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 , ,                . ,    ,       -   ,     ,     , ,   ,   ,     .   , ,     20        ,    ,    ,   ,      [22 - . Lebas. Managerial Accounting in France: Overview of Past Tradition and Current Practice // European Accounting Review 3, 1994, 3, p. 471487.].            ?

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        .         ()         ,         .  - ,     ,    . ,          .  ,   ,        ,      .  ,  ⠖     ,      ROCE.       ? ,     (on-time-delivery, OTD)      . ,  ⠖     OTD, ,   ,       . ,     ,  OTD     .

.     ,     OTD?  , ,            ,         -.       ?       ,    ,          .  ,    -           :












   -      ,    -    , ,  ,   , ,  [23 - J. Heskett, T. Jones, G. Loveman, E. Sasser, L. Schlesinger. Putting the Service Profit Chain to Work // Harvard Business Review, 1994, March/April, p. 164174.].

,               -         .  ,   ,      - ,          .




  




           ,   .      ,    .  ,         ,     .  ,  ,        (    ),         ,          , ,   .         (  )      ( ,   ).

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      ?


              ?   ,              ,    ,        .            .     :                  .           , ,  ,      .     ,      ,       .

              .     ,   1987  1990            .     10%,  ,       30  4%.      ,        .  ,       ,    ,      ,     , ,       70%.

     ?                 .   ,   ,    ,     ,            ,       ,       .  ,        ,    ,           ,    ,           .             .       .  ,        ,      .

    ,           ?      ,        ,   .  ,  ,        ,         ,          .               ,  ,   ,      (      ,      ,      ),           .   蠖       ,        .

       -   ,   ,   ,   ,          ,    .       ,       ,        .      .  1980-   IBM, Digital Equipment Corporation  General Motors      .        , ,      .              .     ,                  .             -       .

,     ,  ,      ,                   .    ,    ,    ,        ,  ,       .

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        :



  .          ,     .      ,          ,   ,       ,             .   ,   ,  ,   ,             .


   ,                  , ,     .

,    ,         ,     .        ,     .            ,  [24 - R. Simons. Levers of Control: How Managers Use Innovative Control System to Drive Strategic Renewal. Boston: Harvard Business School Press, 1995, p. 134.],         - ,  -        .




   


        . ,         ,  Advanced Micro Devices (AMD)  Analog Devices,           ,  Apple Computer.      ,    (,  Analog Devices).     ,         .         .     -  ,       : , , , , , .        ,     ,    ,   ,   .

    - ,          .              .     ,       .  ,      -        ,         .    ,         ,    ,      , ,  (  ),    -,          .

     ,  ,    ,        .             . ,            .   ,        ,       ,      . ,            ,      .

, , ,        -,      .     ,         ,          -.     ,       ,    ,    .             [25 - M. Goold, A. Campbell, M. Alexander. Corporate-Level Strategy: Creating Value in the Multibusiness Company. New York: John Wiley & Sons, 1994.].   8        -   .




     /?


             ,    ,     -,     ,      ,      ,    ,    .          ,       [26 - . . Porter. Competitive Strategy: Techniques for Analyzing Industries and Competitors. New York: Free Press, 1980; Competitive Advantage: Creating and Sustaining Superior Performance. New York: Free Press, 1985.].          .       .

  ,     ,    ,    [27 - . K. Prahalad, G. Hamel. The Core Competence of the Corporation // Harvard Business Review, 1990, May/June, p. 7991; R. Hayes. Strategic Planning Forward in Reverse // Harvard Business Review, 1985, November/December, p. 111119; D. J. Colis, C. A. Montgomery. Competing on Resources: Strategy in the 1990s // Harvard Business Review, 1995, July/August, p. 118128.]. , ,       , Honda               , ,    ,  Canon        (  )     . ,            , ,           -,      ,      ,        .

   蠖      ,    [28 -      , ,          .                -.].        ,      ,    -. ,        ,          ,   ,        .




      


               .      - (The Harvard Business School Council on Competitiveness)       ,   ,   .



        ,     ,     .

       ,      ,         ,  ,  ,       .

        ,    (,   ),     ,   ,      .

     ,          (,   ,      , -  )  .    ,       ,    ,       .         ,    ,     ,    ,   [29 - . . Porter. Capital Disadvantage: Americas Failing Capital Investment System // Harvard Business Review, 1992, September/October, p. 73.].



     頖 ,  ,          .    ,         ,      (   ). ,  , - US Steel & Carnegy Pension Fund, :  ,          ,       .        ,        [30 - The AICPA Special Committee on Financial Reporting. Improving Business Reporting A Customer Focus: Meeting the Information Needs of Investors and Creditors. New York: American Institute of Certified Public Accountants, 1994, p. 9.].

  ,   ,       .          (American Institute of Certified Public Accountants, AICPA)  : ,        ,      ,       .                     :       ,           .  ,      .       ,          [31 - The AICPA Special Committee on Financial Reporting. Improving Business Reporting A Customer Focus: Meeting the Information Needs of Investors and Creditors. New York: American Institute of Certified Public Accountants, 1994, p. 10.].

          :



      , - :

     , , , ;

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     ,      [32 - The AICPA Special Committee on Financial Reporting. Improving Business Reporting A Customer Focus: Meeting the Information Needs of Investors and Creditors. New York: American Institute of Certified Public Accountants, 1994, p. 30.].




           9.




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,     


           .         ,            : Rockwater, Metro Bank, Pioneer Petroleum, National Insurance  Kenyon Stores.

Rockwater  ,   ,   700 .,       ,       . Rockwater, -    , ,    Brown & Root Energy Services, ,   ,  Halliburton Corporation (  ),  4 .,  -  ,  . Rockwater    1989       ,    .   Rockwater       1992          .            ,    ,      .  1994   ,      Brown & Root Energy Services, -       ,          .

Metro Bank       ,        .   8000 ,     30%   ,   䠖 1 .  Metro Bank     1993 ,       ,   ,  ,      ,    ,            .

Pioneer Petroleum        ,   .       1993               .    ,                 -  - Pioneer Petroleum.

National Insurance               .   1993    ,   6500    4 .  .          ,    ,                    .     ,        ,         ,              ,   .           ,   .           ,   National Insurance       .

Kenyon Stores        ,   10     4000       8 .   ,           .                         2000   20 .      .

           Analog Devices  FMC Corporation,         .




 3.  



             ,           .          -  (),       . Ϡ     ,      ,        (),               .       ,     ,              .

 ,   ,        .  ,            16%,     . , ,     [33 - .: G. Bennett Stewart. The Quest for Value. New York: Harper Business, 1991; G. B. Stewart. EVA: Fact and Fantasy // Journal of Applied Corporate Finance, 1994, Summer, p. 7184.]  ,        . ,     ,      ,            .       ,   -     . ,       ( )  ,   ,          .  ,              .        :    ,      ,   ,           Ϡ  .




     



               -.  -                ,     [34 - . W. Hofer, D. E. Schendel. Strategy Formulation: Analytical Concepts. St. Paul: West Publishing, 1978; I. . MacMillan. Seizing Competitive Initiative // Journal of Business Strategy, 1982, Spring, p. 4357; P. Haspeslagh. Portfolio Planning: Uses and Limits // Harvard Business Review, 1982, January/February, p. 5873.].       [35 - Ernest H. Drew. Scaling the Productivity of Investment // Chief Executive, 1993, July/August.]:

 ;

  ;

  .



  ,         .         .      ,             ;     ;   ,    ;     .          ,   頖   (       ,     ).        ,         ,   .                   .

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 ,         -             .    ,   -    . ,           -,           .  ,   ,   ,               [36 -               .                 .             .              ,   ,         .       ,        ,   ,    ,   ,  .].    , ,  ,    ,      .  ,          ,     ,         .         -.          ,    , ,      .




 




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          .         ,        ,   ,          ⠖  .         ,                  ,        . ,       ,       ,   ,      .       ,          .



   

                  .   ,    ,    ,        .                .           , ,  ,        堖        .                        .



 

       -    ,          - .      (              -  )      ,     .

, Rockwater       Brown & Root Energy Services,          :  ,     (Rockwater),     .   ,        .   ,  Rockwater,       Brown & Root Energy Services,  ,                    .      ,      :          .

           ,      ,      ,   .   ,        . ,        ,   ROCE,      ,      .   ,        ,    ,        .



     

         . ,           ,    ,     ,  .             .  ,     ,      ,         [37 - -  ,   ,             . . .].                 . Metro Bank, ,      ,             .



  

  蠖        젖           ,     ,    .        ,       ,  ,           ,   .   蠖  ,        ,        ,             ,       .  ,    , ,   ,     (  )    ,          .        ,     ,        ,           .




    

               .



 

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       . ,         ,     .         .           ,         ,        .  ,              (electronic data interchange, EDI)    ,              ,        .   EDI  ,       . ,                    .          ,       ,    EDI,            ,      .



  

      ,    [38 - S. L. Mintz. Spotlight on SG&A // CFO Magazine, 1994, December, p. 6365.].                  . ,            ,     ,          .         ,   , ,  ,             -    .

        ,       ,     .     ,       .        ,    :   ,       ,      ,   ,       .                ,       .          ,    ,   ,   ,     ,  .          ,    ,  .


    



  ,    ,        (economic value-added, EVA),      ,    ,      .         .



 

 ,      ,   - ,     ,  (  )   () .       젖  렖    : ,       - ,  ,          ,  ,          .    (. .3.1).      ( -        ,     ).           ࠖ  ,        - .         (    ).                   .  ,     ,    ,    ,    ,  ,   .       ,       .  ,            ,  ,        .       ,   ,       ,           .






 3.1.  



    () ,  ,       .         . ,  Rockwater,   ,        .         100 .       Rockwater   ,     .             [39 -   ,  Rockwater    ,   5,          .         .].



  

                  ,  ,    .




  .


   .

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notes








1


Kleiveld Peat Marwick Goerdeler       . . .




2


Advanced Micro Devices, American Standard, Apple Computer, Bell South, CIGNA, Conner Peripherals, Cray Research, DuPont, Electronic Data Systems, General Electric, Hewlett-Packard  Shell Canada.




3


R. S. Kaplan. Analog Devices: The Half-Life Metric // Harvard Business School Case #9-190-061, 1990.




4


        balanced scorecard:   ,   ,   ,   ,   ,   ,    (!)    . . .




5


A. D. Chandler, Jr. Scale and Scope: The Dynamics of Industrial Capitalism. Cambridge, Mass.: Harvard University Press, 1990.




6


. A. D. Chandler, Jr. The Visible Hand: The Managerial Revolution in American Business. Cambridge, Mass.: Harvard University Press, 1977; T. H. Johnson, R. S. Kaplan. Relevance Lost: The Rise and Fall of Management Accounting. Boston: Harvard Business School Press, 1987.




7


H. Itami. Mobilizing Invisible Assets. Cambridge, Mass.: Harvard University Press, 1987.




8


J. Champy, M. Hammer. Reengineering the Corporation: A Manifesto for Business Revolution. New York: HarperBusiness, 1993.




9


            .          ,    1980-         (. R. Cooper, R. S Kaplan. Measure Costs Right: Make the Right Decisions // Harvard Business Review, 1988, September/October, p. 96103).   ,          ,            .




10


J. L. Bower, C. M. Christensen. Disruptive Technologies: Catching the Wave // Harvard Business Review, 1995, January/February, p. 4353.




11


R. S. Kaplan, A. Sweeney. Romeo Engine Plant, 9-194-032. Boston: Harvard Business School Press, 1994.




12


R. K. Elliott. The Third Wave Breaks on the Shores of Accounting // Accounting Horizons, 1992, June, p. 6185.




13


R. Simons. Levers of Control: How Managers Use Innovative Control Systems to Drive Strategic Renewal. Boston: Harvard Business School Press, 1995, p. 20.




14


       : C. Argyris, D. A. Sch?n. Organizational Learning II: Theory, Method, and Practice. Reading Mass.: Addison-Wesley, 1996; Teaching Smart People How to Learn // Harvard Business Review, 1991, May/June, p. 99109.




15


A. D. Chandler. The Visible Hand: The Managerial Revolution in American Business. Cambridge, Mass.: Harvard University Press, 1977; H. T. Johnson, R. S. Kaplan. Relevance Lost: The Rise and Fall of Management Accounting. Boston: Harvard Business School Press, 1987. Chap. 2. Nineteenth-Century Cost Management Systems.




16


H. T. Johnson, R. S. Kaplan. Ibid., Chap. 4. Controlling the Vertically Integrated Firm: The DuPont Powder Company to 1914; Chap. 5. Controlling the Multidivisional Organization: General Motors in 1920s.




17


          .




18


Implementing the Balanced Scorecard at FMC Corporation: An Interview with Larry D. Brady // Harvard Business Review, 1993, September/October, p. 143147.




19


.: J. M. Juran. Made in U.S.A.: A Renaissance in Quality //Harvard Business Review, 1993, July/August, p. 45.




20


R. Simons. Levers of Control: How Managers Use Innovative Control System to Drive Strategic Renewal. Boston: Harvard Business School Press, 1995, p. 134.




21


. M. .  :     . .: -, 1999.




22


. Lebas. Managerial Accounting in France: Overview of Past Tradition and Current Practice // European Accounting Review 3, 1994, 3, p. 471487.




23


J. Heskett, T. Jones, G. Loveman, E. Sasser, L. Schlesinger. Putting the Service Profit Chain to Work // Harvard Business Review, 1994, March/April, p. 164174.




24


R. Simons. Levers of Control: How Managers Use Innovative Control System to Drive Strategic Renewal. Boston: Harvard Business School Press, 1995, p. 134.




25


M. Goold, A. Campbell, M. Alexander. Corporate-Level Strategy: Creating Value in the Multibusiness Company. New York: John Wiley & Sons, 1994.




26


. . Porter. Competitive Strategy: Techniques for Analyzing Industries and Competitors. New York: Free Press, 1980; Competitive Advantage: Creating and Sustaining Superior Performance. New York: Free Press, 1985.




27


. K. Prahalad, G. Hamel. The Core Competence of the Corporation // Harvard Business Review, 1990, May/June, p. 7991; R. Hayes. Strategic Planning Forward in Reverse // Harvard Business Review, 1985, November/December, p. 111119; D. J. Colis, C. A. Montgomery. Competing on Resources: Strategy in the 1990s // Harvard Business Review, 1995, July/August, p. 118128.




28


     , ,          .                -.




29


. . Porter. Capital Disadvantage: Americas Failing Capital Investment System // Harvard Business Review, 1992, September/October, p. 73.




30


The AICPA Special Committee on Financial Reporting. Improving Business Reporting A Customer Focus: Meeting the Information Needs of Investors and Creditors. New York: American Institute of Certified Public Accountants, 1994, p. 9.




31


The AICPA Special Committee on Financial Reporting. Improving Business Reporting A Customer Focus: Meeting the Information Needs of Investors and Creditors. New York: American Institute of Certified Public Accountants, 1994, p. 10.




32


The AICPA Special Committee on Financial Reporting. Improving Business Reporting A Customer Focus: Meeting the Information Needs of Investors and Creditors. New York: American Institute of Certified Public Accountants, 1994, p. 30.




33


.: G. Bennett Stewart. The Quest for Value. New York: Harper Business, 1991; G. B. Stewart. EVA: Fact and Fantasy // Journal of Applied Corporate Finance, 1994, Summer, p. 7184.




34


. W. Hofer, D. E. Schendel. Strategy Formulation: Analytical Concepts. St. Paul: West Publishing, 1978; I. . MacMillan. Seizing Competitive Initiative // Journal of Business Strategy, 1982, Spring, p. 4357; P. Haspeslagh. Portfolio Planning: Uses and Limits // Harvard Business Review, 1982, January/February, p. 5873.




35


Ernest H. Drew. Scaling the Productivity of Investment // Chief Executive, 1993, July/August.




36


              .                 .             .              ,   ,         .       ,        ,   ,    ,   ,  .




37


-  ,   ,             . . .




38


S. L. Mintz. Spotlight on SG&A // CFO Magazine, 1994, December, p. 6365.




39


  ,  Rockwater    ,   5,          .         .


