Timokhin D.V.Published in:
Journal of Economics, Entrepreneurship and Law
– Volume 9, Number 4 (October-December 2019)

JEL classification: F15, L72, O31

Keywords: balanced development, Eurasian Economic Union, full cycle of technologies, innovations, international economic relations, international integration, rare-earth industry


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Abstract:

This article describes the features of balanced Scorecard development for strategic management of rare-earth industry. The main issues of balanced scorecard implementation at different levels of economic relations in national enterprises were identified. The specified requirements for key performance indicators of full technological cycle of rare-earth industry within the framework of Eurasian Economic Union were defined. The methods of balanced scorecard performance evaluation for rare-earth industry enterprises were suggested. The authors described the usage of the balanced scorecard for rare earth metals industry not only as a measurement system based on the definition-divided indicators, but also as a rare earth metal complex management system of the entire structure in the framework of the Eurasian Economic Union, which make it possible to clearly define a strategy to form plans for the future and embodying them in real economy action. Features of application for the industry of rare earth metals of such key performance indicators as target indicators, process indicators, operational indicators, as well as environmental indicators are considered. The main requirements to the key performance indicators of the development of the full technological cycle of the rare earth metals industry within the Eurasian economic Union are revealed. The paper pays attention to the problems of introduction of the system of balanced indicators at domestic enterprises at different levels of economic relations. The authors propose methods that allow to assess the effectiveness of the balanced scorecard for enterprises of the rare earth industry. The authors proposals are formed taking into account the current economic policy in Russia, focused on import substitution and strengthening the national economic security of the country. As a basis for building a model of balanced indicators in the rare earth industry, the algorithms already known from the periodicals for building balanced indicator systems, but adapted to the specifics of the rare earth metals industry and the tasks of building a full cycle of national production, are used.

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