Implementation of the Balanced Scorecard (BSC) in a refinery to achieve strategic targets

This paper investigates the role of implementing a Balanced Scorecard (BSC) in enhancing the strategic performance of a refinery. The research methodology involves a combination of literature analysis and a case study approach. Evidence from various industries that have benefited from BSC implementation supports the need for its adoption in the refinery. The study analyzes the four main BSC perspectives specific to the refinery. Primary and secondary data are collected through interviews, previous research, and BSC journals. The impact of BSC implementation on the refinery is assessed through a survey and analyzed using SPSS. Preliminary results indicate that the BSC model can significantly improve the refinery's strategic performance and target achievement. The paper proposes performance management measures for all levels, offering valuable insights for similar industries. However, the results are not generalized across all industries, and vendor/supplier data is not analyzed due to confidentiality.