Balanced scorecard (BSC) and the real options method (ROA) as tools for integrating the corporation's strategic goals into the financial optimization of the transformation project portfolio

the article explores the integration of the Balanced Scorecard (BSC) methodology and the Real Options Analysis (ROA) method in order to integrate the corporation's strategic goals into the process of financial optimization of the transformation project portfolio. The relevance of the topic is due to the need for a more comprehensive approach to the selection and evaluation of investment projects in conditions of uncertainty, when only a positive net present income (NPV) is not enough to guarantee the strategic value of the project. BSC is used as a strategic control and management tool to assess the contribution of projects to long-term development goals, while ROA allows you to quantify the flexibility of management decisions in a volatile environment and risk. The paper proposes a methodology for the joint application of BSC and ROA in the formation of a project portfolio: first, the strategic importance of projects based on BSC is assessed, then a financial assessment is carried out taking into account real options, after which the portfolio is optimized taking into account resource constraints. An example of calculation is given, demonstrating that combining BSC and ROA provides a more balanced choice of transformation projects, increasing the likelihood of achieving strategic goals while increasing the overall financial efficiency of the portfolio. The results obtained can be used to improve the practice of strategic financial management in large organizations.

balanced scorecard, real options, strategic goals, transformational projects, project portfolio management, financial optimization, investment analysis