Abstract Purpose – The purpose of this paper is to propose a conceptual approach to determining an optimal strategy development process and controlling of the defence spending, by utilizing the decisionmaking system adopted in the Republic of Estonia. Design/methodology/approach – The author offers a part of the Balanced Scorecard model named “Management and Control Perspective” as one of the improvement tools for the system of planning military expenditures and effective utilization of budgetary funds. Findings – The results show that the Balanced Scorecard application, using the “utility function”, will allow the Estonian Defence Forces to overcome important barriers to strategy implementation by interrelation of military planning and budgeting processes. Research limitations/implications – One suggestion for further research might be established as a way of improvement and development of methods directed to application of the utility function in the decision-making process. This approach will improve calculations of strategic perspective plans and will reveal the essence of the budgetary policy on the whole by taking into consideration expenses features of the business and non-profit organizations. Practical implications – By using the Balanced Scorecard the paper offers a new strategic method of planning and controlling the military expenditure in the Estonian Defence Forces. […]

ABSTRACT The present paper proposes tasks and methods which can be used in process of discovering the most expedient variants of the perspective and effective strategy development process of the defence spending in the Republic of Estonia. The author offers a part of strategy model named “Financial Perspective” as one of the improvement tools for the system of planning military expenditures and effective utilization of budgetary funds. The Balanced Scorecard application by using the “utility function” will allow the Estonian Defence Forces to overcome important barriers to strategy implementation by interrelation of military planning and budgeting processes. The Balanced Scorecard might be used as a very strong practical application. It will improve the calculations of long-term perspective plans and the development of the military budgetary policy by taking into account the features of national defence expenses. KEY WORDS: balanced scorecard; budgeting; defence forces; the utility function; performance measurement; IT technology; Estonia. Read More…

Abstract The study examines a real case of an innovative product for the restaurant industry. The primary aim of this study was to investigate a conceptual framework for the challenge of ‘leading through innovation’ and to propose a new approach and determine an optimal strategy development process for the creating, designing, developing and introducing innovative products into a market. The author offers an ‘innovation process scan’ as one of the improvement tools for the system of creating new products, services and processes that are well matched to customers’ needs and expectations. The results showed that the ‘innovation process scan’ application, using the new strategy, will allow the company to overcome important barriers to create and to identify the innovative products for the growth of future revenue and profit. One suggestion for further research might be established as a way of improvement and development of methods directed to the application of innovation in the decision-making process. This approach will improve calculations of strategic perspective plans and will reveal the essence of the ‘something new’ development strategy on the whole by taking into consideration aspects of the conservative markets. Keywords: innovation; business; market; decision-making system; innovation process scan; technology; strategy map; innovative […]