Using the Balanced Scorecard and the European Foundation for Quality Management Excellence model as a combined roadmap for diagnosing and attaining excellence

The objective of the research presented in this paper is to identify relations and strength of relationships between elements of two models the Balanced Scorecard (BSC) and the EFQM Excellence model. For that purpose a framework, which indicates the relationships between the mentioned models, has been developed. The hypothesis to be tested is whether the EFQM Excellence model may be used as an indicator of BSC implementation success. Hypothesis testing is based on data from a sample of 150 Serbian organizations. The results suggest that there are strong positive correlations between the BSC perspectives and the EFQM Excellence model criteria. Since the regression coefficients for the relationships between the BSC perspectives and the EFQM criteria are significant with high positive values the research results indicate a strong justification of the developed framework.