DYNAMIC BALANCED SCORECARD FOR REAL ESTATE DEVELOPMENT ORGANIZATIONS

Real Estate development organizations are working in an environment that is associated with uncertainties due to many internal and external inherent risks. Further, their structure and operation systems are complex which make them more prone to catastrophes' events. Accordingly, an effective performance measurement system must be built in order to shield these organizations from the negative impact of these specific risks. The standard balanced scorecard is the most popular technique used for measuring performance, but it has many flaws within that hinder it from being fully operative. System dynamics modeling technique is very effective in dealing with complexity within systems, thus integrating it with balanced scorecard will overcome these specific flaws. The paper presents a proposed dynamic balanced scorecard oriented for real estate development organizations in order to measure, control, and upgrades their performance. The model provides detailed system description, identifies key driving factors, and performs a standalone policy analysis. The outcome of the model should enhance the quality of the decision-making process within the organizations toward any adopted strategy.