Balanced Scorecard, used as a strategic evaluation tool, suggests that performance of any organizations should be evaluated not only by using nancial indicators but also simultaneously considering non-nancial indicators. The concept of the BSC has been widely adopted and used in the business sector and less in the education sector, although institutes of higher education are also focusing on ways to render high quality education to their educators and have a better performance. Despite the

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... that Balanced Scorecard is very sophisticated and in terms of implementation very successful performance measurement system, some authors have identified a number of shortcomings and have proposed the innovative approaches to the modification of the traditional model with related performance indicators.