Stevan Zivojinovic, Andrej Stanimirovic

Abstract: From the contemporary change management paradigm and new, knowledge-based economy, we emphasize the impact of advanced managerial tools. As evidenced in practice, simultaneous implemen tation of several management approaches, concepts and methods brings about more integral corporate success. We advocate integration of up-to-date approaches - knowledge management (KM) and intelectual capital management (ICM) as well as balanced scorecard (BSC) under the "conceptiona l umbrella" of quality management, i.e. quality management system (QMS) and total quality management (TQM). Interrelating elements of these management concepts through comparison of respective characteristics, defferences and similarities, connections and complementary activities, we establish relations and interdependence which result in synergy when applied concurrently. QMS implementation (in accordance with ISO 9000 standard series), en r oute to TQM, KM is improved, intelectual capital enlarged (via knowledge, skills, motivation, management systems, procedures, information and product flow, customer and other stakeholder relations) and application of BSC facilitated. Conversely, KM and BSC improve opportunities for attaining organisational and business excellence. All mentioned concepts can be viewed as facets of modern integral management model, in continual dynamic interaction that brings about a potential for improved competitive advantage and business performance.

Keywords: Management, concepts, tools, knowledge, quality, synergy, strategy


Recieved: 15.09.2009  Accepted: 15.11.2009  UDC: 005.6

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