Implementation of Balanced Scorecard in Geological Exploration Project Performance Evaluation

This research examines the application of the Balanced Scorecard in evaluating the performance of geological exploration projects. Through a qualitative approach, the study explores how the four perspectives of the Balanced Scorecard: financial, customer (stakeholder), internal business processes, and learning and growth. can be adapted to reflect the unique characteristics of geological exploration projects. The results indicate that the Balanced Scorecard, when appropriately adjusted, can be an effective tool for comprehensively evaluating performance, managing risks, and aligning short-term objectives with long-term strategies. The financial perspective undergoes adjustments to reflect the long-term value of geological findings, while the stakeholder perspective expands the definition of "customer" to include various stakeholders. The internal business process perspective focuses on optimization and innovation in exploration processes, while the learning and growth perspective emphasizes the development of key competencies and organizational culture. Although its implementation faces challenges, particularly in determining appropriate metrics, the Balanced Scorecard proves capable of helping companies manage the complexity and uncertainty inherent in geological exploration projects, while still considering long-term sustainability aspects.