ABSTRACT
Balanced management includes goals related to all spheres of influence, including considerations of legitimacy, morality, legality and empathy in addition to efficacy, efficiency and freedom of action. It requires the application of ethical principles and understanding of what motivates people because they are affected by their own actions. Balanced management is different from one-sided financial management, and aims at considering all factors of success according to their relevance for a successful business company. Short- and long-term goals of management are both considered in the balanced scorecard; hence, the socrecard concept is ideal for combining information about long-term environmental impacts with economic measures of success. Balanced management must recognise that gains from science and technology are linked to the social and environmental context of problems. In the socioeconomic field of business management action, results are always subject to uncertainty. Technical progress can lead to adverse side-effects through undesirable environmental impacts of business activities.
