The paper focuses on the use of Fuzzy Cognitive Mapping (FCM) in the Balanced Scorecard (BSC) performance measurement framework. We present a state of the art in the areas of performance measurement and BSC. We highlight the limitations of BSC frameworks and the drawbacks identified in strategic maps. We then present the FCM algorithm and its use in decision making as a solution to identified limitations and drawbacks. We elaborate on an FCM methodology and a supporting FCM software application called FCM Modeler for the development of FCM hierarchies. The methodology and the tool are used for the application of BSC in Operations Management (OM). The aim is to facilitate the OM decision making process by utilizing and exploiting the predictive modeling and analysis capabilities of FCMs. We present the design and simulation capabilities of the FCM Modeler tool and the analysis reports that can be produced in an OM Enterprise Resource Planning (ERP) case study.