The Balanced Scorecard is a performance metric used to define, improve, and monitor various business functions and results.
The BSC concept was first introduced in 1992 by David Norton and Robert Kaplan, who took previous performance measures and adapted them to include non-financial information.
BSCs were originally developed for commercial companies, but were later adapted for use by non-profit organizations and government agencies.
A balanced scorecard includes the measurement of four main aspects of a business: learning and growth, business processes, customers and finance.
BSCs allow companies to consolidate information into a single report, provide service and quality information in addition to financial performance, and help improve efficiency.
Evaluation costs are the fees a company pays for discovering defects in its products before they are delivered to customers; they are a form of quality control.
The articles of association can be seen as a user manual for the company, defining its purpose and outlining the methodology for carrying out the necessary day-to-day tasks.
When a company or government agency buys or leases existing manufacturing facilities to launch new manufacturing activities, this is called an investment in existing facilities.
The Code of Ethics sets out the ethical principles of the organization and the best practices to be followed with respect to honesty, integrity and professionalism.