Explain: balance scorecard and benchmarking. (500 words)

- Define balanced scorecard (BSC) – a strategic planning/management system that integrates financial and non-financial measures across strategic perspectives or functions of the business to achieve the mission and vision. Discuss the four perspectives.

- Define benchmarking as a process of quality improving by measuring products, services, and processes at which the top of the industry performs. The discussion of various benchmarking approaches and their advantages that should be included.