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What Is the Balanced Scorecard? What Are the Four Areas

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What is the balanced scorecard? What are the four areas to be addressed?


Definitions:

Average Variable Cost

The per-unit variable cost, determined by dividing the total variable costs by the number of units produced.

Marginal Revenue

The increase in profit from selling an extra unit of a good or service.

Average Nightly Room Rate

A measure used in the hospitality industry to calculate the average price paid per room per night.

Monopolistic Competition

A marketplace setup where plenty of businesses distribute products that resemble each other but are not duplicates, allowing them a partial degree of marketplace power and the ability to individualize their offerings.

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