Ohunta University in Austria, one of the best universities on the continent presently measures its performance by comparing its actual costs against its budgeted costs for the year. Given the universitys international status, it is currently facing stiff competition from both public and privately-owned universities in Austria. At one of its executive meetings, a member in the finance department has suggested that Ohunta needs to consider additional performance measures such as those indicated by the Balanced Scorecard.

1. What is the Balanced Scorecard used for and its advantages and how can the management of Ohunta University utilise this approach to performance measurement
2. Discuss two (2) non-financial indicators (from different perspectives of the balanced scorecard) that Ohunta University could use for its performance evaluation.