Life is filled with discrepancies between what is desired and what is actually achieved. A graphical assessment tool, a rubric is used to evaluate discrepancies and is employed by an assortment of industries. In business, rubrics are designed to record, line up, compare or score data and information. By developing the criteria of quality for a business factor, data can be converted into information about a company's productivity and effectiveness.
Identify a business concept or process to evaluate. For example, a business rubric can assess business strategies used in marketing plans. Buying habits, preferences and needs of various elements of a company's market are some of the key concepts that may be organized on a rubric for weighing alternatives. Business rubric assessments are also used in developing production reports for a company.
List each factor necessary to evaluate performance for a particular business process. For example, a rubric for auditing the effectiveness of management may include performance categories that reviews efficiencies in budgeting, work sequencing or controlling inventory. Alternatively, a business rubric template form might list sales forecasts or output goals for comparison against actual performance.
Develop a rating or scoring system, such as numerical scores or categories such as "Excellent," "Good" or "Needs Improvement." In business, quality assessments may evaluate volume, selling prices, various operating expenses, and plant and equipment facilities. In comparing actual performance, optimal quality standards are generally derived from the company's historical performance data or benchmark industry data.
Business strategy and ethical considerations can be analyzed to make better decisions using rubrics for problem-solving.
Vanessa Cross has practiced law in Tennessee and lectured as an adjunct professor on law and business topics. She has also contributed as a business writer to news publications, including the "Chicago Tribune," and published in peer-reviewed academic journals. Cross holds a B.A. in journalism, a Juris Doctor and an LL.M. in international business law.