A balanced view of the goals of the enterprise is central to achieving sustainable progress. A balanced scorecard is simply a way of summarizing and presenting this collective view.
Simulation is the imitation of the behavior of some process, system, or entity from a real-life domain. This imitation is carried out based on a model, which is typically built and then run on one or more computers. This is why the field is actually called modeling and simulation, and is often referred to as M&S.
Interestingly, a simulation can be built of something that does not yet exist, as a means of testing new ideas.