Standard cost and the balanced scorecard are effective management tools that can be applied in the chemical manufacturing industry to enhance cost control, performance measurement, and strategic alignment. This paper provides an overview of the methodologies involved in setting standard cost and developing a balanced scorecard within the context of chemical manufacturing. The methods include identifying cost components, establishing standard cost parameters, monitoring variances, defining strategic objectives, selecting performance measures, setting targets, and implementing monitoring and reporting systems. The implementation of standard cost and the balanced scorecard in chemical manufacturing can lead to improved cost estimation, budgeting, pricing decisions, comprehensive performance evaluation, strategic alignment, and sustainability measurement. Customization of these methodologies to the unique characteristics of the chemical manufacturing industry further enhances their effectiveness. This paper highlights the practical implications and benefits of utilizing standard cost and the balanced scorecard in chemical manufacturing, providing insights for decision-makers and managers in the industry.