What is a Balanced scorecard?

A balanced scorecard is a performance metric used in strategic people management to identify and improve various internal functions of a business and their resulting external outcomes. It is used to measure and provide feedback to organizations for better deicision-making for the organization. In doing so, the system connects the dots between big picture strategy elements such as the company’s mission, vision, core values, strategic focus areas and the more operational elements such as objectives, KPIs (key performance indicators), targets and initiatives.