Explain what a balanced scorecard is.

A balanced scorecard serves as a strategic planning tool that helps organizations align their activities with their overall vision and objectives. It encompasses multiple perspectives, typically including financial, customer, internal processes, and learning and growth, allowing organizations to measure performance beyond just financial metrics. By using a balanced scorecard, leaders can assess how well their business strategies are being executed and whether they are effectively moving towards their long-term goals. This comprehensive approach ensures that all areas of the organization are accounted for and working in harmony towards shared objectives, ultimately enhancing strategic alignment and driving better performance across the organization.