Explain the Balanced Scorecard. How can this help the strategic planning process?

Provide at least one additional reference.

Balanced scorecard is system which defines the strategic management and strategic
planning which is used in governments, industries, business and nonprofit organizations. The
main purpose of the balanced scorecard is to support the business activities to the strategy and
vision of the business organization. And it also monitors the performance of an organization
against strategic goals. It serves to give the activities of business and gives a perspective of the
statement of an association. It helps the business at times like ideas of organizations to prepare
them practical that improves business in every step.
The Balanced Scorecard interprets Mission and Vision Statements into a complete
arrangement of performance and objectives measures that can be evaluated and appraised. The
most recent balanced scorecard helps the organization to appraise their strategy and vision and
out then vigorously. It gives input on the internal procedures took after and external results to
enhance the drawbacks and take after then to enhance execution. It helps the strategic planning in
many ways, and some those are:
Implementation plan:
In this phase unit level metrics and corporate level metrics will be connected since the
scorecard need to control and measure the whole management system.
Measurement Architecture:
The organizations whole architecture should be covered in the balanced scorecard. If the
organization is implementing balanced score card for the first time, it should be included to unit
level in the strategic planning process. Even though it is a cost effective, it is a best practice to
apply on strategic planning process of unit level, because it avoids missteps in the remaining
stages.
Strategic Objectives:
A balanced scorecard will be prepared basing on the four perspectives. So the each
perspective of the balanced scorecard need to identify its top objectives.
Strategic Measures:
In this phase the work progress in designing strategic planning process need to be
evaluated. So that the team members of the project who is playing major role will be recognized.

References:
Perspectives. (n.d.). Retrieved July 10, 2015.
From http://balancedscorecard.org/Resources/About-the-Balanced-Scorecard
Balanced Scorecard. (n.d.). Retrieved July 10, 2015,
from http://www.netmba.com/accounting/mgmt/balanced-scorecard/