The Balanced Scorecard (BSC) is a strategic planning and management system used to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals. The BSC has four components: key measurables, tools, review system, and deployment system. It links various performance indicators across areas like finance, customers, internal processes, and learning and growth. Regular reviews are conducted at different levels to monitor progress. Implementing a BSC takes time and requires management support, selecting appropriate measures at each level, and responding to performance data to drive continuous improvement.