The balanced scorecard 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. It provides managers with a comprehensive view of the organization's performance in four key areas: financial, customers, internal business processes, and learning and growth. The balanced scorecard translates an organization's mission and strategy into a coherent set of performance measures that provides the framework for strategic measurement and management.