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Strategy development and its effective implementation is one of the major challenges faced by today’s industries. the success or failure of a strategy majorly lies with the effective execution of the strategy developed. In development of strategy the right way of execution is to have a through idea of the key performance areas and key performance indicators. There is also a great importance of adopting the balance score card system so that responsibilities can be assigned to individuals and teams and their performance can be measured on all parameters making it a 360 degree performance review. It has been observed in the study that certain performances cannot be measured in accounting numbers and targets like relationship building or behaviour with colleagues who has its own importance in doing any task. To capture the essence of these performances modern industries are rapidly adopting the balance score card system in their organizations and reviewing their employees on all the measures before assigning them a task or on completion of a task. The balance score card enhance and motivates the employees for a giving their best results and executing all task which act as a building block for long term strategy.

Balance score card was proposed by Dr. Robert s Kaplan and David Norton combined. Balance score card can be explained in simpler terms as a management system which keeps on evaluating and reviewing the performance on an all round parameters against the vision and mission of an organization and indicate the alignment of short term activities with the long term strategy and planning of an organization. This frame work of performance adds the non financial performance or subjective performance measures also in the review of an employee or team. This framework provides the managers and executives the guidelines on performance area which should be reviewed and areas which are not effectively making any difference to the organization in attaining its long term goal. This frame work enables the organizations to measure and execute its strategy in a smaller and continuous set of activities in an effective and balanced manner. It also provides a better control system for organizations so that they can objectively track the performance of champions and slackers and also identify the individuals who are floating because of their teams and colleagues.

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