How does BSC assist in monitoring the progress towards strategic goals?

The Balanced Scorecard (BSC) helps in setting strategic goals for a company by providing a framework that translates a company's vision and strategy into a coherent set of performance measures. It focuses on four main perspectives: Financial, Customer/Stakeholder, Internal Process, and Organizational Capacity. By analyzing these perspectives, a company can set strategic goals that align with its vision and strategy, and monitor its performance in achieving these goals.

Implementing the Balanced Scorecard (BSC) in an organization can present several challenges. These include: difficulty in identifying the most relevant measures, resistance to change from employees, the need for a cultural shift, lack of understanding or commitment from management, and the potential for over-complication. It's also important to ensure that the BSC is aligned with the organization's strategy and goals, which can be a complex process.