Problem:
Our CEO has mentioned the need for our company to develop and use a balanced scorecard. As this tool is likely to affect all the employees here in the marketing department, please outline its purpose and the type of information our superiors will probably need from us to develop one. So we will better understand how it is used in practice, give a brief example of how a balanced scorecard could be developed and applied to some aspect of marketing.
Required:
For my personal clarification, how is the balanced scorecard related to contingency planning?
Provide thorough explanation of the given question.