Final answer:
The Balanced scorecard is a strategic management tool that measures various internal business functions and the external results to align activities with strategic goals.
Step-by-step explanation:
The performance metric used in strategic management to identify, report, and improve various internal functions of a business and the consequential external results is called a Balanced scorecard. This tool provides a framework for managers to measure the performance of their activities in relation to strategic goals and objectives. The Balanced scorecard looks at the business from four perspectives: financial, customer, business process, and learning and growth, allowing for a comprehensive view of business performance.