What is Hoshin Planning?

I am tasked with formalizing our strategic planning process and my boss keeps referencing Hoshin Planning.

Hoshin planning like most strategic planning processes is a system of setting business goals at all levels of the organization, defining the actions that will be taken to pursue those goals, and implementing consistent measurement and reporting in order to track progress toward each goal. Hoshin planning is known for involving all levels of the organization in the planning process and tracking results at every level in an effort to ensure that the entire organization is consistently working toward the established goals.