Functions of a performance measurement system, Strategic Management

Assignment Help:

The functions of a performance measurement system;

- Publicise direction for 'everyone to follow' e.g. partners, managers, directors, team members and other stakeholders.

- Control the organisation e.g. establishment of targets, reporting lines and accountability in order to measure performance over time.  Assessing performance regularly by comparing actual results to targets set; will help achieve greater control over the organisations direction. An effective process can avoid short-term behaviour and improve long-term direction and corporate goal congruence.

- Helps organise the businessactivities, processes as well as resources to help achieve performance measures e.g. to help allocate and plan resources like time, money and equipment. An effective process helps develop greater integration and better coordination over the organisation's activities when formalised

- It will help communicate performance within and outside the organisation e.g. communicate plans, objectives and goals down the formal chain of command with feedback communicated by the establishment of reporting lines and systems. It would also enhance stakeholder perceptions of the business e.g. investors andcustomers.

- Evidence designates performance of organisations can be enhanced when using an effective system of performance measurement.


Related Discussions:- Functions of a performance measurement system

Strategy is currently developed in vrc company, VRC is a family owned busin...

VRC is a family owned business which has been manufacturing racing cycles for over a century. Over the years, the company has been relatively successful, although its growth has te

Explain the reliability centred maintenance approach, Question: (a) The...

Question: (a) The prevailing business environment is continuously changing with respect to the emerging complexities in the development and use of new equipment, technologies a

Explain dimensional performance matrix, Q. Explain Dimensional performance ...

Q. Explain Dimensional performance matrix? The 6-dimensional performance matrix Similar to the balanced scorecard, Fitzgerald (1991) created a 6 dimensional performance m

Limitations of time study, 1. Unions quite frequently oppose the time ...

1. Unions quite frequently oppose the time study because the accuracy of time study is overly dependent upon the skill and judgment of the time study man. The time

The strategic management process, what is the greatest takeaway from this c...

what is the greatest takeaway from this case in terms of strategic management

Functions of a performance measurement system, The functions of a performan...

The functions of a performance measurement system; - Publicise direction for 'everyone to follow' e.g. partners, managers, directors, team members and other stakeholders. -

Technique to strategic management, A new technique to strategic management ...

A new technique to strategic management was developed in early 1990's by Drs. Robert Kaplan (Harvard Business School) and David Norton. Kaplan and Norton explain the innovation of

Strategic managerial communications, The objective of the term project is t...

The objective of the term project is to demonstrate your understanding and ability to apply the body of knowledge covered in this course. The goal will be on identifying communicat

Strategic issues for global market-maximize sales ratio, (1.) Infosys follo...

(1.) Infosys follows a global delivery model that enables the company to maintain standards. The vertical differentiation strategy did help the company to gain control over the ope

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd