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

Decision making process, In management strategic decision making involves g...

In management strategic decision making involves great complexity, uncertainty and risk.  Describe the strategic decision making process and consider the effects of bounded rationa

Illustration of extrinsic reward, Q. Illustration of extrinsic reward? ...

Q. Illustration of extrinsic reward? Monetary reward is an illustration of extrinsic reward and considered as the most important of all 'hygiene factors' according to Frederick

Stakeholders, Ask What advantages are there to employees as stakeholders ar...

Ask What advantages are there to employees as stakeholders are available in Germany that are not provided to employees in US companies? In the United States, how do employees let

Distinguishes between deliberate and emergent strategies, 1 .Characterize t...

1 .Characterize the culture of the organization in which you work. How does this culture affect the work of middle managers? Have you experienced deliberate interventions by senior

Common aims of transfer pricing systems, Q. Common aims of transfer pricing...

Q. Common aims of transfer pricing systems? The common aims of transfer pricing systems Motivate mangers: A transfer price ensures an internal cost is recognised by

Illustrations of internal failure cost, Illustrations of internal failure c...

Illustrations of internal failure cost The internal perspective may control performance by assessment of internal quality failure.  Costs incurred before customer has received

Blue ocean starategy, Ask quest''Blue Ocean Strategy’ a. What is it? b. Wh...

Ask quest''Blue Ocean Strategy’ a. What is it? b. What are its characteristics? c. If you were to develop a Blue Ocean Strategy for a firm of your choice (any industry, any size,

Humantitiesstudying the humanities in a business or, Ask question #Minimum ...

Ask question #Minimum 100 words accepted What is the value of studying the humanities in a business or technical curriculum? How might a topic such as ancient art enhance contempor

Essence of management, Do a complete budget for the company you explained i...

Do a complete budget for the company you explained in the Business Plan. You will have to display the profit and loss account, Balance Sheet along with discussions on the budget as

Explain the function of the group, a.     Explain the function of the group...

a.     Explain the function of the group. b.     For each group, describe the following: 1)     How it came into being. 2)     How long it has existed (and is expected to

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