New Performance Measurement Analysis

The Performance Measurement is a way to either measure or give a understandable value to what has been done compared to what was supposed to be done. It applies to all aspects in the working environment, such as procedures, critical activities and processes. In other words, first you set pre-defined goals and give away tasks and responsibilities to other workers, then at the deadline you can compare the achieved results to what the original goal was at the beginning. It is also useful to evaluate not only the final result, but even all the actions taken to get that particular results and the way the actions have been taken as well.

To evaluate the Performance in any organization would simply mean to understand the goals and objectives of the company and how the goals/ objectives are achieved are the means of measurement. Different organization will have different objectives. For some it would mean high revenue, managing resources, customer satisfaction, and strong governance, building

Measuring performance means when a business will measure the quality of the activities that are passing and the quality of the services provided to the customers by employees. It involves creating a simple, but effective, system for determining whether organizations meet objectives. It’s also a process of collecting and reporting information regarding the performance of an individual, group or organizations. It can

Working closely with Bradley Stonefield, the consulting team has been able to gather the important data and information necessary to construct a viable and effective performance measurement system for his company. According to a recent interview, the following information was presented:

The performance measurement is a process that is use to collect, analyze and report information in regards to individuals as well as the organization performance. Performance measurement is also the strategy that is put into place to track how well the company is doing with the strategies that was put into place. Chip Conley took a different approach in measuring the aspect of the performance management system. He started looking at how he could address the higher needs of the employees and the customers. So he came up with ways he could evaluate the employees and customer. One of the ways was getting feedback from the employees in regard to the company mission and how they can be an influence to the it and do they feel that they have an impact

Performance metric to measure the company’s performance, growth objective, and strategic goalsi: «Strategic performance measures monitor the implementation and effectiveness of an organization 's strategies, determine the gap between actual and targeted performance and determine

Performance Management is a process that ensures that the aims and objectives are met effectively and efficiently in a long term. Armstrong and Baron define Performance Management as “a strategy which relates to every activity of the organisation set in the context of its human resource policies, culture, style and communication systems.” It is a process by which organisations align their resources systems and employees to their objectives and strategy.

It is therefore critical to businesses that they recognise and fulfill the purpose of an effective performance management system as this is central to gaining a competitive advantage through the management of human resources. They also need to develop the measures by which performance can be evaluated.

Companies use performance reports to estimate a manager’s assessment and the efficiency of managerial divisions. Performance reports relate genuine outcome to financial statements thus inspiring managers to accomplish the goals of the company (Horngren, 2008).

Performance standards must be defined in a clear, realistic and understood measurement for to ensure that everyone involved knows how the performance is rated. This will ensure that everyone knows what the performance expectations in specific jobs are, how they are measured and categorized. These are often labeled as benchmarks, targets or goals.

As modern technology emerged a new and more accurate process control system was needed in order to optimize quality standards. There are several factors that can determine this, for example the balanced scorecard management method gauges whether resources are meeting the planned objectives in order to increase the company’s operating performance. On the other hand, the method may not work due to inaccurate data collected or misinformation presented by those involved. It is possible that managers may not find the appropriate essentials to remedy something that may have a great impact on company operations. That is why other details should be sought in designing effective performance measurement initiatives that have the potential to increase quality and cost savings.

I have experience in performance management and understand the performance appraisal or a disciplinary process. It aims to improve organisational, functional, team and individual performances. Effective performance management measures the progress being made towards the achievement of the organisation's business objectives. It does so by planning, establishing, monitoring, reviewing and evaluating organisational, functional, team and individual performance.

Business Performance can be characterized with attributes, for example as “well” or “poor”, depending on the expectations of the individual analyzing the data he or she has chosen to examine in order to gain insight into the state the company is in at a given moment. Business Performance is of key interest for the top management of a company. If Business Performance is weak, managers need to intervene in order to return to the path of growth. Especially in a market in which competition is increasing and globalization demands for better competitivity, business leaders need to pay close attention to Business Performance. However, although the necessity to partake in Business Performance analysis and evaluation in order to improve policies and processes in easily understood in theory, putting this concept into practice is not as easy as it may seem. Figure 1 displays the Business Performance of a company in relation to its management, to the business strategy and to the company´s processes: It shows the two-sided approach to Business Performance. On one hand, there is a normative relation on the side of the company management (top-down relation). The leadership´s inherent responsibility is to set out a Business Strategy in which Business Performance is defined: Business Performance must meet or exceed the expectations of the leadership. On the other hand, the bottom-up

Performance measuring is vital part which assessing value of employee and management. Performance can be measure through employee’s overall impact cost efficiency and effectives. (Anon., 2017)

Hofer (1983) defined performance as “a concept accomplished with the event being studied. In case of the firm’s financial performance, financial performance is the resulting change in financial results of the firm due to the management decisions and the effort done by the management and each member in the organization to implement these decisions”.