Business Performance Indicator Systems - Essay Example

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This essay presents business performance indicators which can be defined as the qualitative or quantitative variables that give a reliable means to measure a target, goal or achievement. They also reflect that changes help in assessing the performance of an organization against the stated outcome. …
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Business Performance Indicator Systems
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Download file to see previous pages As the discussion stresses a common business performance indicator system helps businesses to set target periodically and provide feedback to managers on progress towards those goals. The business performance Indicators are developed for all levels in an organization because they monitor progress with respect to all the activities, inputs, outputs, goals, targets and outcomes.
This essay discusses that developing the indicators to monitor the outcomes allow managers to assess the degree at which the intended outcomes are achieved. Therefore business performance indicator development is a core activity and requires data collection, analysis and reporting in order to create effective indicators. Business performance indicator systems consist of different types of indicators that are used for measuring different areas. For instance, the financial indicators are used to measure the financial performance of the company. These include premium growth, claim’s ratio and profit. In order to improve the performance of the company, the senior management always set certain performance indicators that help in measuring and improving the performance. As mentioned above these indicators that are set to measure the activities, inputs, outputs, outcomes and goals of the company, provide very important feedback to the management system. They help managers in identifying those parts of the company that may not be achieving its results as planned. ...Download file to see next pagesRead More
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