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Measuring Business Performance - Coursework Example

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The report discusses financial methods such as ratio analysis and non-financial methods such as customer satisfaction, time of developing new products and corporate social responsibility.
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Measuring Business Performance
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Download file to see previous pages According to Chary (2009: 19.7) efficiency is defined as the ability of a business to produce a desired effect, service or a product with a minimum amount of effort. While effectiveness is defined as the degree or extent to which objectives are achieved, it is being successful in realizing or achieving what is required. Wharton (2012) defines effectiveness as the total output that is generated while efficiency refers to the economy in the utilization or use of resources to perform a task.
Assume a lathe operator assigned to make bushes, makes 500 bushes per shift using 25 kilogram of steel rod. The effectiveness is that the operator makes 500 bushes per shift while the efficiency is that the operator produces 25 bushes per kilogram of steel rod.
i) Higher levels of effectiveness and efficiency contribute to better results. They enable the company to increase their productivity by producing lower cost goods and services than competitors. This therefore makes the company to make higher profit for each unit sold or offer lower price than competitors to the customers (Wharton (2012: 24).
ii) The company is able to develop a competitive advantage over its competitors. Higher levels of efficiency and effectiveness enable organizations to produce high quality goods and services. The organization is able to utilize their resources optimally to achieve desired output thus being ahead of their competitors (Chary, 2009: 19.8).
iii) Finally, achieving higher levels of effectiveness and efficiency enables businesses to learn how to energize their workforce to focus on common goals. It helps the organization to manage and direct their human capital towards goal achievement and mission fulfillment. The organization is therefore able to create better communication, leadership, interaction, direction, adaptability as well as positive environment (Chary, ...Download file to see next pagesRead More
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