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Measuring Business Performance - Coursework Example

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Efficiency in business is reflected in profitability, while effectiveness is captured in the growth of the business, and these two can be measured through either financial measures or non financial measures. This paper will explore these concepts utilizing different examples…
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Measuring Business Performance
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Download file to see previous pages In fact efficiency can metrically be measured using cycle time and capacity utilization, and in short efficiency refers to the time it takes a process or a person to achieve a given result. On the other hand, effectiveness shows the target results are achieved, and in short it is the level of results from the employees or process within a system. In an organisation, employees who achieve their targets in their respective departments for instance employee A achieves a set target of 10, 000 unit sales is said to be effective. Conversely, an employee who achieves the target within the shortest time possible is efficient.
Efficiency and effectiveness are very important components of the business function, and there a number of reasons why businesses are interested in achieving higher levels of efficiency and effectiveness.
1. Effectiveness and efficiency assists businesses in setting up of organizational goals, and hence they important in business because they are the ingredients the business attains its goals, and efficiency corresponds to time goals, whereas effectiveness corresponds to results.
2. In the present face of intense competition brought about by globalization, businesses must employ tools that assist in profitability. This implies that reducing costs and increasing revenue, and a business that employs effective methods shall surely make higher returns.
3. Efficiency and effectiveness contribute positively to the business as it helps in aligning the organizational structure towards good communication and cohesiveness, and through the principle of transitivity, this will benefit the customers, who in turn become loyal and retained.
The company selected for the purpose of task three is Friends Life, and its shares are being traded publicly traded at the London Stock Exchange. The annual results for 2013 and 2012 financial year are located at the ...Download file to see next pagesRead More
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