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Measuring Business Performance - Coursework Example

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This paper "Measuring Business Performance" focuses on the organisational development that essentially depends on financial and non-financial aspects of a firm and efficiency and effectiveness thereof. Much discussion has been regarding the determination of measure for organisational efficiency.  …
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Measuring Business Performance
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Download file to see previous pages In this regard, balanced scorecard approach and financial ratio analysis were considered most apposite. Based on the overall performance assessment, specific recommendations have been provided in the paper.
Organisational effectiveness has been mostly described in terms of examples as the subject is relatively diverse and vague in nature. In plain language, it can be defined as the potential of a corporation to perform a specific function or assignment accurately while undertaking optimum resource utilisation. Business effectiveness essentially denotes overall performance of various underlying operations and processes in terms of production units and quality. In contrast, efficiency measures the extent to which the resources available to an organisation are being optimally used. A number of financial ratios are deployed for estimating organisational efficiency (Robbins, et al., 2013).
There is a fine line that distinguishes efficiency from effectiveness as it has already been highlighted that efficiency is quantifiable while effectiveness is difficult to measure in numbers. Putting differently, organisational efficiency can be measured directly while measurement of effectiveness is relatively complex. For instance, sales to employee’s ratio directly represent the efficiency of the organisation with respect to employees. However, for determination of the effectiveness of employees, their productivity with respect to their idle time will have to be determined. Arguably, organisational effectiveness can be considered as abstract and complex as it is highly subjective in nature. Efficiency, on the other hand, is easy to determine compared to effectiveness because of the presence of quantitative character thereof (Lebas, 1995; Robbins, et al., 2013).
It was observed from a previous assessment that an organisation ought to incorporate efficiency and effectiveness in its activities for optimum result.    ...Download file to see next pagesRead More
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