Nobody downloaded yet

Performance Measurement - Essay Example

Comments (0) Cite this document
Introduction Performance measurement is today increasingly quite an important aspect in business management and strategic planning. Johnson (2010) believes that any company or organization which operates devoid of performance measurement is akin to “an airplane flying without a compass, a Formula One race car driver guiding his car blindfolded or a CEO operating without a strategic plan”…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.9% of users find it useful
Performance Measurement Essay
Read TextPreview

Extract of sample
"Performance Measurement"

Download file to see previous pages employees, business owners as well as customers. This paper seeks to address the issue of measurement within the context of SWOT, PESTEL and Porter’s Five Forces Analysis in response to Jengo Limited. The paper further illuminates on how budgeting would benefit Jengo Ltd’s in planning and controlling its inventory, recruitment and cash management activities. Finally, it zeroes on how a balanced scorecard approach to measuring performance would benefit this company. SWOT analysis Broadly speaking, SWOT analysis is used to evaluate and aid in project formulation and strategic plans (Bohm 2008, p. 3). Just like Bohm notes, SWOT analysis should be used in mapping out an organization’s Strengths and Weaknesses of the products and services and assess the extent to which they are in tandem and how they could possibly be improved. Beyond this, SWOT analysis is used to reflect on the Opportunities and Threats exposed by information accrued usually through evaluation of the external environment and through comparative studies (Bohm 2008, p. 3, Habour 1997, p. 38). POSITIVE NEGATIVE INTERNAL Strengths 1. Financially sound with good profit margins 2. Established name among customers 3. Offers quick modern services 4. Initiates Brand strategies 5. Many distribution channels 6. offers long-lasting, fashionable clothes by a variety of established designers 7. Sound management Weaknesses 1. Few branches across the United Kingdom 2. Poor planning in terms of staffing and training 3. Integration of operations worldwide 4. High prices 5. No product differentiation 6. Poor planning in budgeting and documentation EXTERNAL Opportunities 1. Emerging Markets in other parts of the United Kingdom and elsewhere 2. A number of interested companies to be shareholders including palisade Plc 3. Can use e-marketing strategy to further enhance market base 4. Support from Palisade Plc Threats 1. Stiff Competition from other clothing business providers in the United Kingdom 2. Competition from similar Business offering same services at cheaper prices 3. Government Regulation –business overregulated Porters Five Forces Analysis of Jengo This framework was developed by Michael Porter. The tool essentially enables businesses to deal with dynamic markets, gauge competitive ground and make decisions regarding entering target markets successfully (Friedman 1999, p. 5, Hoffman 2001). Further, it enables in identifying partner as well as implications that joint ventures may pose (Bradford & Duncan 1999). This is done by evaluating the following five key areas as espoused by Porter: New Entrants: At the moment for Jengo, there seems to be many potential businesses that may want to venture into clothing, fashion and design business. Buyer’s Power: The buyers that Jengo has seem to be solid. However, they seem to complain about prices. Alternatives should be provided since they may shift their loyalty. Substitute Products and Services: Certainly, there are alternatives to what Jengo does and this may invite donors to look elsewhere. Power of Suppliers: The suppliers for Jengo are few and this means that they determine a great deal especially in strategy formulation within the company. Current Competition: Competition does exist as there are many companies who offer the same products even at lower prices. Factors to investigate: Preparing ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Performance Measurement Essay Example | Topics and Well Written Essays - 2250 words”, n.d.)
Retrieved from
(Performance Measurement Essay Example | Topics and Well Written Essays - 2250 Words)
“Performance Measurement Essay Example | Topics and Well Written Essays - 2250 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
Employee Selection and Performance Measurement
...? Employee Selection and Performance Measurement Report November 6, Table of Contents Executive Summary I Introduction 2 Processes Used for Employee Selection and Performance Measurement in Microsoft Corporation 2.1 Validity and Reliability of Interviews, Tests and Other Selection Procedures: 2.2 Methods Used Pose Any Ethical, Legal, Practical Issues Creating Problems for Managers and the Organization 2.3 Methods Might Need to be Adjusted Given the Increasingly Diverse, Multicultural and Geographical Dispersed Workforce 2.4 Performance Appraisal Program 2.4.1 Formally or informally Applied 2.4.2 Articulated and Well Communicated Goals for the Appraisal 2.4.3 Relationship Between Strategic Goals of Microsoft and Standards Used... for their...
10 Pages(2500 words)Essay
Performance Measurement Systems
...INTRODUCTION Performance measurement systems are becoming increasingly popular in both public and private sector organisations because they serve asa means to direct employees' efforts towards the intended organisational goals. These measures are enacted to gauge the performance of employees at all levels and instigate into them a motivation to perform well every time. These measures serve as ladders to enhance performance and efficiency on the part of employees to reach organisational goals efficiency, profitability and customer satisfaction etc. However the success and failure of performance measurement system in both public and private sector organisations depends upon how well these techniques have been implemented in terms... of...
10 Pages(2500 words)Essay
Organizational Performance Measurement
...there are many more internal growth of an organization is also an important context which caters to employee management techniques but I chose external assessment for both critical and straightforward approaches for organizational performance measurement. Bibliography 1. Angelo Kinicki, Robert Kreitner (2004) Organizational Behavior McGraw hill 2. David J Ketchen, Donald D Bergh (2006) Research Methodology in Strategy and Management, Volume 3 (Research Methodology in Strategy and Management) JAI Press; 3. Goldschmid, Harvey J., H. Michael Mann, and J. Fred Weston, eds., 1974, Industrial Concentration: The New Learning, Boston, MA: Little, Brown and Company. 4. Hill, T. and Westbrook, R. (1997) SWOT...
10 Pages(2500 words)Essay
Performance Measurement to Performance Management
...1 - Management's primary tool in decision making is the constant measurement of the employees' performance in terms of products (quality and quantity) and quality of services rendered in line with the company's objectives and over all organizational performance. After the initial management step of planning, the company standards and goals are immediately set up and everyone's actual performance is compared with these standards. Sound business decisions crop up as to determine whether to hire, fire, train etc. When performance is at par or even better than standards previously set, then the business' financial condition also improves. Budgets are...
26 Pages(6500 words)Essay
Financial Performance Measurement
...FINANCIAL PERFORMANCE MEASUREMENT Introduction Capital has been proved to be the driving force of every business organization. The amount of capital available to an organization usually comes as a determinant of the level that the organization has to operate. A company with large amount of capital will be able to operate at a high level of activity. At this level the company can purchase in large quantities and also carry out promotional services hence increasing the viability of the business. The organization management therefore should do a good planning for the organization capital. The planning of capital by the management should put in mind the following aspects. The activities to be carried out by...
6 Pages(1500 words)Essay
Performance Measurement and Analysis
...the waste. 3) The gaps in the benchmark performance of the Coors suggest that higher cost may be the main reason behind this deviation from the industry performance. Coors have limited number of plants in US therefore its supply chain management might be costing it higher than the competition. Besides, the CIL project though was initiated but was not fully utilized to take out full benefits out of it. Secondly the performance yardsticks applied by the Coors over the period of time do suggests its inclination towards cost based performance measures. Further the performance criteria as set by the company were not consistent within the...
7 Pages(1750 words)Essay
Performance Measurement and Management
...Performance Measurement and Management This paper will introduce the management systems used in the call center industry to meet their targets and goals. The history of exchanging information has been around for centuries now, some started relaying information through drawings, early civilizations even used smoke to convey their thoughts, and then the process of communication evolved through the ages. One example was the invention of the telephone. Telephone is a device used by civilization to communicate with each other no matter how far they are apart from each other. The invention of telephone paved the way to the advancement of technology of communication through the development of digital signals....
9 Pages(2250 words)Essay
...PERFORMANCE MEASUREMENT AND MANAGEMENT AT THERMO SCIENTIFIC ABOUT THERMO SCIENTIFIC1 Thermo Scientific offers a wide range of scientific products ranging from high-end analytical instruments, reagents & consumables, laboratory equipments, software & services for routine testing to complex research and discovery. They provide world class solutions for the successful completion of experiments from the beginning till end. Thermo Group ensures that its offerings help run the laboratories at peak performance. The organization has its branches across a number of countries in US, Europe, Middle East, and Africa & Asia. Thermo Scientific employs more than 34000 employees around the...
8 Pages(2000 words)Essay
Team Performance Measurement
...Running Head: TEAM PERFORMANCE MEASUREMENT Team Performance Measurement Lecturer: Presentation: Introduction A team is a group of people with a common goal, which makes them to work and support each other to accomplish shared objectives. Each team member plays a particular role in accomplishing the tasks assigned to the team and therefore all members are mutually dependent. Team building in healthcare organizations involves influencing their cadre to combine talents and the diverse skills to accomplish the organizational goals. This paper presents a critique of some of the anticipated challenges in measuring the healthcare team’s performance in the past eighteen months. Anticipated Challenges Even though performance evaluation can... be a...
2 Pages(500 words)Essay
Performance measurement
...Performance Measurement System What is the role of a performance measurement system? Describe your personal experiences with performance measurement in the workplace. Performance management system is a set of strategic objectives as well as metrics of performance that organizations apply in order to gauge the productivity of not only individual workers but also for the entire organization (Besanko, Dranove, Shanley & Schaefer, 2010). There is little doubt that performance within contemporary organization has been a growing concern hence the need to have well-developed strategies as well as metrics that include key performance indicators. According to Varma, Budhwar, and DeNisi (2008), the main role of performance management system... is to...
1 Pages(250 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Let us find you another Essay on topic Performance Measurement Essay for FREE!
logo footer
Contact us:
Contact Us Now
FREE Mobile Apps:
  • StudentShare App Store
  • StudentShare Google play
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • Miscellaneous
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us