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These shortcomings increase the confounding effects of the productivity variables measured and analyzed.
The figures calculated for each of the variables of productivity (factor productivity ratios) over a period of time can be systematically plotted to identify and predict a trend that shows change in productivity. The figures for each variable can be monitored individually or collectively with other variables. To monitor productivity over a period of one year productivity metrics for each month have to be calculated. The change in productivity (trend) between one month and another or across the 12 months can be identified by simply calculating the difference in the productivity metrics. The trend can be graphically represented by plotting the productivity metric over a period of year. Fig 1 shows a trend for multifactor (labor and capital) productivity ratio calculated for the months of January is 0.560, February 0.585, March 0.615, April 0.616, May 0.610, June 0.623, July 0.623, August 0.634, September 0.598, October 0.590, November 0.589 and December 0.590. Also for the trend identified to be more meaningful, the variable(s) plotted must be compared with productivity of other firms with factors similar to the one in question. This can be done by comparing the productivity metrics with external benchmarks. The last bar in Fig 1 represents the benchmark for similar (small catering/restaurants service). The operation manager of the food service unit can therefore comparatively monitor performance of the unit. The work of the operation manager can be made simpler if s/he uses Microsoft Project application to measure and monitor schedule performance of staff and inputs (monetized resources). This application will allow the manager to handle large variety of data and to (intra) extrapolate outcomes.
The operation managers can use the information (factor
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The company focuses a great deal on the training and development of the employees and ensures that this is an ongoing part of the life of the employees. The performance of the employees, known as ‘associates’ at WalMart, is given prime importance, and this is one of the largest strengths of WalMart’s performance management system.
When members of a team implementing a project do not coordinate effectively, it will hinder the progress of the project. The introduction of changes also leaves a project susceptible to the vagaries of human error. It is thus necessary to execute a well planned
These strategies will be discussed in terms of the phases put forward in the book by Kotter titled Leading Change, as well as theories by various other scholars like Taylor, Porter and others. These phases have been discussed as the steps in successful project
After that, a distinction between performance management and performance appraisal will be done in a comprehensive manner. In today’s vast changing business environment, it is essential to acknowledge the importance of
t scope, budgeting cost of the project, scheduling deadline, maintaining quality throughout the project deliverables (Kerzner, 2013; Cooke-Davies and Arzymanow, 2003). Organizations use ‘The Portfolio, Programme, and Project Management Maturity Model (P3M3)’ to assess
ords, it can be stated that operations management involves acquisition, development and proper utilization of resources in a manner such that valuable goods and services can be manufactured and delivered to the client. An effective operations management ensures profitability and
Founded in 1939, the specialization of the company remains in development and manufacturing of various computing devices, delivering of the services and software. The products include various ranges of personal and official computing, software, printing
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