Got a tricky question? Receive an answer from students like you! Try us!

Performance management - Essay Example

Only on StudentShare
Author : richmond92

Summary

Ferreira & Otley's Performance Management Framework 2009 Name Institution Ferreira & Otley's Performance Management Framework 2009 Performance management refers to the process used within an organization to achieve set goals. Performance management entails the evaluation of costs and input within an organization to attain set goals (Diamond, 2006 p…

Extract of sample
Performance management

Studies have revealed that the simplification process has produced results that have not only been conflicting but also ambiguous. Due to the disadvantages stated above, Ferreira & Otley's formulated the performance management framework that clearly describes the operation and structure of performance management system. Researchers have emphasized that to obtain accurate results that are essential in developing skills and knowledge on management performance, it is important to use theoretical foundations. Managers of an organization need to select rational theories that will guide them when analyzing performance of an organization (Chapman, 2007p. 664). Performance management approach usually involves many processes that take place in an organization. These processes include analysis, measurement, control, and planning. The mechanisms employed in performance management systems are formal and informal controls. The controls are usually dependent on the size of the organization because larger firms use administrative controls (Margret, 2010 p. 210). Performance Management Framework by Otley’s In the year 1999, Otley developed a framework that was to provide a guideline in the study of the operations of management control systems. He focused on five areas that included identification of the main goals of an organization. ...
Download paper

Related Essays

Performance Management: using Balanced Scorecard as a tool to improve performance
lts from Questionnaire Survey 44 4.3 Analysis 45 4.3.1 Interview 45 4.3.2 Questionnaire Survey 47 4.4 Discussion and Implications of Findings 48 CHAPTER 5 50 5.1 Conclusion 50 5.2 Recommendation 52 5.3 Limitations and Future Scope of the Study 53 References 55 Bibliography 62 Appendices 67 Appendix 1 67 Appendix 2 68 Appendix 3 73 CHAPTER 1 1.1 Background Organisational functions are generally controlled and monitored by the top-level management of the company. Their duties involve strategic planning, implementing plans to achieve profit and increase the market share of the company.
59 pages (14809 words)
Advance Management accounting and performance management
Moreover, the demand will extensively rise next year due to the Olympic Games that will be hosted in the region (Heather, 2000). Therefore, a fitness club is the best business venture that can transform the Olympic Village post the Olympic Games that commence in 2012. Besides, initiating a fitness club is a fun and financially paying business that assists people get and remain strong, healthy and fit. Owning such a business enables an individual own an artistic and resourceful business in a recession-resistant field. This business entails providing fitness services, which include individual…
3 pages (753 words)
Performance Management
The analysis and better decision making can be done by discussing the components of cost and their effects on the overall cost and final decision to be taken. All the costs that can affect the decision, rather all the relevant costs should be considered in this case. It is important to distinguish between relevant and irrelevant costs for the decision making purposes as it allows better decision making for cost reduction and cost maximization. Additionally overheads allocation should also be done on fairer and activity driven basis so that better decisions can be taken. (DRURY, C. 2008;…
4 pages (1004 words)
Budgetary Control in Performance Management
A budget is a formal statement of financial resources that have been set aside to finance specific activities over a given time period. Through a budget, managers can be able to coordinate organizational activities with it being a point of reference. Integrative Budgetary Control Integrative organizational budgetary control is a technique in which actual results of activities are compared to those specified in a budget and corrective actions undertaken. Differences that exist between actual and planned activities in the budget result in budgetary control measures where responsibility centers…
7 pages (1757 words)
Performance Management
It involves establishment of within reach targets as well as clearly outlining roles (Kanigher, 2005). Development of Performance Management This discipline traces its origin in the 20th century, where managers developed the process to determine whether the remuneration paid to workers was reasonable (Kanigher, 2005). One of the earliest contributors to this theory was Fredrick Taylor, with his scientific management theory, which he developed by studying the work process scientifically. In his work, he studied how work was done and how it affected people productivity (Kanigher, 2005). His…
6 pages (1506 words)
Performance Management
Therefore, the system of performance management generally involves evaluating and developing the skills, behaviors, and the performance of individual employees, for ensuring that the organization competes favorably in the market through its high performance. …
6 pages (1506 words)
"strategic performance management systems have beneficial impact on performance, critically discuss"
A properly formulated performance management process empowers a manager to come up with effective and efficient strategic plans, set ambitious goals and follows closely the activities that work towards achieving his set goals, this leads to value creation that can be sustained for a long time. This paper will therefore aim at critically analysing the process of strategic performance management and how it impacts positively on the performance of the organisation. The Strategic Management Process The process of strategic management involves several steps, they include, first is understanding the…
10 pages (2510 words)