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"strategic performance management systems have beneficial impact on performance, critically discuss" - Essay Example
Finance & Accounting
Pages 10 (2510 words)
Strategic Performance Management Systems Name: Institution : Course: Tutor: Date: Introduction Strategic management is defined as the process through which managers make a decision about the strategies to use in order to improve the performance of a business, it is a process that is continuous and appraises both internal and external business environment and puts in place measures to enable the business become a market leader (Aver & C?…
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 strategic context that a business operates in, this involves both external and internal environment. In the internal environment, the first activity that a business does is the identification of the core purpose of the business, values and goal which it intends to achieve (Bisbe & Melaquero, 2012 p304). These then helps the management to come up with an overall vision of the organisations and the direction it will take. ...
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