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Performance Management Table of Contents Introduction 3 Aim of the Report 4 Problems and Weaknesses in Traditional Budgeting Approach 4 Strategies to overcome the problems of Traditional Budgeting Approach 7 Benefits for Companies Employing Beyond Budgeting Model 8 Conclusion 10 Reflective Journal 11 References 13 Bibliography 15 Introduction In the current highly dynamic business environment, performance management considered as a vital activity within an organisation.
Furthermore, it is often considered as the process where various resources of the organisation or any particular department are utilised efficiently in order to successfully attain the broad objectives of the organisation (Patterson & et. al., 2003). It has been noted from the provided case that Gearflex Co, a retail chain that deals with car accessories has grown to become the market leader in this particular sector in the recent times. However, it is believed that this leap of the company is relatively due to its effective decision making ability regarding the domain of performance management. One such decision can be attributed with the approach of the company to implement ‘Beyond Budgeting’ model in its operational activities. It is further observed that the operational director of the company is largely responsible for this change initiation related to the organisational strategy. This aspect has further influenced the management of the company to select the operational director to deliver a presentation in a particular conference that has the participation of managers from various retail sector of the world. ...
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