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Performance Management - Essay Example

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Performance Management

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. Aim of the Report Contextually, the aim of this report presentation will be to demonstrate the scenarios which has influenced the operational department of Gearflex Co to select Beyond Budgeting’ model for their operation. These factors will include the potential problems associated with traditional budgeting techniques including several behavioural aspects as well as the benefits the organisation has gained by shifting to Beyond Budgeting’ model. Problems and Weaknesses in Traditional Budgeting Approach Over the years various forms of budgeting technique has been implemented by organisations in their operational purposes. Among those, the line-item budgeting or traditional budgeting is quite commonly applied budgeting model. This type of budgeting was devised with the intention to deal with the rising issues of organisational setting including the area of purchasing, bidding, accounting as well as auditing among others. Over the years, this approach was seen to be extensively employed in organisational operation as a full time budgeting tool delivering potentially noteworthy results for the overall business. However, with the emergence of contemporary business environment, companies has started to realize the need of replacing traditional budgeting approach with a more flexible and efficient model. This is due to certain problems and weaknesses associated with traditional budgeting approach which are being highlighted subsequently (Cheong, 2013). There are several potential problems association with the aspect of traditional budgeting. First is the factor of time. Notably, traditional budgeting consumes a lot of time in its execution. Reportedly, companies in most of the scenarios take more than six months to execute traditional budgeting. This aspect hampers the efficiency of organisational operation. Furthermore, it has also been analysed that since traditional budgeting takes longer duration in its completion, organisations are also required to provide resources for a longer basis which further increase the cost of the company concerning ...Show more

Summary

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…
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