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Essay example - Performance Measurement
Pages 9 (2259 words)
Introduction Performance measurement is today increasingly quite an important aspect in business management and strategic planning. Johnson (2010) believes that any company or organization which operates devoid of performance measurement is akin to “an airplane flying without a compass, a Formula One race car driver guiding his car blindfolded or a CEO operating without a strategic plan”…
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employees, business owners as well as customers. This paper seeks to address the issue of measurement within the context of SWOT, PESTEL and Porter’s Five Forces Analysis in response to Jengo Limited. The paper further illuminates on how budgeting would benefit Jengo Ltd’s in planning and controlling its inventory, recruitment and cash management activities. Finally, it zeroes on how a balanced scorecard approach to measuring performance would benefit this company. SWOT analysis Broadly speaking, SWOT analysis is used to evaluate and aid in project formulation and strategic plans (Bohm 2008, p. 3). Just like Bohm notes, SWOT analysis should be used in mapping out an organization’s Strengths and Weaknesses of the products and services and assess the extent to which they are in tandem and how they could possibly be improved. Beyond this, SWOT analysis is used to reflect on the Opportunities and Threats exposed by information accrued usually through evaluation of the external environment and through comparative studies (Bohm 2008, p. 3, Habour 1997, p. 38). POSITIVE NEGATIVE INTERNAL Strengths 1. Financially sound with good profit margins 2. Established name among customers 3. Offers quick modern services 4. Initiates Brand strategies 5. ...
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