Performance Management

Strategically monitoring and managing the performance of a company. Explanation of Performance Management.

Performance Management

PM is a strategic management approach for monitoring how a business is performing. It describes the methodologies, metrics, processes, systems and software which are used for monitoring and managing the business performance of an enterprise. Business Performance Management, and Strategic Performance Management, and Enterprise Performance Management and Corporate Performance Management are all variations of the terminology.

 

Benefits of Performance Management

Main benefits of CPM are:

  • PM helps to maximize value creation consistently.
  • PM helps to increase corporate transparency.
  • PM facilitates communication with investors, analysts and with stakeholders.
  • PM improves internal communication on strategy.
  • PM facilitates the improvement of decision-making.
  • PM helps to balance short-term, middle-term, and long-term trade-offs.
  • PM encourages value-creating investments.
  • PM improves the allocation of resources, streamlines planning and budgeting.
  • PM helps to better deal with increased complexity and greater uncertainty and risk.

 

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Recent User Comments
VATSALA - Malaysia Monitoring Performance of Businesses "Please recommends books or articles on how to implement performance management framework for a investment holding company. Our company holds investments in core businesses and private equity. How to set up an effective reporting mechanism to monitor the performance of these investments?"    0
Anand B Vodnala - India Enterprise Performance Management "To achieve EPM the organization should align the strategy plans, tasks with it's execution"    1
Alan C - US CPM best practices, examples "I just finished reading "Five Key Principles of Corporate Performance Management" by Bob Paladino.
Paladino collected a bunch of CPM best practices and practical examples. From a variety of sources which include the U.S. President's Malcolm Baldridge National Quality Award recipients, the Kaplan and Norton Global Balanced Scorecard Hall of Fame inductees, recipients of the Deming Quality Award, Fortune magazine's "100 Best Companies to Work For," Best Practice Partner Award recipients selected by APQC (previously known as the American Productivity Center and the American Productivity & Quality Center), and Forbes magazine's "Best Managed Companies.
Helpful for executives and consultants. Ed: Amazon link."		    3
Scott Alexander - USA Performance Management "Customer Performance Management (CPM) is also another variation. CPM focuses on acquiring, managing and growing the best performing customers from a satisfaction, profitability and risk perspective."    0

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Compare with Corporate Performance Management: Business Intelligence  |  Activity Based Costing  |  Balanced Scorecard  |  CSFs and KPIs  |  Value Based Management

 

Return to Management Hub: Change & Organization  |  Communication & Skills  |  Decision-making & Valuation  |  Finance & Investing  |  Strategy

 

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Copyright 2009 12manage - The Executive Fast Track. V10.3 - Last updated: 7/4/2009. All names tm by their owners.


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  ●  (India) Performance Management "Success of performance management depends on integrity of team structure and performance within organization and within each section to achieve the goals. Also Division of work , Authority, Discipline, unity of command and Subordination of individual interest ( Principles of management - Henri Fayol) are very important management principles to align the team's spirit along the path to achieve the goals of organization."
  ●  (India) Success of PM "Sir, it is true. But at the same time the individuals should be coincide with the team's spirit i.e. esprit-de-corps. Then it will be consider as PM success."
  ●  (USA) Managing Performance in Smaller Enterprises "Generally, smaller organizations (which make up the vast majority of enterprises world-wide) are not in a postion to formally introduce EPM methodologies to creaet behavioral change as is suggested by so many of the models and comments I see written here and elsewhere. Their management style of too few people with too little time and too much to do to keep the business running completely occupies their thoughts and actions. The only effective way to transform this (the largest) sector of the world's industrial base is to embed EPM systems into their work environments/workstations that automatically map where they are on the performance contiuum allowing them to adjust and align their performance in real-time and thusly, transform their behavior 'on-the-fly'. It can be done. It is being done."

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