Performance management methodology.(SELECTED TOPIC)

The mandate to operate at an optimal level of performance and meet financial and organizational expectations is transforming the way organizations do business. This evolution is driving higher standards of competence in day-to-day operations and adding new pressure to increase stakeholder value. In today's rapid-paced business climate, the agility with which a company manages performance can determine market position and company profitability.

Examining Performance Management

Performance management is the strategy and process for leveraging best practices, methodologies and technology to manage the performance of an organization and its business network by leveraging assets to achieve a common set of goals and objectives. Performance management focuses on understanding, optimizing, and aligning action and decisions and ensuring the collaboration and empowerment of all individuals across the business network. This enables all individuals to work across strategic, tactical, and operational levels to align actions to ensure optimal performance.

The core principles and goals of performance management are the following:

Efficiency: The ability to optimize the operations and actions of the organization, individuals, and business processes to ensure that they result in defined goats and desired outcomes.

There are three key elements to attaining efficiency--collaboration, productivity and visibility. Collaboration is enabling individuals to communicate, coordinate, and share information and knowledge so they can be more effective in their roles and responsibilities. Productivity is enabling individuals to maximize their role and responsibility by providing them the means to be more effective in their tasks. Visibility is enabling users to gain relevant business visibility into the performance and potential of business processes and organizations.

Quality: The ability to continuously improve the quality of relationships, processes, and products or services to fully leverage practices or methodologies that maximize the value of resources and assets.