Performance Management Systems and Strategies

INTRODUCTION

Conventional performance measurement cannot accurately provide a comprehensive view about an organization. The balanced scorecard approaches, linking the core financial goals of the organizations with the other drivers that are a determinant of overall success of the organization, ensure a better and comprehensive view about the organization. The balanced scorecard translates the organization's mission and strategy into some quantified key performance indicators (KPIs). Such KPIs provide the framework for measuring the performance through a well-designed balanced scorecard. KPIs are the base elements of work that correlate with the strategic goals of the organization, and obviously on achieving the KPIs, organizations can achieve ...