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When properly designed and implemented, performance management techniques and processes enable an organisation to monitor, manage and improve strategy execution and the delivery of results. Performance management is therefore one of the most critical factors in an organisation’s success, and the ability to successfully manage performance is the single most important skill for leaders and managers. But what exactly do we mean by “performance management” and how does it work? In this article, I give a brief overview of the topic and what it typically means in practice. What exactly is performance management? Performance management involves measuring, reporting and managing [...]

Some tips for managers on using a balanced scorecard as a management tool. The success of balanced scorecard theory throughout the business world can in large part be attributed to its potential as a leadership tool. Used to its best effect can have a powerful impact on any size of organisation - and here's some tips on how to use it. Managers who see it as a 'quick fix' will be disappointed - the balanced scorecard needs to be planned carefully, used wisely and developed as part of a larger sea change in your organisational strategy. The balanced scorecard and [...]

A look at the concept, theory and use of the balanced scorecard and the 'dashboard'. The balanced scorecard has grown in popularity over the last fifteen years and is now used by thousands of organisations around the world. Millions of people are familiar with its concepts and terms - especially its 'traffic lights' and 'dashboard' analogies. But for the unfamiliar, here is a brief summary of what the balanced scorecard involves. Kaplan and Norton, the founders of the balanced scorecard, used the analogy of the dashboard of an aircraft's cockpit to compare the concept of a balanced scorecard to traditional [...]

Performance management helps organisations become more successful and stay ahead of the competition. It essentially involves measuring, reporting and managing progress in order to improve performance, both at an individual level, and at a corporate level. There are many, many performance management tools designed to make the process easier and more effective. Here I look at some of the most common tools. Key performance indicators (KPIs) and metrics KPIs and metrics provide a way to measure how well companies, business units, projects or individuals are performing in relation to their strategic goals and objectives. But the primary value of KPIs [...]

Here we provide a brief overview and introduction to the balanced scorecard concept. Overview of the Balanced ScorecardThe Balanced Scorecard (BSC) is a strategic performance management framework that allows organisations to identify, manage and measure its strategic objectives. The concept was initially introduced by Robert Kaplan and David Norton in a Harvard Business Review Article in 1992 and has since then been voted as one of the most influential business ideas of the past 75 years.Like most good ideas, the concept of the Balanced Scorecard is very simple. Kaplan and Norton identified four generic perspectives that cover the main strategic [...]