Performance Measurement System Assignment Sample

• Subject Name : Management

Management and Professional Development

Performance Measurement

Performance Measurement is not a new concept. It emerged in the mid 1990’s when businesses needed a strategy-based approach for their performance in the market. There has been enough discussion on performance measures but not many definitions have been evolved of the same. (Neely, A. 1999) Performance Measurement is a cycle or a movement which includes the evaluation of the results of activities and their correlation with predefined objectives. Performance Measures are also known as Performance Metrics. Performance Measurement is the observation of budget or a set target against genuine outcomes to build up how well the business and its workers are working in general and as individuals. (Lorino, P. 2001) For measuring performance and to meet the set targets, the companies look into the aspects of critical success factors and key performance indicators. This system altogether is known as Performance Measurement System.

Critical Success Factors (CSFs) are those factors of a business which must be given due consideration if results are to be achieved. These are the fundamental measures of business that must be performed well if the mission and objectives of the business are to be accomplished. Measures of Success are reference points to quantify the success of the business. These measures help everybody in the group to know precisely what they have to do to achieve the goals of the business. These measures also assist workers with performing their own work and make arrangements towards the equivalent aims to accomplish objective compatibility. The true measures of success are: Overconfidence, Availability and Status Quo. (Mauboussin, M.J. 2012)

To measure the critical success factors or measures of success, key performance indicators have to come into play. Key Performance Indicators (KPIs) are also known as the measurement tools for measuring success factors. KPIs observe the progress of the organization in achieving success factors. It also measures and aligns business goals with critical success factors and also focuses on the amount of data needed for success of the business. (Kalpan. 2012)

Personal Behaviour, Self-Awareness and Personality Traits Identification

Personal Behaviour is known as exhibition of personality in response to other person’s behavior. Personal behavior is based on life experiences as well as they are generic. Every person has his unique personality which differentiates him from others. Personality tells us about the reactions of the individuals even before they have acted upon a particular situation. It tells how a person will act in a given situation. Personality strongly influences work behavior (Barrick, M.R. & Mount, M.K. 1993). Personal Behaviour of a person majorly consists of feelings, thoughts and patterns of behavior. Understanding the personality and its traits helps an employer in hiring employees for jobs in the organization. (Roberts, B.W., Walton, K.E., & Viechtbauer, W. 2006)

Self-Awareness is the most important factor which a person needs to overcome. Self-Awareness arms a person with huge amount of knowledge and it helps a person in making better choices. (Chinwe, E. 2018) Every leader has to be self-aware in order to grow in the market. Identification of external and internal factors, Getting feedback of the work done, Observing the circumstances in which the work is to be done and Assessment of behavior using values are some of the basic strategies of Self-Awareness.

Personality is described on the basis of personality traits. There are five dimensions of personality traits explain the variations of personal behavior of a person. (Goldberg, L.R. 1990) These five personality traits are as follows:

• Openness
• Conscientiousness
• Extraversion
• Agreeableness
• Neuroticism

A Personal Development Plan

A personal development plan is a plan of action. It is a plan which helps a person or an organization to achieve the goals set by them. The future aspirations regarding personal development are referred to as a development plan. A person usually does not write his plans down, which is why a personal development plan becomes necessary. It helps a person or an organization to write down the set targets and possible ways to achieve them. Keeping track of your achievements is another perspective with which the plan of action helps. It must be considered every now and then and revised from time to time so that there is no discrepancy in the plan and it does not lead a person to the path of failure. The main characteristics of a Personal Development Plan are:

• It must be realistic
• It must be accurate
• It must be relevant

To determine development needs and to identify development opportunities one can do a personal SWOT analysis for himself and his goals.

References for Performance Measurement System

Journals/ Reports

Barrick, M. R., & Mount, M. K. (1993). Autonomy as a moderator of the relationship between the Big Five personality dimensions and job performance. Journal of Applied Psychology, 78, 111–118.

Goldberg, L. R. (1990). Standard markers of the Big-Five factor structure. Unpublished report, Oregon Research Institute available at https://psychology.okstate.edu/faculty/jgrice/psyc4333/Goldberg_BigFive_1990.pdf

Lorino, P. 2001. Indicateurs de performance, chapter La performance et ses indicateurs. Eléments de définition. Productique. Hermes Science, Paris, France, 2001.

Mauboussin, M.J. 2012. The True Measures of Success. Harvard Business Review, October, 2012 available at https://hbr.org/2012/10/the-true-measures-of-success#:~:text=The%20metrics%20companies%20use%20most,as%20loyalty%20and%20product%20quality.

Neely, A. 1999. The performance measurement revolution: why now and what next? International Journal of Operations & Production Management, 19(2):205–228, 1999.

Roberts, B.W., Walton, K.E., & Viechtbauer, W. (2006). Patterns of mean-level change in personality traits across the life course: A meta-analysis of longitudinal studies. Psychological Bulletin, 132, 3-27.

Books

Kalpan Publishing. 2012. Performance Measurement System. United Kingdom. Available at https://kaplan.co.uk/docs/default-source/pdfs/study-options-demos/acca-f2-study-text-chapter-16.p

News Articles

Chinwe Esimai. 2018. Great leadership starts with Self-Awareness. Forbes, 2018 available at https://www.forbes.com/sites/ellevate/2018/02/15/self-awareness-being-more-of-what-makes-you-great/#6c0c17a540dd

Roberts, B. W., Walton, K. E., & Viechtbauer, W. (2006) Patterns of

mean-level change in personality traits across the life course: A meta-

analysis of longitudinal studies. Psychological Bulletin, 132, 3–27.

Roberts, B. W., Walton, K. E., & Viechtbauer, W. (2006) Patterns of

mean-level change in personality traits across the life course: A meta-

analysis of longitudinal studies. Psychological Bulletin, 132, 3–2

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Management Assignment Help