Performance Management Defined
Performance Management is a methodology that:
- guides and enables the organization to carry out its mission, vision, and values
- uses the Balanced Scorecard to define strategic linkages to integrate performance across
- communicates the strategy to a business unit, joint venture, or shared service.
- uses the Balanced Scorecard to develop performance measures for financial, customer,
internal processes, and growth and learning to align employees with the strategy
- aligns everyone within an organization so that all employees understand how what they do
supports the strategy
- provides feedback to senior management if the strategy is working
- shows where the gaps are between targets and actuals
- develops action plans to achieve targets
- uses activity based costing to better understand customer, product, service, channel
profitability in order to achieve targets
- uses Activity Based Management, Process Management, and TQM to achieve targets
- ties compensation into action plans and performance measures
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