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Question: In evaluation and control you first have to decide what key performance indicators you want to measure. Then you have to measure them against the benchmarks you established for success. Finally, you have to take corrective actions if the indicators are not meeting performance standards. This is a continuous process through the strategic management process. Some of the performance management tools are listed below:
Balanced Scorecard (BSC)
- Deming Cycle: PDCA
- Total Quality Management (TQM)
- Benchmarking
- Business Process Re-engineering (BRP)
- Management by Objective (MBO)
Select three performance management tools and respond to the following:
- Describe the three tools and identify what they measure.
- How would you apply these three to your organization or an organization where you worked?
- Reflect on decisions made in that organization and how the three tools would have supported or changed the decisions.
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