Organisations’ performance indicators are related to quantitate measures and qualitative measures. • Quantitative may refer to ‘Numerical data’, a quantifiable measurement process, for example return on capital (ROI) and or growth of profits or earnings; market share, productivity, wastage, product and production errors or international engagements, etc., and • Qualitative information are non-numerical data and difficult to measure due to ambiguity. This information more subjective and based on human experience or judgement, for example environmentally friendly (go for Green) and social responsibility, workforce satisfaction, brand loyalty and trust and customer satisfaction
Managers only need relevant and focused performance indicators for strategic planning designed to lift the long-run performance of the firm. Most of the well-established and well-performed organizations offer data on the performance of the business in various areas which are called as ‘Best practice in performance management’. Best practice indicators are used as a guide for; • Planning targets, and • evaluating business performance against the set targets.
You are required to select at least three (3) performance indicators and compare them under the Gap Analysis of any chosen organisation. You are expected to analyse each gap based on why the organisation could not able to achieve the targets, what are the consequences and what strategies to be planned for achieving the required level of performance.
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