BN4440 Strategic Project Management Assignment Sample : Performance Measurement

Here’s the best sample of BN4440 Strategic Project Management Assignment : Performance Measurement, written by the expert.

Abstract

This report is created based on the performance measurement tool and process. In order to illustrate the research in a proper manner the researcher has used the data of the ABC solution through the entire report. A brief description of the traditional, measurementapproach is described in this report. Further a brief description of the 360-degree feedback technique is also described in this report. Performance Prism would help the ABE understand and identify the loopholes that mars the overall downfall in business. The rational of the performance prismtechnique are clearly described by the research during this research. A small difference between the innovative performance detection process and traditional approach is also described in this project. This is recommended that Performance Prism helps a company understand responsibility of Stakeholders.

Introduction

Background

Performance measurement is defined as a procedure that is used to measure the performance of a person in a regular manner, in order to increase his or her skills. For the development of skills, performance measurement is very important, because from this measurement the users can gain knowledge about his or her current status of the skills. Based on this measurement, the user can create different strategies and plans which helps them to become successful in their life.

In this case, the researcher is going to discuss different information about the performance measurement technique. In order to do this job, the researcher is going to use the data of the ABC solution, which is well known retail organization in the UK.

Purpose

The main aim of this research is to find the importance of the performance measurement technique for the development of the organization.

Scope

By achieving the aim properly, the researcher can found the difference between the traditional approach and the innovative performance measurement approach. Further, the researcher can found the difference between the performance prism and the balanced scorecard performance measurement tool. However, for achieving all the scope requirements the researcher has to analyze the use of the performance measurement tool in the business field in order to improve the status of the organization. By founding all the above mentioned, the researcher can easily research to the aim of the research.

Business strategy of ABC solution

ABC solution used different types of traditional business strategy in order to improve the business quality, by uimcrfr4seing the productivity and service quality. Further ABC solution also used the traditional business strategy in order to measure the business performance and the employee performance in a proper manner. The traditional approach is an outline of the plan which are used by the organization in order to change the service quality and product quality (Zhang et al. 2018, p. 145).

In order to measure the financial performance of the organization, ABC solution preferred to measure the net profits, EPS, ROI, contribution margin, RI by using traditional strategy. This is totally based on the past performance of the organization rather than the action of the manager for creating stakeholders value.

Advantages of the traditional measurement tool

It measures the factual level of customer service level, which is very useful for the organization to achieve a specific goal. While the customers become happy with the services and products of the customers, then the company gets success automatically.
It enhanced the alignment of the operations by different types of strategy.
Further by measuring the performance of the financial field of the organization, which helps the organization to manage the capital and productivity cost in a proper manner.
The traditional measurement tool is an evidence-based error determination process, which finds the error of the business field, which decreased the performance of the organization (Abdoliet al. 2019, p. 835). This process helps an organization to detect the major and minor problem of the organization and solve them in an effective manner.
In some cases, this process is used to measure the performance trend of the organization, which creates a comparison between the user organization and other successful organization, that the user organization can find the point is required to become a popular and successful organization in the industry.

360-degree feedback

In order to measure the performance of the employee, ABC solution preferred to use the 360-degree feedback process, which is s traditional approach. This approach is very helpful for measuring the performance of the management of the organization. By measuring the performance of the organization, a 360-degree feedback approach helps the organization to increased resources and productivity of the organization. Further, it also helps to enhance the skill of the employee, that they can give their best in the working field in order to achieve specific goals (Kshatriya et al. 2017, p. 80). After measuring the skills of the employee, it guides the team leader to give proper focus and training to the employee in order to enhance their skills. Further, it also guides the manager to give input about the colleagues and objective feedback to the employee.

By using 360-degree feedback techniques the leaders can carefully visualize or optimized the employee, which helps them to give proper or appropriate training to the employee to make them perfect for the organization.

With several advantages, there have many disadvantages which can create complexity in the working field. All the disadvantages of the 360-degree feedback are mentioned in the below section:

Some manager used this technique in order to find the negative side of the employee in order to embrace them in front of the other employees rather improves the skill of the employee. Therefore, this technology becomes useful when a person used it properly. Further, as this technology does not give the feedback automatically based on the performance of the employee, therefore the leaders or manager can give the feedback as per their choice (Kshatriya et al. 2017, p. 80). Due to this system, in many cases, the seniors do not give honest feedback to the junior for a personal problem. As this process is totally accessed by the human benign, hence it is a very time-consuming process. This process also affects the trust of the employee over the team leader or manager.

BN4440 Strategic Project Management Assignment

The reason behind the shifting from the Current traditional approach to an innovative performance measurement approach

Nowadays people preferred to use technology in every field in their regular life, in order to live a stressful life. Therefore in the current age, people also prefer to used new technology in the performance measurement field, in order to give or take proper feedback about their own skills and performance. However, ABC solution also interested to use the technical feedback system in the organization in order to measure the business performance and employee performance in a proper manner. There have many reasons behind the replacement of the traditional approach with the innovative performance measurement approach. All the reasons are going to describe in the below section:

Reason for the replacement of the 360-degree feedback

The 360degree feedback system is accessed by the human being, therefore all the feedback of the 360degree never becomes honest (Welton and Miller, 2019, p. 15). In many cases, people give dishonest or negative feedback to the employer because of personal issues. Further, the managers or leaders give the worse feedback to the employee in order to humiliate them in front of the other employee. This dishonest feedback creates different types of complexity in the working field. In some cases, it creates a huge conflict in the working field, and then employees refused to do their job with their leaders and managers. The dishonest feedback also affects the trust and confidence of the employee, which is not good for a healthy working field (Ha et al. 2017, p. 14).

In order to solve this problem, the ABC solution is going to use the innovation performance measurement technology, which is not controlled by the human benign. Therefore it gives feedback to the employee based on their skills only. In this system, the employee has to give an exam; based on this exam the performances of the employees are measured. This system measures the performance of the employee based on their original skills. Further, it also defines the way to the employee in order to improve their skills in a proper manner. For this huge amount of facility, ABC solution has chosen this technology.

The reason behind the replacement of the traditional approach

The traditional performance measurement technique has several disadvantages, which creates a huge complexity in the working field, therefore ABC solution has decided to change the traditional performance measurement system with the innovative performance measurement approach.

All the measurement of the traditional approach are short term focused. Based on this technique, many companies collect data that are only operational and financial information, which are not enough for the solution of the long term problem. Therefore the long term problems are started increased day by day, and this creates a measurable issue for the business, which is not possible to solve in an easy manner. Further, the customer’s satisfaction, employee satisfaction, improvement of the product and service quality is not measured by traditional technique (Dwivediet al. 2018, p. 012214). However, an innovative performance measurement tool can solve both short and long term problem, which helps ABC solution to achieve employee satisfaction and customer satisfaction. Further, it also helped the organization to increased the quality of the services and products in a day by day manner. Therefore ABC solution has chosen this technique over the traditional approach.
All the traditional approaches are based on irrelevant and outdated principles, and lack relevance to the current demand of the business environment (Jindal et al. 2018, p. 91). This creates a measure issue for the organization to execute its business with the current trend, and if an organization cannot run its business with the current trends, then it cannot achieve huge success in the industry. Hence the innovative performance measurement tool always gives the first priority to the current trend of the market, which gives a huge success to the organization. This is another reason behind the adoption of innovative approaches in the ABC Solution.
In the traditional measurement technology, performance measure without the process analysis and activity which are important to decide the non-value-added and value-added processes and activity. The business analysis process has to analyze that processes are capable to customer requirement time and time again (Vrábliková, 2017, p. 35).
The main fault of the traditional measurement technology is, it discourages teamwork and encourage competition. An excessive amount of competition can affect the working field atmosphere in a bad manner. It can create conflict among the employee, which obstruct them to work with each other. While the employee does not work in a team structure they cannot finish a job in a proper manner, within the given time period, which affects the reputation of the organization in front of the customers (Insaniet al. 2019, p. 423).

In order to solve this problem, ABC solution has decided to use the innovative performance measurement technique, which always encourages teamwork greater than the competition. Because it believes that teamwork is the only solution to organizational success.

Business Performance of ABC solution

Performance Prism

The Performance Prism is a somewhat logical clipping or interaction among the five core facets or points that define business success. Basically, the hard points of Performance Prism are the harmonious congregation of the five perspectives. These five perspectives are:

Stakeholders Satisfaction
Contribution to the Stakeholders
Strategies
Process and Capabilities
Discussing the subject based on the extractions of business internals of ABC solutions. Therefore it could be duly understood that the ABC retail policies need to be aligned with the given choices. Consequently, one could say that the performance drop of the company in the recent time needs to be aligned with the current matter of facts. Performance has some sort of scale or criteria against which the employees are selected.

The first perspective is Stakeholder Satisfaction. Stakeholder Satisfaction is in the company extraction. If the services are not up to the mark, then the overall satisfaction of the company declines thoroughly (Severgniniet al., 2018, p.123). Therefore, Stakeholders Satisfaction could only be achieved and attained if the internal stakeholders are able to act wisely and in a disciplined way for the wellbeing of the company. Performance appraisal needs to be channelized against Company goals and objectives. With the better alignment of Objective, Stakeholder’s satisfaction could be channelized.

The next most important aspect is proper strategies. It has been mentioned that the ABC retails solutions observed a drop in the overall profit margin. This could be addressed through the concerns of the companies. ABC needs to ensure that its strategy of operation and planning needs to be improved.

Through the following study, it has been identified that the financial factors. This takes into account the ever-increasing position of the more prominent Companies. All the big shots operating in the market are exploiting the online platforms.

The success of the business performance depends to quite an extent upon the given scenario. An example could be cited in the form of the company’s down casting performance due to the dropouts of the senior workers (Morning, F.L. and Gardoni, 2017, p.132). Training the junior workers has become extensively challenging this time. Under these economic constraints, with increasing operation cost, the operation process would become difficult to digest. In this connection, the mention of the work Process standardization becomes extensively tricky for the organization. Therefore it needs to be mentioned that the policy management could be handled through proper integration of responsibilities. This needs to be further addressed that Performance appraisal has different markings based on the overall functional objectives. The ultimate aim of the ABC retail solution is to extract maximum output from the limited resources. Therefore it can be identified that the company’s drawbacks under the crippled business performance need thorough reforms.

Business success, to quite an extent, is channelized through proper integration of fact findings. Therefore, it could be analyzed and understood though through a review of performance. Stakeholder’s contribution is consequently considered extremely important in defining the overall performance of the companies engaged here. Here the overall fact findings of the ABC Solutions are compared against that of the stakeholder’s understanding. These findings work to provide a better alignment with the analysis of the respective input. Therefore it could be analyzed and inferred that fact findings need a proper Stakeholders contribution. Consequently, it is pretty apt and just that the ABC Management needs to bring in changes.

The rationale for choosing Performance Prism

Performance Prism is an approach that is used to measure the performance of the employee in order to meet all the requirements and needs of the organization. It gives the first priority to the requirement of the stakeholders in order to achieve the goals and success of the organization (Okfalisaet al. 2019, p. 424). It focuses on the performance of the employee rather than focused on the strategy of the organisation.

By using the traditional performance measurement technique, ABC solution has faced different problem in the current age. From these problems, the major problem is the traditional feedback system cannot give honest feedback to the employee and it is focused on the competition of the employee rather than the teamwork.

It is focused on the competition between the employees, the traditional approach has created an excessive competitive atmosphere within the organization, which creates conflicts among the employee. Further, it also creates ego problems within a team. Therefore the employee denied helping another employee in the working field, which creates a huge error in the job and affects the reputation of the organization.

Conflict and competition among the employee affect tube reputation of ABC solution in a very bad manner. Further, it also affects the product and service quality of the organization. A bad impression decreased the customer’s popularity of the organisation, and obstructs the customer’s use of the product and service of the company.

The researcher has shed the light on these issues because implementing the Performance Prism ABC solution is tried to solve these problems effectively and properly. With the problem solving the researcher also wants to increase the productivity and service quality of the organization by using Performance Prism, therefore the researcher has shed the light on the use of Performance Prism.

Categorisation and Identification of the performance measures in PMT

ABC solutions need to be hyperactive towards understanding the different laws and legislations that go to strengthen the interests of the respective teams involved in safeguarding the business. The low profits and employees leaving the organization could be attributed to the International business scenario and the stakeholders themselves. ABC needs to bring in complete order in safeguarding its policies. In this respect, the recommendation is given in the name of performance Prism perspectives. The overall business success could and needs the safeguarding of the stakeholders. The stakeholders of the organization take into account the different arguments as well as the counter-arguments that are hurled against the given terms and conditions (Narkunienė and Ulbinaitė, 2018, p.132).

Moreover, Strategy alignment will work to identify the different stakeholders and interests groups. The retail industry depends on quite a lot on the service providers at the ground levels. Through different strategy implementation, the additional interest points need to be reviewed by the planning team of the business entity. This takes into account holistic development. Business priorities are not a one-way journey. If a business is to survive, benefits to the employees need to be looked at strictly. Therefore it can be understood out rightly right business decisions need to be made by the right kind of people. The recommendation is well aligned with the menace hurled to business by the COVID 19 pandemic. The Pandemic not only disrupted industry but also ensured total damage to the manufacturing cycle as a whole. ABC owners need to understand that the internal process of operation needs to be made a sea change. This includes the different guidelines and mechanisms offered with adequately framed laws and regulations (Schema and Lerro, 2017, p.11). Business success comes out with skill enhancement. ABC solutions need to take a hawk-eye view of why that resulted in a disruption of workplace balance.

To conclude, it could be understood and inferred that the internal process needs to be revamped. The overall mention needs to be understood based on factual findings that offer a proper framework against the collective understanding of scenarios. ABC framework needs to be developed based on the given network of performance that goes on to bring in changes into the internal management (Swimmer and Matolay, 2017, p.410). Once the internal management and work process becomes in order, then the respective business organization would understand the reasons why there is a need for alignment with job-related responsibilities.

Different types of the performance measurement tool

The growing market competition and constant demands are forcing organizations to adopt management techniques in the business. The management process is considered as one of the most crucial practices for the business in order to manage and execute the various function of the business. However, it is to be noted that in order to run the business efficiently in the market, the organization need to prove itself superior to other organization (Goshu and Kitaw, 2017, p. 381). For the same purpose, the organizations also need to measures the overall performance of the business. This factor effectively helps to the organizational goal.

In order to measure the performance of the business, the organization need to use various strategies and the performance measuring tool. By considering this fact this section has aimed to discuss the effectiveness of the recommended performance measuring tools.

Effectivity of Recommended Performance Measurement Tool

After analyzing the above discussion it has been noticed that the organization ABC Solution has chosen the 360 degree feedback method for tracking and measuring the overall performance of the organization. Based on the management theory it has been noticed that there are some significant advantages are present for using the 360 degree feedback system. The main advantage of the 360 degree feedback system is that it enables the employees to gathers the performance feedback (Baird, 2017, p. 28).

Based on the feedback the employees can understand their strengths and weaknesses as well and as per the result the employees can work on the weakness to transform it into strength. This factor effectively help to enhance the productivity of the organization.

On the other side, the proper feedback provides the insight into behaviours and skills desired in the organization in order to accomplish the goals, vision and mission. These factors are effectively helping to generate more value for the organization. Moreover, the feedback of the 360 degree tool effectively planted the customized behavior for the customer that exceeded the expectation of the customer. It is to be noted that the 360 degree feedback system is generally involved with the share process where the organization and employee both get the separated feedback (Asiaei and Bontis, 2019, p. 25). Therefore, from this statement it can be understand that the organization and the employees both get the opportunity to understand their workability and efficiency, and based on that they both can match their functionality as per the requirements.

The main features of the 360 degree feedback is that it enable the individuals to choose the raters, reviewing the feedback and effectively helping to manage the integral process into a larger performance management system. However, in order to introduce the effectiveness of the 360 degree feedback gathering tool, the numerous advantages are discussed below.

Advantages of 360 Degree Feedback

The main advantage of the 360 degree feedback is that it enables employees or individuals to gather the feedback from the variety of sources. On the other side, it develops the diverse strength and weakness of accountability and teamwork. However, in many cases it can be seen that the organizations are facing issues to execute their business due to procedural issues.By considering this fact the 360 degree feedback system also helps to uncover the procedural issues that may help to hinder the growth of the employees (Taouab and Issor, 2019, p. 95).

Moreover, the recommended performance measuring tool also reveals the areas for the career development by gathering the reviews regarding working status. Thus by the following way it’s effectively reduces the discrimination tendencies and rater bias. In addition this tool also allows to gather constructive feedback to improve the output of the employees and the organization (Rahman et al. 2017, p. 28). Furthermore, it also supplies the insight on the diverse needs of training. Thus by the following way an organization became more superior.

Moreover, based on the workability of the 360 degree feedback is that it is one of the best methods for analyzing and understanding the needs of organizational and personal development. This factor effectively influences the team work which further triggers the better output from the organization’s end (Ganiyuet al. 2018, p. 151). The main focus of this recommended method is that it switches the weakness to strength of the employee to develop their performance.

However, after the implications of this feature it has been noticed that the customer service section of ABC Solution has improved. This factor further triggers the customer satisfaction factor. Thus by the following way, the organization is able to gain more good wells in the market. Hence, in this way the organization can measure their overall performance.

Conclusion and Recommendation

The performance measurements is one of the most important procedures to managing the overall performance of the organization. In this context this article has discussed the business strategies of ABC Solutions. On the other side, this article has also discussed the business performance of the ABC Solutions. In this section the performance managing strategies are also illustrated in depth. However by following the same, this research report has identify and categorized the performance measures in PMT. Moreover, this article has also found some significant organizational issues, such as poor management of the supply chain and the stakeholders. It is to be noted that the improvement of the performance effectively help to meet the organizational objectives and goal. Thus it can be concluded that the discussed report is meeting the purpose of the study and hence justifying the subject.

Recommendation

After analyzing the above discussion it has been noticed that the performance measurements is a crucial practice of the business in order to meet the organizational goals. However, based on the above discussion it has been observed that the ABC Solution faces difficulties to maintain the consistency in the work flow and output quality. By considering this fact it is recommended to implement the diverse performance management strategies in the business. Moreover, it is also recommended to implement the performance measurement tool in the business in order to meet the organizational objective. This factor further may help to enhance the future scope of this study.

References

Abdoli, M., Nasiri, F., Brault, P. and Ghanbari, M., 2019. Quality assessment tool for performance measurement of image contrast enhancement methods. IET Image Processing, 13(5), pp.833-842.

Asiaei, K. and Bontis, N., 2019. Translating knowledge management into performance: the role of performance measurement systems. Management Research Review.

Baird, K., 2017. The effectiveness of strategic performance measurement systems. International journal of productivity and performance management.

Dwivedi, R., Chakraborty, S., Sinha, A.K. and Singh, S., 2018, June. Development of a performance measurement tool for an agricultural enterprise using BSC and QFD models. In IOP Conference Series: Materials Science and Engineering (Vol. 377, No. 1, p. 012214). IOP Publishing.

Ganiyu, R.A., Barbara, O.A. and Paul, O.O., 2018. Trends in business performance measurement: A literature analysis. International Journal of Social Sciences and Humanities Review, 8(1), pp.151-160.

Goshu, Y.Y. and Kitaw, D., 2017. Performance measurement and its recent challenge: a literature review. International Journal of Business Performance Management, 18(4), pp.381-402.

Ha, M.H., Yang, Z., Notteboom, T., Ng, A.K. and Heo, M.W., 2017. Revisiting port performance measurement: A hybrid multi-stakeholder framework for the modelling of port performance indicators. Transportation Research Part E: Logistics and Transportation Review, 103, pp.1-16.

Insani, F., Abdillah, R. and Anggraini, W., 2019, September. Smart Performance Measurement Tool In Measuring The Readiness of Lean Higher Education Institution. In 2019 6th International Conference on Electrical Engineering, Computer Science and Informatics (EECSI) (pp. 422-427). IEEE.

Jindal, A., Podolskiy, V. and Gerndt, M., 2018, April. Autoscaling performance measurement tool. In Companion of the 2018 ACM/SPEC International Conference on Performance Engineering (pp. 91-92).

Kshatriya, A., Dharmadhikari, V., Srivastava, D. and Basak, P.C., 2017. Strategic performance measurement using balanced scorecard: A case of machine tool industry. Foundations of Management, 9(1), pp.75-86.

Liu, H.J., Love, P.E., Smith, J., Sing, M.C. and Matthews, J., 2018. Evaluation of public–private partnerships: a life-cycle performance prism for ensuring value for money. Environment and Planning C: Politics and Space, 36(6), pp.1133-1153.

Narkunienė, J. and Ulbinaitė, A., 2018. Comparative analysis of company performance evaluation methods. Entrepreneurship and sustainability issues, 6(1), pp.125-138.

Nogning, F.L. and Gardoni, M., 2017. Double performance prism: Innovation performance measurement systems for manufacturing SMEs. International Journal of Innovative Research in Advanced Engineering (IJIRAE), 4(03), pp.113-128.

Okfalisa, O., Insani, F., Abdillah, R., Anggraini, W. and Saktioto, T., 2019. Smart Performance Measurement Tool in Measuring The Readiness of Lean Higher Education Institution. Proceeding of the Electrical Engineering Computer Science and Informatics, 6(1), pp.422-427.

Rahman, F.K., Tareq, M.A., Yunanda, R.A. and Mahdzir, A., 2017. Maqashid Al-Shari’ah-based performance measurement for the halal industry. Humanomics.

Schiuma, G. and Lerro, A., 2017. The business model prism: Managing and innovating business models of arts and cultural organisations. Journal of Open Innovation: Technology, Market, and Complexity, 3(3), p.13.

Severgnini, E., Galdaméz, E.V.C. and Moraes, R.D.O., 2018. Satisfaction and contribution of stakeholders from the performance prism model. BBR. Brazilian Business Review, 15(2), pp.120-134.

Taouab, O. and Issor, Z., 2019. Firm performance: Definition and measurement models. European Scientific Journal, 15(1), pp.93-106.

Vrábliková, M., 2017, October. The business performance measurement as a tool of creation of innovative intentions. In Conference Proceedings from International Scientific Conference PEMF 2017 (Vol. 1, pp. 37-47).

Welton, B. and Miller, B.P., 2019, November. Diogenes: Looking for an honest CPU/GPU performance measurement tool. In Proceedings of the International Conference for High Performance Computing, Networking, Storage and Analysis (pp. 1-20).

Wimmer, Á. and Matolay, R., 2017. Stakeholder approach in business education and management practice–the case of Hungary. TakácsIstván (szerk.), Management, enterprise and benchamarking (MEB), pp.474-486.

Zhang, X., Kong, L., Zhu, S., Li, Z. and Zhao, X., 2018, November. Fsobserver: A performance measurement and monitoring tool for distributed storage systems. In IFIP International Conference on Network and Parallel Computing (pp. 142-147). Springer, Cham.

________________________________________________________________________________