...Planning and Measuring Performance Brandi Charette MGT 521 February 11, 2013 Linda Kulka Planning and Measuring Performance Fannie Mae is a lending company who has been providing mortgage lending options to working families for over 70 years. Their mission is to “ensure that working families have access to mortgage credit to buy homes they can afford over the long term or that they can secure quality rental housing” (Fannie Mae, 2013). Strategic and operational plans help an organization plan out their goals and how they are going to achieve those goals. The main objectives of strategic plans are to look at the vision of the organization and their priorities in regards to an evolving environment and to make sure that the organization’s members are aiming for the same goals. Operational planning is outlining the day-to-day activities of the company. Both of these need to compliment each other in order for the organization to be successful. One of the strategic goals is to demonstrate shareholder value. Fannie Mae can demonstrate this by showing that they are creating revenues that are above all costs. They are “one out of three companies to have produced double-digit growth in operating earnings per share in each of the last 15 years” (Fannie Mae, 2013). A standard for this goal would be maintaining a clear profit yearly without extending the budget. Financial controls would be in order to monitor the financial well being and activities throughout the...
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...Planning and Measuring Performance I will be evaluating the three appropriate standards on the goals of Verizon Wireless that I discussed in an earlier assignment during week three here participating in Management 521 course. Verizon Wireless three appropriate standards in my bias opinion are the mission statement, goals, and objectives. I will also mention the tools will be utilized measuring the company’s performance against the determined standards. Verizon Wireless mission statement states: "As a leader in communications, Verizon's mission is to enable people and businesses to communicate with each other. We are also committed to providing full and open communication with our customers, employees, and investors." Verizon Wireless also has a vision statement: "Verizon's commitment to top quality service is well known. Verizon is the pre-eminent service provider in the industry. Our legacy of customer service -- bolstered by the nation's largest and most reliable network -- is unparalleled. And, we continue to make strong progress in delivering on our promise to be the nation's best provider of quality local, data and long distance services." The organization statement of purpose protocol is always in effect throughout the daily routines of all it company’s employees. Executive management constantly is reminding everyone on the company’s mission and vision and the goals the company is striving for. The goals the organization sets are high but attainable. The main goal of Verizon...
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...Planning and Measuring Performance Sabir Farooqi MGT/521 February 27, 2013 Susan Jolley Abstract Organizational evaluation or assessment measures, compares, and analyze the coherence between results and specific objectives. Evaluating goals of a global operation with a unified approach is challenging, and demands for identifying significant factors in the performance and growth of the company. These factors are carefully thought and practiced before they become critical contributors in an organizational performance. Contemporary organizations follow diversified growth parameters for success. These have varied degrees of significance in individual market segments. There are different standards and tools to evaluate their performances and adjusting them to optimize expected results. Planning and Measuring Performance Part 1 The most important purpose of organizational evaluation is to generate reliable information, which then becomes a valuable experience and is useful for adjusting planning, establishing priorities, and resource allocation. During this whole process specific results are analyzed and compared with goals and objectives and then are adjusted with predetermined standards. Improvement in organizational performance can occur when there is some way of measuring performance, which creates a link between decisions and organizational goals. FedEx Corporation is a global operation with presence in more than 220 countries in the world. Growth plans and goals...
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... | | |Pass 1 |Describe the internal and external factors to consider when planning the human resource | | | |requirements of an organisation | | | | | | |Pass 2 |Describe how the skills that employees require to carry out jobs in an organisation are | | | |identified | | | | | | |Pass 3 |Outline how an organisation motivates it’s employees | | | | | | |Pass 4 |Explain how organisations obtain the cooperation of their employees | | | | | | |Pass 5 |Explain how employee performance is measured and managed...
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...|Assignment brief – QCF BTEC | |Assignment front sheet | |Qualification |Unit number and title | |BTEC Level 3 Extended Diploma In Business |Unit 16: Human Resource Management in Business | |Learner name | Assessor name | | | C Graham, F Mooney, J Robinson, E Smith | |Date issued | Hand in deadline |Submitted on | |1 W/E 26/01/2015 |W/E 27/02/15 | | |2 W/E 26/01/2015 |W/E 27/03/15 | | |3 W/E 26/01/2015 |W/E 17/04/15 | | |4 W/E 26/01/2015 |W/E 15/05/15...
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...Planning and Measuring Stephanie L. Kidd MGT/521 May 17, 2014 diane Hunt-Wagner Planning and Measuring Performance The balance scorecard is a strategic planning system that is used by Sherman Ceramics business activities which will support all managers and employees to understand the strategy of the organization and improve the internal and external communications. Sherman Ceramics has enlisted a balance scorecard to measure financial metrics that will give executives and managers a better view of the organizations performance. Planning and Measuring Performance Balanced Scorecard |Aspect of Company |Factors to be Considered |Organizational Goal |Actual Performance |Gaps | |Performance | | | | | |Customer |Customer Satisfaction Rate |95% |95% |Customer satisfaction rate is in | | |Customer Recommendation Rate |80% |100% |line with the goal. Customer | | |(rate of new business generated | | |recommendations are exceeding the| | ...
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...Introduction Once managers assume responsibilities for their units, they decide “where they are going” (Planning), who will do what (Organizing), and how to motivate their employees (Leading). In this presentation, we are going to explore how to keep things under control in an organization. It is imperative that all managers should be involved in the control function even if their units are performing as planned. Managers can't really know whether their units are performing properly until they have evaluated what activities have been done and have compared the actual performance with the desired standard. An effective control system ensures that activities are completed in ways that lead to attainment of the organization’s goals. Controlling is related to each of the other function management. Controlling builds on planning, organizing and leading. What is Control? Control is the task of ensuring that activities are carried out and are providing the desired results. In simple terms controlling means setting a target, measuring performance and taking corrective actions required. Management Control Strategy Managers can use one or a combination of three control or styles: 1. Market 2. Bureaucracy and 3. Clan Each strategy serves a different purpose. Market: Uses external market mechanisms, such as price competition and relative market share, to establish standards used in system. Bureaucracy: It emphasizes organizational authority and relies on administrative...
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...Planning and Measuring Performance Nelly MGT/521 January 22, 2013 Jason Miller Planning and Measuring Performance Wal-Mart is known to be one of America’s largest retail companies known for their low prices, large selection, and the largest based retail for employment. In addition, Wal-Mart is ranked Fortune 500’s top two, bringing in revenues of $446,950.0 million and profit of $15,699.0 million and continues to grow (CNN, 2012). Wal-Mart’s mission “help people save money so they can live better” and vision “Always low prices, always!” tells customers that they will always keep lower prices, maintaining loyalty to continue to be competitive in the market (Wal-Mart 2012). To continue their efforts in maintaining the lower prices, the company must accomplish two goals; customer satisfaction and keeping lower prices. To accomplish these goals, a detailed evaluation needs to be performed to identify the most useful tools to measure the company’s performance. Planning and measuring the performance of the company will guarantee that Wal-Mart will continue to be the largest, most profitable, and successful retail store in the industry. To evaluate the company’s goals, managers will need to have a control process. This entails “the process of monitoring, comparing, and correcting performances” (Robinson & Coulter, 2012, p. 4). According to Robbins and Coulter (2012), there are four control processes that managers may use to measure performance; personal observation...
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...Planning and Controlling The planning function for an organization is accomplished by determining where the company wants to go and how to get there. According to Modern Management, the formal definition is “the systematic development of action programs aimed at reading agreed-upon business objectives by the process of analyzing, evaluating, and selecting among the opportunities which are foreseen” (Certo & Certo, 2009). It is then vitally important for an organization to accomplish the planning objectives in order to succeed. Controlling on the other hand, is used by management to ensure that a specific event is accomplished as planned. According to Roberto Mockler, controlling is “a systematic effort by business management to compare performance to predetermined standards, plans, or objectives to determine whether performance is in line with these standards…” (Certo & Certo, 2009). Therefore controlling goes hand-in-hand with the planning aspect of organizational management. In order for organizations to properly plan and control events, it is important to establish performance measures in which to judge success or failure. This paper will discuss more in-depth various types of performance measures and evaluate each for strengths and weaknesses. Performance Measures Probably the most important human resource management (HRM) performance measure is the performance appraisal. The performance appraisal, also known as performance evaluation, is a process in...
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...medium and large needs someone to be in charge of day to day activities that is going to be responsible for decision making, planning, controlling, directing personnel, outlining organization structure and will be responsible for taking strategies in competitive advantages. In today’s business environment, corporate organizations need to take every advantage they can to remain competitive due to highly increasing competition in the market, i.e. electronics commerce ( e-commerce) and introduction of new technology day by day. Customers need specialized products and service and accurate information convening product they are purchasing, product availability, order status, delivering time. Shareholders expect greater value from their investment and accurate information of the financial status of the company. This new competitive environment requires companies ability to create value for their customers and to differentiate themselves from their competitors through the formulation of clear business strategy. In today's business environment, knowledge is power so business strategy must be supported by appropriate organizational factors such as accounting information systems, organizational design and effective manufacturing process Management Accounting deals with provision of information inside the company - that is, the process of identifying, measuring and forecasting, analyzing, interpreting, an communicatinginformation for the pursuit of an organization's goals. Business...
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...Performance Management Plan Demonica Taylor-Wright HRM 531 March 14, 2016 Sherri Johnson Performance Management Plan Performance management is important within any business framework. It is important that the performance management plan is anchored in the organization’s strategic plan. The Limousine Company is startup that needs to lay out a plan for the future performance of the organization. In this paper, the focus will be on aligning the performance management framework for the Limousine Company by planning, analyzing and measuring employee performance, addressing skill gaps, and delivering effective feedback to employees. All are steps in the performance management that should be follow in order for the plan to be effective. “Performance management is a process by which managers and employees work together to plan, monitor and review an employee’s work objectives and overall contribution to the organization”(HR Council, n.d.). Managing and aligning the business to achieve the best results. If performance is not measured, then how will the business know if their employees are delivering on the goals of the organization? Goals should be outlined and communicated to all employees. They should be specific, measurable, attainable, realistic, and timely. If the S.M.A.R.T. method is followed the Limousine Company will have a head start to achieving success. Planning, Analyzing, and Measuring Performance First thing, the work should be planned out. Employees...
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...Measuring Human Resource Management’s Effectiveness in Improving Performance Sunil J. Ramlall, Ph.D. Assistant Professor College of Business University of St. Thomas TMH 331B, 1000 LaSalle Avenue Minneapolis, MN 55403 E-mail: sjramlall@stthomas.edu Phone: (651) 962-4349 © Ramlall, 2002 Abstract This article examines the strategic role of HR and its main practices, describes the outcomes of the respective category of HR practices, explains the critical reasons for measuring HR’s efforts, and proposes a framework for assessing HR. Ultimately, organizations would be able to utilize the information to determine how particular HR practices correlate with better business results; determine potential areas for investments, expansions, and reductions; justify budget allocations; and be more accountable for each dollar spent within the organization. The framework proposed does not merely explain the cost for each of the major HR activity, but demonstrates the value of the activity and hence, the opportunity to determine if it is a worthwhile investment and strategy for creating a competitive advantage. What value does the human resources (HR) function contribute to the bottom line of the organization? Over the years, there has been tremendous emphasis placed on HR practitioners becoming strategic business partners and being a value-added source within organizations. Traditionally, HR professionals could talk...
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... Introduction. 2 P1 2 Internal planning factors. 2 External planning factors. 3 P2 3 M1 5 P3, M2, D1 6 ASDAS methods of motivation 6 FINACIAL MOTIVATION 6 NON-FINACIAL MOTIVATION 6 Empowerment 6 Enrichment 7 Team work 7 Profit related pay/bonus’ 7 PROMOTION 7 IMPROVEMENTS TO MOTIVATION 8 STAFF FORUMS 8 Fringe benefits 9 P4 9 P5, M3 12 Employee Performance 13 D2 17 Improve relationship with staff and managers. 17 Enable manager to identify a weakness that they can rectify 17 Measuring underperforming workers 18 Promotions of staff 18 Introduction. Within this unit, I will be describing the internal and external factors to consider when planning the human resource requirements of an organisation, describe how the skills that employees require to carry out jobs in an organisation are identified. I will also be outlining how an organisation motivate its employees. Then explaining how organisations obtain the cooperation of their employees, how employee performance is measured and managed, why human resource planning is important to an organisation. I will need be comparing the use of motivation theories in an organisation, and explaining how the results from measuring and managing performance inform employee development. Finally, suggesting, with justification, ways of improving motivation in an organisational setting and assess the importance of measuring and managing employee performance at work. P1 In this section, I will...
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...and importance of control, control is the management function that involves monitoring activities to ensure that they're being accomplished as planned and correcting any significant deviations. The purpose of control is to ensure that activities are completed in ways that lead to accomplishment of organizational goals. Control is important because it's the only way that managers know whether organizational goals are being met and if not, the reasons why. The value of the control function can be seen in three specific areas which is planning, empowering employees, and protecting the workplace. As the final step in the management process, controlling provides the link back to planning. If manager didn't control, they'd have no way of knowing whether goals were being met. The second reason controlling is important is because of employee empowerment. An effective control system can provide information and feedback on employee performance and minimize the chance of potential problems. The final reason that managers control is to protect the organization and its assets. Managers must protect organizational assets in the event that any of threats such as natural disasters, financial pressures and scandals,security breaches should happen. Comprehensive controls...
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...functions that must be tackled in order to lead efficiently. I am currently operating my business but I have worked on many jobs where this process has been failed to be implemented. The first step is to know how to effectively implement planning, leading, organizing, staffing, and controlling. Each function is as important as the other but with by failing to have a plan it is already understand that you are planning to fail. Managers find themselves planning for all sorts of things and by doing so managers can ensure that he or she is working towards some sort of an organizational goal. There are three main types of plans, operational, tactical and strategic. Each of these types of plans are somewhat of stepping stones in relation to one another operational plans are needed in order to make tactical plans and tactical plans lead to the achievement of strategic plans. In planning there are also plans to back other plans that may fail these are call contingency plans. Strategic plans are designed with the entire organization in mind and begin with the mission of the organization. These plans look ahead to where the organization would like to be in the future. These plans provided by top level managers serve as a framework for lower level planning. These plans include but are not limited to consist of developing long term strategies for growth, improving productivity and profitability, boosting returns on investment, improving customer service and finding ways to give back to the...
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