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Mgt 437 - Performance Management

Autor:   •  March 9, 2012  •  Term Paper  •  825 Words (4 Pages)  •  1,290 Views

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Performance Management

Richard Cullen

MGT/437

January 6, 2012

Mark Fechtel

Performance Management

In today's business world no matter how big the company or how small the company there are performance measurements that are used by almost everyone in the company. In fact, performance measurement has become a must for any organization that wants to be profitable. Every available resource and the manner in which it is used has to be measured in order to gain every advantage for the company. This is true for the basic janitor to the company president.

Businesses are always on the lookout for ways to figure out if the departments within the company are moving in the right directions and if they are being successful in their job duties. It does not depend on just improving and evaluating one person within the company, it depends on the improvement of the entire organization as a whole. For this to happen, there has to be some type of feedback that will measure the company and the overall performance of the company . Companies have to measure the overall performance of the company so they can make good business decisions. Project managers are probably the biggest user of this concept

Project managers use the concept of performance measurement in every project they are part of. Performance measurement gives the project manager a way to plan the project, execute the plan for the project and finish or close the project. This is done by measuring aspects of the company such as evaluating, controlling, and budgeting. By looking at these types of measures, the project manager can see how the project is going as well as keep the team members updated on the overall process of the project. This paper will compare and contrast each of the very important measurements above and discuss how each one impacts a project.

Using the measurement concept of evaluating the progress of a project allows the project manager to observe the skills of the team members as well as the overall performance of the team. This gives the project manager the ability to observe and take action on what the team needs to achieve the goals

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