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Performance is an abstract concept and must be represented by concrete, measurable goals or objectives. For example, baseball athlete performance is abstract as it covers many different types of activities. Batting average is a concrete measure of a particular performance attribute for a particular game role, batting, for the game of baseball.
A "forecast" is typically a combination of actual performance year-to-date plus expected performance for the remainder of the year, so is generally compared against plan or budget and prior performance. The financial plans accompanying a strategic plan may include three–five years of projected performance.
A performance appraisal, also referred to as a performance review, performance evaluation, [1] (career) development discussion, [2] or employee appraisal, sometimes shortened to "PA", [a] is a periodic and systematic process whereby the job performance of an employee is documented and evaluated. This is done after employees are trained about ...
The FLEX methodology involves four iterative steps to improve performance and align objectives: Plan: Formulating a strategy and aligning objectives among team members. Brief: Effectively communicating the plan to the execution team to ensure understanding. Execute: Implementing the plan whilst focusing on the defined objectives.
Performance indicators differ from business drivers and aims (or goals). A school might consider the failure rate of its students as a key performance indicator which might help the school understand its position in the educational community, whereas a business might consider the percentage of income from returning customers as a potential KPI.
Performance measurement is the process of collecting, analyzing and/or reporting information regarding the performance of an individual, group, organization, system or component. [dubious – discuss] [1] Definitions of performance measurement tend to be predicated upon an assumption about why the performance is being measured. [2]
Performance improvement plans, common at large companies, are a way to formally tell workers they need to improve, and being put on a PIP is commonly understood as a step toward termination.
Business performance management (BPM) (also known as corporate performance management (CPM) [2] enterprise performance management (EPM), [3] [4] organizational performance management, or performance management) is a management approach which encompasses a set of processes and analytical tools to ensure that an organization's activities and output are aligned with its goals.
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