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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.
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.
The balanced scorecard was initially proposed as a general purpose performance management system. [4] Subsequently, it was promoted specifically as an approach to strategic performance management. [5] The balanced scorecard has more recently become a key component of structured approaches to corporate strategic management. [6]
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]
A performance rating greater than 100 means the worker's performance is more than standard, and less than 100 means the worker's performance is less than standard. It is important to note that standard performance is not necessarily the performance level expected of workers, the term standard can be misleading.
3. Better Productivity. Project management is important because it ensures there’s a proper plan that outlines a clear focus and objectives to allow the team to execute on strategic goals.