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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.
A vitality curve is a performance management practice that calls for individuals to be ranked or rated against their coworkers. It is also called stack ranking, forced ranking, and rank and yank. Pioneered by GE's Jack Welch in the 1980s, it has remained controversial. Numerous companies practice it, but mostly covertly to avoid direct criticism.
It was established in 1975 and published by M.E. Sharpe and cosponsored by the Section on Public Performance and Management of the American Society for Public Administration [1] and the National Center for Public Productivity at the School of Public Affairs and Administration (Rutgers University-Newark). [2]
Its programmes are recognised by professional bodies including the Association of Chartered Certified Accountants, (ACCA), the Chartered Management Institute (CMI), and the Chartered Institute of Personnel and Development, (CIPD). [23] The school also offers a range of business support, enterprise development services and conferencing facilities.
Management by objectives (MBO), also known as management by planning (MBP), was first popularized by Peter Drucker in his 1954 book The Practice of Management. [1] Management by objectives is the process of defining specific objectives within an organization that management can convey to organization members, then deciding how to achieve each objective in sequence.
Financial accounting is a branch of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. [1] This involves the preparation of financial statements available for public use.
Peter Ferdinand Drucker (/ ˈ d r ʌ k ər /; German:; November 19, 1909 – November 11, 2005) was an Austrian American management consultant, educator, and author, whose writings contributed to the philosophical and practical foundations of modern management theory.