Working on a group project and just need somebody to put together all our responses into one piece of work.
these are the individual contributions:
1. In order to build a stronger and more skilled workforce, companies need to work towards a performance management CYCLE. Performance management system consists of goal setting and revising, management, coaching, development planning, rewards and recognition. Performance Management produces increased focus on driving business results, a more empowered and engaged workforce.
Performance dashboard is a system that translates a company?s strategy into objectives,metrics, initiatives, and tasks customized to each group and individual in the company.Performance dashboard can help executives put the company in a position to succeed; it allows the company to focus on the key things its needs to improve. Executives will have timely and more relevant information so they can measure and manage their progress.
A performance scorecard is an organized set of performance measures. Scorecards gives solid feedback, when people know where they need to improve it makes it easier for them to improve.Scorecards gives a detailed view of how the company is doing and where it my be headed so when executives use scorecards it helps them point out what may be missing.
2. In order to determine how business performance management methodologies as well as performance dashboards and scoreboards could assist the executions of Apple, they need to be defined what they are and how they work. According to the text book, business performance management refers to the business processes, methodologies, metrics, and technologies used by enterprises to measure, monitor, and manage business performance. It helps the company achieve one or more pre-selected goal. In Apple case, it enables the company to get to its goal such as inventing new technologies and products and making profits as a whole.
Performance dashboards transform the company?s strategy into objectives, initiatives, metrics, tasks customized to each group and individual in the company. Apple usually places a lot of advertisements in several different websites. The dashboard could make it easy to see that the banner advertisements are driving the viewer traffic to the site. It enables the company to monitor its traffic flow placed in other sites to its own site.
Scoreboard is very similar to dashboard. Even though they have a lot in common, there are differences between them. While dashboard is used at the operational and tactical levels, scoreboard is used to monitor strategic alignment and success with strategic objectives and targets. It means that dashboard is operated at lower levels than the scoreboard.
3.In the business world, it’s very IMPORTANT for executives to take control to help benefit the business performance overall. Performance management is very IMPORTANT because it helps sets goals for a company. Goals are very important because it helps a company grow and improve. Apple is a well-known company and has much success in many of their products, but this does not mean they can not grow further. Performance management can help see what new products/services they can create with previous products/services they already created. It helps them see what the customer likes and dislikes. Having a company like Apple can be improved and work towards future goals with what they already know about their target dislikes and likes. This can help reach another step closer to their next goal.
A performance scoreboard and dashboard can help Apple executives as well. The reason for this is because both can keep track of current and past performance. This can help the executives to see how sales been and see if they are doing better or worst depending on these records. This will keep track on how they’re doing. It is very IMPORTANT for companies to keep a record of how they’re doing to show if what they’re currently doing is either increasing or decreasing sales.
4. Business performance management if essential for Apple to include activities to help meet goals that have been set by the executives to meet trends. The executives should be an effective tool to help Apple grow to become an efficient machine, so the methodologies scorecards and performance dashboards help executive reach the goals placed by the shareholders in a publicly TRADED COMPANY exist in today?s tough market, the employees are an essential part of this reconciliation to reach these goals and/or increase productivity, because the goal of Apple (public company) is to become profitable, and to reach the main objective, the business must cut costs down in areas of the business, whether reduction material, salaries, so the ability to optimize an incentive plan is a must. The executives must be defined as a leader that is set to increase performance management in within the business operations of the company, so analytical techniques must be employed by the executives to the large company. The executives must be able to assess the performance of the company and make any changes that is necessary to reach the bottom line of the company, because if the stocks fall to a dangerous low, the shareholders become a bit unhappy and may call for new leadership. The business would employ risk to help understand how the various decision made within the company has helped the enterprise reach the profitability the company has measured to compete in the market. The cost analysis is to help understand if the risk employed was the right imitative within the company and if the competitive benchmarking has helped the company?s performance compete against similar companies in today?s market.
5. Apples performance methodologies help by setting the company?s objectives and goals as well as employee goals and targets. The employee goals and targets should align to help reach and achieve the strategic objectives and goals. These lay the foundation of what needs to be accomplished. Without goals it is hard for any company including Apple as a technology company to move forward, keep its market share and stay relevant.
Performance dashboards and scorecards help determine where the company, department and individual employee stands with their targets and goals. This will help Apple?s executives with seeing where they can allocate their resources. If one team/department is excelling and way ahead on projects, they may be able to easily reassign employees to another group that is behind in their targets. By monitoring these items, executives can also determine if there are other underlying issues that are prohibiting the company and/or employees from meeting the desired performance. This helps with root cause analysis of any issues that are determined by dashboards and scorecards. These TOOLS also help the executives see the overall performance of the company and their employees.