Performance Management Assignment (Solution)

Added on - 21 Apr 2020

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Running head: FINANCIAL AND PERFORMANCE MANAGEMENTFinancial and Performance ManagementName of the Student:Name of the University:Author Note
1FINANCIAL AND PERFORMANCE MANAGEMENTTable of ContentsAnswer to Question 1.................................................................................................................2Answer to Question 2.................................................................................................................4Answer to Question 3.................................................................................................................6Annexure................................................................................................................................9Answer to Question 4...............................................................................................................11Annexure..............................................................................................................................13References................................................................................................................................14
2FINANCIAL AND PERFORMANCE MANAGEMENTAnswer to Question 1The issue that has been presented in the question is that Great Persons, Inc (GPI) is anonprofit corporation essentially established for the purpose of serving the local communityneeds. The corporation now provides a varied range of services starting from healthequipment, residential services for the people with disabilities and other associated servicesrelated to healthcare. Now, the problem presented in the question is that the Board ofDirectors of the corporation has decided to evaluate the performance carried out by thenonprofit corporation on the basis of non-financial measures. This made Deb Young proposethe preparation of a balanced scorecard, which would effectively provide an effectiveoverview into the performance of the corporation on the basis of the perspectives developedwhich in turn would be based upon the critical success factors (Coe and Letza 2014).The process that was essentially followed by Deb Young for developing the scorecardwas that Deb did form a Committee of Representatives. This committee consisted ofrepresentatives from each of the directorates. The next step that was incorporated by thecommittee was that they decided to develop the critical success factors by following anominal group technique. The members of the committee wrote down the relevant CSFs. Thenext step involved revealing of the critical success factors and recording the same onflipchart. Further important ideas that were generated were added to the master list. Next, theCSFs were written on a post it note and placed randomly on the wall. The committee wasdivided into two teams namely Team A and Team B. Team A executed the task of groupingthe CSFs which were further reviewed by Team B and the grouped CSFs were utilized for thepurpose of developing the balanced scorecard perspectives. The Perspectives were thennamed based on the categorization of the CSFs. Deb also measured the significance of thedeveloped CSFs on the basis of an example situation as to after a two week vacation would
3FINANCIAL AND PERFORMANCE MANAGEMENTDeb Young formed a committee of representativesbelonging to each directorate who brainstormedinto developing different critical success factorsthat were next revealed randomly on Post its.The committee was then divided into two teamsnamely Team A and Team B. Team A executed thetask of grouping the critical success factors whichwere further reviewed by Team B and theirrecommendations were taken in developing theperspectives of the balanced scorecard.Deb Young reviewed the correspondingperspective with the help of an example situationin which the significance of the perspectives of thebalanced scorecard was evaluated and thecriticality of the CSFs was measured.Lastly, a strategic map was developed in order tolink the CSFs and the advantages anddisadvantages provided by the balanced scorecardto the corporation was explained by Deb Young tothe committee. He also chose a particular memberor employee who would be effectively responsiblefor reporting on the effectiveness of the successfactors.the director or manager consult the developed CSFs for measuring the performance of thecorporation (Hoque 2014).After the identification of the perspectives, the committee developed certainperformance measures for measuring the effectiveness of each CSF. Deb also assigned thetask of monitoring and reporting the performance for each CSF to a particular member of thecommittee. This is precisely the process that was followed by Deb Young to develop abalanced scorecard for GPI. In order to understand the process more clearly a flow chart hasbeen constructed as follows:
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