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Report on Performance Measurement System

   

Added on  2020-04-07

21 Pages5048 Words46 Views
Running head: PERFORMANCE MEASUREMENT SYSTEMDesigning performance measurement system for Woolworths Limited

PERFORMANCE MEASUREMENT SYSTEM1

PERFORMANCE MEASUREMENT SYSTEM2Table of ContentsExecutive summary.....................................................................................................................................2Introduction.................................................................................................................................................2Design of the performance measurement system.........................................................................................3Define the objective.................................................................................................................................4Aligning performance key indicators.......................................................................................................4Capturing of order...............................................................................................................................4Management of inventory....................................................................................................................4Purchasing and supply management....................................................................................................4Warehousing........................................................................................................................................5Transportation.....................................................................................................................................5Performance measurement.......................................................................................................................5360 Degree feedback...........................................................................................................................5Self-evaluation.....................................................................................................................................6Balanced scorecard..............................................................................................................................6Rating scales........................................................................................................................................6Psychological appraisals......................................................................................................................6Check list.............................................................................................................................................6Scope of improvement.............................................................................................................................6Corrective actions....................................................................................................................................7Training program.................................................................................................................................7Motivation...........................................................................................................................................7Feedback..............................................................................................................................................8Counselling..........................................................................................................................................8Justification of the design for the company.................................................................................................8Justification for Management accounting theory.........................................................................................9Financial accounting..............................................................................................................................10Cost accounting.....................................................................................................................................10Accounting for the design process.............................................................................................................11Conclusion.................................................................................................................................................12References.................................................................................................................................................13Peer review sheets.....................................................................................................................................16

PERFORMANCE MEASUREMENT SYSTEM3Executive summaryPerformance measurement is a process of assembling, evaluating and recording informationregarding the performance of an employee, a team or an organization. It can be done bycomparing actual performance with assigned performance standards. This report aims atexplaining performance measurement system and it’s designing. In this report Performancemeasurement system has been designed for Woolworths supermarket’s delivery department.Woolworths is one of the Australian leading players with brand retail business throughout NewZealand and Australia. The organization started its business operations in the year 1924 bylaunching its first store in Sydney. Besides this report also involve description for the design ofthe performance measurement system. Management accounting theory is used for showing theeffectiveness of the design. Efforts of all the team members are reflected through this report.IntroductionCompetition is increasing, demands of customers are changing that forces business to change orimprove their strategies (David, and Joseph, 2014). For sustaining into the competitiveenvironment business implement different techniques and tools for improving their performancesand strategies. Performance measurement system is one of the important tool for everyorganization as it helps in measuring the performance of an employee, a team or an organizationthat results in taking corrective actions to improve the performance. It reflects whether theperformance of department has improved or ruined. In last decades, researchers used to studyabout performance of business, measurement definitions and its measurement systems. Later,researchers developed different models and frameworks for performance measurement (David,and Joseph, 2014). In this report performance measurement system is designed for Delivery department ofWoolworths supermarket. Woolworths supermarket has its retail business throughout NewZealand and Australia (Woolworths group. 2017). It is the second largest retail organization inAustralia in terms of revenues after Wesfarmers Limited. In the year 1924 the organization hasstarted its business operations by launching its first store in Sydney. In the year 2012, the

PERFORMANCE MEASUREMENT SYSTEM4organization has become one of the largest retail stores in Australia and New Zealand(Woolworths group. 2017). This is the subsidiary of a well-known brand, i.e. Woolworthslimited. It operated different brands, such as; Dick Smith Electronics, Safeway Supermarkets,Big W, BMS, Tandy etc. Currently, Woolworths has 1000 retail stores across Australia, fromwhich 968 are supermarkets and 19 are convenience stores (Woolworths group. 2017). Whichcarry similar logo of Woolworths. Mostly, the company sells groceries, like; fruits, vegetables,meat, packed food products etc. with this it also sells magazines, stationary goods and DVDs.With Coles, this organization makes a duopoly of supermarkets in Australia, accountingapproximately 80% of the Australian industry. Company’s goal is to provide good services totheir customers and deliver the product to their nearest place. They serve over 29 millioncustomers every week with team of 205,000 employees (Woolworths group. 2017). Withaddition to this report also includes justification of design for company and for managementaccounting theory. Accounting for design process is also shown in this report.

PERFORMANCE MEASUREMENT SYSTEM5Design of the performance measurement systemDefine the objectiveSetting objectives for different departments of the organization is very important as it provides ablue print to the employees. In this stage, short term and long term objectives will be decided fordelivery department by its manager. While deciding objectives for the department company’smain focus should be on improving customer services, satisfaction of the customers, maintainingproper records and building good relations with the clients (Green, 2017). For achieving theseobjectives business should appoint employees with good communication and interpersonal skills.Delivery manager should identify new systems to make services customer centric andcompetitive. For maintaining customer satisfaction business should maintain good relations withtheir clients and suppliers. Organizations that maintain proper records can achieve their decidedgoals effectively. As maintaining proper track of clients and customers can help in improvingservice quality (Green, 2017). Delivery manager should be very much competent towards

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