Performance Measurement
Performance measurement involves evaluating an organization's effectiveness and efficiency by using specific metrics. Examples include:
Key Performance Indicators (KPIs): Quantifiable measures to track progress toward goals.
Balanced Scorecards: A framework that evaluates performance across multiple perspectives, such as financial, customer, internal processes, and learning and growth.
Performance Management
Performance management is a continuous, dynamic process aimed at improving organizational and individual outcomes. It includes:
Planning: Setting clear objectives and expectations.
Monitoring: Tracking progress and providing ongoing feedback.
Reviewing: Evaluating performance against goals.
Rewarding: Recognizing achievements to motivate and retain talent.
This process fosters accountability, alignment with strategic goals, and a culture of continuous improvement.
