...Planning and Measuring Performance I will be evaluating the three appropriate standards on the goals of Verizon Wireless that I discussed in an earlier assignment during week three here participating in Management 521 course. Verizon Wireless three appropriate standards in my bias opinion are the mission statement, goals, and objectives. I will also mention the tools will be utilized measuring the company’s performance against the determined standards. Verizon Wireless mission statement states: "As a leader in communications, Verizon's mission is to enable people and businesses to communicate with each other. We are also committed to providing full and open communication with our customers, employees, and investors." Verizon Wireless also has a vision statement: "Verizon's commitment to top quality service is well known. Verizon is the pre-eminent service provider in the industry. Our legacy of customer service -- bolstered by the nation's largest and most reliable network -- is unparalleled. And, we continue to make strong progress in delivering on our promise to be the nation's best provider of quality local, data and long distance services." The organization statement of purpose protocol is always in effect throughout the daily routines of all it company’s employees. Executive management constantly is reminding everyone on the company’s mission and vision and the goals the company is striving for. The goals the organization sets are high but attainable. The main goal of Verizon...
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...Planning and Measuring Performance Brandi Charette MGT 521 February 11, 2013 Linda Kulka Planning and Measuring Performance Fannie Mae is a lending company who has been providing mortgage lending options to working families for over 70 years. Their mission is to “ensure that working families have access to mortgage credit to buy homes they can afford over the long term or that they can secure quality rental housing” (Fannie Mae, 2013). Strategic and operational plans help an organization plan out their goals and how they are going to achieve those goals. The main objectives of strategic plans are to look at the vision of the organization and their priorities in regards to an evolving environment and to make sure that the organization’s members are aiming for the same goals. Operational planning is outlining the day-to-day activities of the company. Both of these need to compliment each other in order for the organization to be successful. One of the strategic goals is to demonstrate shareholder value. Fannie Mae can demonstrate this by showing that they are creating revenues that are above all costs. They are “one out of three companies to have produced double-digit growth in operating earnings per share in each of the last 15 years” (Fannie Mae, 2013). A standard for this goal would be maintaining a clear profit yearly without extending the budget. Financial controls would be in order to monitor the financial well being and activities throughout the...
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...Planning and Measuring Performance Sabir Farooqi MGT/521 February 27, 2013 Susan Jolley Abstract Organizational evaluation or assessment measures, compares, and analyze the coherence between results and specific objectives. Evaluating goals of a global operation with a unified approach is challenging, and demands for identifying significant factors in the performance and growth of the company. These factors are carefully thought and practiced before they become critical contributors in an organizational performance. Contemporary organizations follow diversified growth parameters for success. These have varied degrees of significance in individual market segments. There are different standards and tools to evaluate their performances and adjusting them to optimize expected results. Planning and Measuring Performance Part 1 The most important purpose of organizational evaluation is to generate reliable information, which then becomes a valuable experience and is useful for adjusting planning, establishing priorities, and resource allocation. During this whole process specific results are analyzed and compared with goals and objectives and then are adjusted with predetermined standards. Improvement in organizational performance can occur when there is some way of measuring performance, which creates a link between decisions and organizational goals. FedEx Corporation is a global operation with presence in more than 220 countries in the world. Growth plans and goals...
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...Planning and Measuring Performance MGT 521 Rita Marlow January 19, 2013 Wal-Mart was the company I used in my Organizational Planning assignment and I feel that this organization is successful in reaching their goals because they have good leaders who are capable of putting processes in place and determining which standards would be best to use in evaluating their company goals. There are many different ways of evaluating these standards to make sure that the company goals can be reached and it is important for leaders to make sure they are effective in measuring the company’s performance by utilizing the proper tools. Improvements in merchandise can be accomplished by setting standards such as requesting better quality from your suppliers. If the quality of the merchandise you are receiving is poor, you can either work with your current supplier to try and get a better quality product from them or change suppliers. A good friend of mine is a Purchasing Coordinator and his main functions in his position are to continually work with his suppliers in regards to cost, lead times, and quality of product. He has developed a good relationship with our suppliers which increase the company’s chance of getting a better price and better quality product. A tool that would be most effective in regards to determining which supplier offers the best quality would be benchmarking. Benchmarking would be very effective because it would give you an overview of various suppliers...
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...Unit 16: Human Resource Management in Business (10 Credits) Assessment Sheet Name: ……………………………………………………………………………… | | | | | |Assessment Criteria |Achieved | | | | | |Pass 1 |Describe the internal and external factors to consider when planning the human resource | | | |requirements of an organisation | | | | | | |Pass 2 |Describe how the skills that employees require to carry out jobs in an organisation are | | | |identified | | | | | | |Pass 3 |Outline how an organisation motivates it’s employees | | | | ...
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...|Assignment brief – QCF BTEC | |Assignment front sheet | |Qualification |Unit number and title | |BTEC Level 3 Extended Diploma In Business |Unit 16: Human Resource Management in Business | |Learner name | Assessor name | | | C Graham, F Mooney, J Robinson, E Smith | |Date issued | Hand in deadline |Submitted on | |1 W/E 26/01/2015 |W/E 27/02/15 | | |2 W/E 26/01/2015 |W/E 27/03/15 | | |3 W/E 26/01/2015 |W/E 17/04/15 | | |4 W/E 26/01/2015 |W/E 15/05/15...
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...OPERATIONS MANAGEMENT Chapter 5: Strategic Capacity Planning Learning Objective: You should be able to: 1. Summarize the importance of capacity planning 2. Discuss ways of defining and measuring capacity 3. Describe the determinants of effective capacity 4. Discuss the major considerations related to developing capacity alternatives 5. Briefly describe approaches that are useful for evaluating capacity alternatives Capacity Planning Capacity 1. The upper limit or ceiling on the load that an operating unit can handle 2. Capacity needs include Equipment Space Employee skills Capacity Planning Questions Key Questions: 1. What kind of capacity is needed? 2. How much is needed to match demand? 3. When is it needed? Related Questions: 1. How much will it cost? 2. What are the potential benefits and risks? 3. Are there sustainability issues? 4. Should capacity be changed all at once, or through several smaller changes 5. Can the supply chain handle the necessary changes? 6. Capacity Design capacity Maximum output rate or service capacity an operation, process, or facility is designed for Effective capacity Design capacity minus allowances such as personal time, maintenance, and scrap Actual output Rate of output actually achieved--cannot exceed effective capacity. Defining and Measuring Capacity Measure capacity in units that do not require updating Why is measuring capacity in dollars problematic? Two useful definitions...
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...Math in Cooking • Math and the ability to tell time are essentials when it comes to cooking. In fact, all phases of cooking require some math, including meal planning, grocery shopping, food budgeting, baking, measuring ingredients, adjusting recipes, and storing and freezing food. Precision matters when it comes to adding and combining ingredients. While basic math comprehension may get you by in the kitchen, a thorough understanding of addition, subtraction, division, fractions, measurements and knowing how to make conversions are essentials for routine cooking and meal planning. Math and the Food Budget • If an individual makes $200 a week, and the following bills are due: $50 phone, $75 electric, and $20 or gas, that will leave $55 for groceries. Meals and necessities will have to be planned according to a budget of $55, which must include tax. Math and Meal Planning • Planning meals and making a grocery list demand basic math skills. Grocery store items may have to be doubled if a recipe is for four servings and eight servings are needed. The number of people being served will determine how recipes must be adjusted. Math and Grocery Shopping • Basic addition and subtraction are in order to stay within budget. Additionally, you can calculate the cost of items to be purchased and sales tax, you'll be able to adjust spending to take advantage of any sale items and specials. Math and the Oven • Baking requires the ability to tell time and how to determine cooking times...
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...effectiveness, Outsourcing, Staffing: mobility of employees, Recruitment and availability of skilled local labour, retention and succession planning. Health & Welfare of the employees is a big challenge. If health of the employees of an organization is sound, they are able to perform well. Change Management represent a particular challenge for personnel management staff, as this expertise has generally not been a consistent area of focus for training and development of HR professionals. An intensified focus on training may be needed to develop added competencies to deal with change management. Leadership development also proves to be a big challenge HR professionals continue to wrestle with understanding the best ways to keep people in the pipeline and develop leaders for future succession planning. HR professionals are expected to provide the essential frameworks, processes, tools and points of view needed for the selection and development of future leaders. Across the globe leadership development has been identified as a critical strategic initiative in ensuring that the right employees are retained, that the culture of the organization supports performance from within to gain market position, and that managers are equipped to take on leadership roles of the future so that the organization is viable in the long term. Measuring HR effectiveness is an interesting new top three focus for HR as it highlights the profession's need to meaure results - not only in terms...
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...Introduction Once managers assume responsibilities for their units, they decide “where they are going” (Planning), who will do what (Organizing), and how to motivate their employees (Leading). In this presentation, we are going to explore how to keep things under control in an organization. It is imperative that all managers should be involved in the control function even if their units are performing as planned. Managers can't really know whether their units are performing properly until they have evaluated what activities have been done and have compared the actual performance with the desired standard. An effective control system ensures that activities are completed in ways that lead to attainment of the organization’s goals. Controlling is related to each of the other function management. Controlling builds on planning, organizing and leading. What is Control? Control is the task of ensuring that activities are carried out and are providing the desired results. In simple terms controlling means setting a target, measuring performance and taking corrective actions required. Management Control Strategy Managers can use one or a combination of three control or styles: 1. Market 2. Bureaucracy and 3. Clan Each strategy serves a different purpose. Market: Uses external market mechanisms, such as price competition and relative market share, to establish standards used in system. Bureaucracy: It emphasizes organizational authority and relies on administrative...
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...medium and large needs someone to be in charge of day to day activities that is going to be responsible for decision making, planning, controlling, directing personnel, outlining organization structure and will be responsible for taking strategies in competitive advantages. In today’s business environment, corporate organizations need to take every advantage they can to remain competitive due to highly increasing competition in the market, i.e. electronics commerce ( e-commerce) and introduction of new technology day by day. Customers need specialized products and service and accurate information convening product they are purchasing, product availability, order status, delivering time. Shareholders expect greater value from their investment and accurate information of the financial status of the company. This new competitive environment requires companies ability to create value for their customers and to differentiate themselves from their competitors through the formulation of clear business strategy. In today's business environment, knowledge is power so business strategy must be supported by appropriate organizational factors such as accounting information systems, organizational design and effective manufacturing process Management Accounting deals with provision of information inside the company - that is, the process of identifying, measuring and forecasting, analyzing, interpreting, an communicatinginformation for the pursuit of an organization's goals. Business...
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...Planning and Measuring Performance Nelly MGT/521 January 22, 2013 Jason Miller Planning and Measuring Performance Wal-Mart is known to be one of America’s largest retail companies known for their low prices, large selection, and the largest based retail for employment. In addition, Wal-Mart is ranked Fortune 500’s top two, bringing in revenues of $446,950.0 million and profit of $15,699.0 million and continues to grow (CNN, 2012). Wal-Mart’s mission “help people save money so they can live better” and vision “Always low prices, always!” tells customers that they will always keep lower prices, maintaining loyalty to continue to be competitive in the market (Wal-Mart 2012). To continue their efforts in maintaining the lower prices, the company must accomplish two goals; customer satisfaction and keeping lower prices. To accomplish these goals, a detailed evaluation needs to be performed to identify the most useful tools to measure the company’s performance. Planning and measuring the performance of the company will guarantee that Wal-Mart will continue to be the largest, most profitable, and successful retail store in the industry. To evaluate the company’s goals, managers will need to have a control process. This entails “the process of monitoring, comparing, and correcting performances” (Robinson & Coulter, 2012, p. 4). According to Robbins and Coulter (2012), there are four control processes that managers may use to measure performance; personal observation...
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...Planning and Controlling The planning function for an organization is accomplished by determining where the company wants to go and how to get there. According to Modern Management, the formal definition is “the systematic development of action programs aimed at reading agreed-upon business objectives by the process of analyzing, evaluating, and selecting among the opportunities which are foreseen” (Certo & Certo, 2009). It is then vitally important for an organization to accomplish the planning objectives in order to succeed. Controlling on the other hand, is used by management to ensure that a specific event is accomplished as planned. According to Roberto Mockler, controlling is “a systematic effort by business management to compare performance to predetermined standards, plans, or objectives to determine whether performance is in line with these standards…” (Certo & Certo, 2009). Therefore controlling goes hand-in-hand with the planning aspect of organizational management. In order for organizations to properly plan and control events, it is important to establish performance measures in which to judge success or failure. This paper will discuss more in-depth various types of performance measures and evaluate each for strengths and weaknesses. Performance Measures Probably the most important human resource management (HRM) performance measure is the performance appraisal. The performance appraisal, also known as performance evaluation, is a process in...
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...TOOLS AND METHODS FOR MEASURING PUBLIC AWARENESS Project: South-East European Digital Television Acronym: SEE Digi.TV Version A-1.0; Date: 04.04.2012 Tools and methods for measuring public awareness / A-1.0 Page: 1/47 DOCUMENT HISTORY Version A-1.0 Status Approved Date 04.04.2012 Author IVSZ, SINTESIO Comments Approved version Approved by Project manager CONTENT 1 Introduction ......................................................................................................................... 3 2 Planning a survey................................................................................................................ 5 2.1 Defining research problem ........................................................................................... 5 2.2 Designing the survey.................................................................................................... 6 2.3 Qualitative versus Quantitative method ........................................................................ 7 2.4 Measurement methods ................................................................................................ 9 2.5 Reliability and validity ................................................................................................. 11 2.6 Sampling .................................................................................................................... 12 2.6.1 ...
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...performance management plan is anchored in the organization’s strategic plan. The Limousine Company is startup that needs to lay out a plan for the future performance of the organization. In this paper, the focus will be on aligning the performance management framework for the Limousine Company by planning, analyzing and measuring employee performance, addressing skill gaps, and delivering effective feedback to employees. All are steps in the performance management that should be follow in order for the plan to be effective. “Performance management is a process by which managers and employees work together to plan, monitor and review an employee’s work objectives and overall contribution to the organization”(HR Council, n.d.). Managing and aligning the business to achieve the best results. If performance is not measured, then how will the business know if their employees are delivering on the goals of the organization? Goals should be outlined and communicated to all employees. They should be specific, measurable, attainable, realistic, and timely. If the S.M.A.R.T. method is followed the Limousine Company will have a head start to achieving success. Planning, Analyzing, and Measuring Performance First thing, the work should be planned out. Employees should know what is expected and they should work with their supervisors to map a plan to achieve their goals. The supervisor and employee plan the work and set expectations. Employee performance should be analyzed and measured...
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