A description of the new financial and statistical measures to monitor the success of general electr

Weltch announced my new assignment However there is a huge lost in terms of sales in the long run as the nature of their food that could only last for a short period of time. This result in a huge lost in terms of wastage People make a business function efficiently and yet they cause the greatest difficulties.

A description of the new financial and statistical measures to monitor the success of general electr

Marilyn Gettinger, New Directions Consulting Group Dec 01, Success in performance m anagement requires measures, standards, and outcomes that support the organization's vision, mission, objectives, and competitiveness. Communicating, aligning, managing, and connecting all of the pieces are a challenge for any organization.

All departmental and staff goals need to be following the same compass and moving in the same direction as the decision-makers. The term "metrics" includes three factors: A measurement A standard against which to compare the measurement A result or outcome Performance scorecards and dashboards are valuable tools for any business trying to connect all of the dots at and between every level of the organization ensuring the right measurements, the right standards, and the right results.

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Performance scorecards and dashboards have been providing the "rights" over the last twenty or so years and continue to assist existing users as well as gaining new fans.

Scorecards had their beginnings in work done on performance measurement reporting in the 's by General Electric and the work of French process engineers who created the Tableau de Bord - literally, a "dashboard" of performance measures in the early part of the 20th century.

The balanced scorecard was originated by Drs. Robert Kaplan Harvard Business School and David Norton as a performance measurement framework that added strategic non-financial performance measures to traditional financial metrics giving managers and executives a more balanced view of organizational performance.

Scorecards and dashboards graphically depict the baseline and the progress over time of some entity, such as an enterprise, an employee, a business unit, or a project toward some type of goal showing the result of tasks and strategies or the lack of tasks and strategies.

A best practice or a standard can be the goal.

Business Metrics Definition

A scorecard is a statistical record used to measure achievement or progress toward a particular goal over time, and a dashboard offers an at-a-glance view of measurements and key performance indicators. A balanced scoreboard has what they call a "prescriptive" format and should always contain: Perspectives - groupings of high level strategic areas Objectives - verb-noun phrases pulled from a strategy plan Measures - also called Metric or Key Performance Indicators KPIs Spotlight Indicators - red, yellow, or green symbols that provide an at-a-glance view of a measure's performance.

Scorecards are usually spreadsheets integrating financial measures of business success along with nonfinancial and operational information about the business. Strategic themes of a scorecard may include financial performance, customer satisfaction, process improvement, and employee satisfaction.

For each one of these strategic themes, there are objectives, measurements, targets, and initiatives. Each of these sections ensures that a balanced scorecard is essentially connected to the business's critical strategic needs.

The scorecard began as a simple performance measurement framework and is now a full strategic planning and management system.

A description of the new financial and statistical measures to monitor the success of general electr

It is now a framework providing performance measurements and what should be done on a daily basis and measured at every level of the organization.

The organizational vision and strategies set by senior management are communicated to every department and level of the organization. Objectives, goals, responsibilities, and accountabilities are set by departments and personnel to align with the vision and strategies.

A description of the new financial and statistical measures to monitor the success of general electr

Additional training is included as needed to assist personnel in reaching their goals. Key elements to a good dashboard are: The balanced scorecard gets everyone on the same page, and the dashboards keeps everyone moving in the same direction.

New Directions Consulting Group offers workshops to companies from 30 employees to multinational corporations. Marilyn teaches total quality management, supply chain management, and international trade at several post-secondary schools.

She holds a C. She can be reached at and mgettinger aol. Thomas Industry Update Stay up to date on industry news and trends, product announcements and the latest innovations.A performance measure is a numeric description of an agency’s work and the results of that There are several reasons to measure, monitor and report performance of our work.

determination of an activity's success in achieving its goals.” (RCW (5).). Success in performance m. anagement requires measures, standards, and outcomes that support the organization's vision, mission, objectives, and competitiveness. Communicating, aligning, managing, and connecting all of the pieces are a challenge for any organization.

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member-focused measures, and other non-financial performance measures (in addition to the relevant financial metrics) that measure the success of . New Financial and Statistical Measures to Monitor The Success of GE To: The Board of Directors, GENERAL ELECTRIC COMPANY Subject: NEW FINANCIAL AND STATISTICAL MEASURES TO MONITOR THE SUCCESS OF GENERAL ELECTRIC COMPANY After Mr.

Weltch announced my new assignment, I pondered how I could. New employment opportunities IMPACTS The long-term consequences of the program, may be positive and negative effects. Improved standard of living STEP-BY-STEP: Planning for Monitoring and Evaluation Steps for designing a monitoring and evaluation system .

Budgeting and business planning

The new financial metrics for value-based purchasing include the following: throughput, quality, readmissions, mortality rates, patient satisfaction, and cost per episode of care.

Throughput. The time it takes to complete a process, such as shortening the average wait time in the ER or reducing the time between cases in the OR, now translates.

The Role of Scorecards and Dashboards in Performance Management