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Along with processes that provide for implementation, organizations need some system to measure progress. Results measurement systems are intended as an administrative control mechanism to ensure internal and external accountability. Results measurements assist managers, organizations, customers, and stakeholders to gauge the extent to which public funds spent on initiatives are being spent effectively and efficiently.
A performance metrics worksheet is a tool for keeping track of key results areas, those aspects of a project in which success is critical. The logical framework for evaluation calls for measures related to inputs, processes, outputs and outcomes.
Performance Tracking. Performance tracking efforts can be undertaken independently or in combination:
1. Performance Measurements – Performance measurements are any quantitative measures (numbers or ratios) used to gauge completion of any aspect of a project in which success is critical. Fill out a plan versus performance measurement worksheet to compare the expected level of performance and the actual level of performance.
2. Performance Targets – Performance targets are quantifiable levels of performance (objectives), agreed to beforehand, for a particular indicator. Targets are typically set for the most significant aspects of a project, including the project’s inputs, processes, outputs and outcomes, at the expected level of operation or performance.
Management Controls. A management control systems requires a periodic check, for example on monetary and programmatic performance:
1. Financial Management – Financial management involves the use of various formal accounting statements to explain financial conditions. These documents include the statement of financial position (balance sheet); statement of activities (income statement); statement of functional expenses and statement of cash flows.
Performance Management Philosophy. Project execution is usually more effective when the leadership of the organization supports it as a part of its philosophy of a high performance work organization.
1. Total Quality Management – Total quality management is a philosophy (a culture) of operation delivering high quality products or services to customers. The major tenets of TQM support fact-based decision making, customer driven products and services, continuous quality improvement, employee involvement and decision-making and leadership commitment to quality.
2. Balanced Scorecard – The balance scorecard is a comprehensive approach to managing that extends beyond the monitoring of metrics. It is intended to measure all the strategies of the organization, with attention on the markets, customers, finansce, and the organization.
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