What is “Performance Management”?

Performance Management refers to a process or method for measuring the execution of operations against strategic benchmarks, combined with feedback systems for continuous improvement. The ultimate objective of Performance Management is to document current performance, identify opportunities for improvement, and develop enhancement plans that will drive continuous increases in efficiency and effectiveness. Performance Management is an absolutely critical step toward ensuring that activities are being accomplished and tracked against strategic objectives.

Performance Management is usually conducted in accordance with the precepts contained in a formal, written Performance Management Plan (PMP), which can be developed for individuals, projects or even for an entire enterprise. A PMP is defined as the written documentation of an entity’s strategic objectives, and the methods and parameters used to measure successful attainment of those objectives.

Sound Business Strategies is a practitioner and adherent to the creation and implementation of Performance Management theories, methods and practices for our clients.

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