Friday, August 28, 2020

The Monthly “Performance Master” Summary: Critical Thinking and Performance Management Aug. 2020

Critical Thinking is crucial because there are blind spots in performance management which are perhaps inevitable and various pitfalls on the way. 

Corporate Performance Management is a management control from strategy to the shop floor. "If you can't measure, you can't manage," legendary management guru Peter Drucker once asserted. Managing performance means understanding results, setting metrics, fixing plans, and making decisions to ensure it happens. 

It takes multifaceted approaches from multidimensional perspectives to unlock digital performance and catalyze change.


      Critical Thinking and Performance Management

Critical Thinking & Performance Management
Performance Management is not about managing numbers, but telling an information-enriched story. Performance management is not an isolated management discipline, but a holistic approach with a well set of methodologies and practices via connecting multidisciplinary management dots to make progressive changes. Critical Thinking is crucial because there are blind spots in performance management which are perhaps inevitable, the point is how business leaders or professionals learn to deal with them and close them seamlessly. First, you need to consider why you need to do performance management. Then, how to do it in the right way.

The Performance Measurement Blind Spots You can only manage what you measure. Effective performance measures help the management do value justification in a language the organization understands for making wise investments. It is very hard to measure performance objectively and meaningfully. Often the more meaningful and important thing you want to assess, the harder it is to measure objectively. Here are some causes of blind spots in performance measurement.

A Set of Blind Spots in Performance Management? Performance Management System (PMS) is a working tool that improves performance or productivity within an organization. Often strategy management and performance management go hand in hand. There is a danger of not having a dynamic process to "develop, nurture, and measure" business performance. Business management should make an objective assessment by asking: Can you select the right metrics and measure them right? Can you always dig through the root cause when the result does not meet expectations? Either making a measurement or evaluating results, can you dispassionately analyze the situation to close blindspot smoothly?

The Pitfalls of Performance Measurement The purpose of managing performance is about setting performance metrics to evaluate the status of strategy management, making objective assessments of business results, and understanding performance measurement contextually. However, measuring business performance is both art and science. In well-established organizations across the vertical sectors, there are complex business rules, policies, processes, and performance systems that govern how people operate. The more meaningful and important things you want to assess, the harder it can be measured. Here are the “seven sins of performance measurement.”

CIOs as “Chief Improvement Officer”: How to Avoid Three Measurement Pitfalls? A performance measurement system is a necessary foundation for continuous improvement. It defines how you will measure success in meeting the business's purpose and vision. Metrics help stakeholders understand what is going on. Without measurements, it can be hard to tell whether attempted improvements make the situation better or worse. There are both promises and perils about metrics. Metrics provide feedback and metrics are part of transparent visual management allowing pulling. But there are also pitfalls that need to be avoided in order to improve business performance and make continuous improvement.

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