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Budgeting, variance analysis, and performance evaluations

Budgeting, variance analysis, and performance evaluations

Student’s Name

Institution

Enterprise and Corporate Performance Management

The corporate performance management is a subsect of business intelligence which is linked with management and monitoring an organization through the use of Key performance indicators. It assists the leaders of an organization to manage the success of an organization. One can think of corporate performance as a collective achievement, various success, and failures of an organization. Additionally, it is also important for each organization particularly the ones that are seeking to restructure their budget, lower costs, improve align key performance indicators, advance their organizational strategy and modify the financial planning process (Kenny & Bourne, 2015). That said, I did discover that some people confuse corporate performance management as a strategy of managing the performance of an organization.

In addition, it is essential to understand that corporate performance management is not a strategy but a kind of business intelligence when implemented. Through the adoption of corporate performance management, an organization will have an opportunity to improve the rate of investment, revenue and reduce the cost of operation. Similarly, it will also ensure that efficient objectives are set, effective budgeting and planning, appropriate performance evaluation, appropriate reporting and consolidation of outcomes. Therefore, it is important to understand that corporate performance management has a role of making sure that all aspects of adopted for purposes of success.

Behavior Change management

Behavioral change management is a system that is used to facilitate change from one state to a different state by learning the habits and behaviors leading to the present practices, approaches and systems and adapting the behaviors or creating new ones to help achieve the desired practices (Andrews & Johnson, 2016). As the rate of change quickens and demands in the market increases, most organizations are under pressure to change operations, systems and job purposes smoothly. On the other hand, issues like inconsistent methodologies, rivalry projects, resistance to change and internal conflicts can affect the success of change initiative. Therefore, leaders have to learn to communicate with relevant stakeholders and the workforce efficiently. For instance, if an organization wants to ensure co-existence in an organization, they must have the ability to understand behavior change mechanisms. Moreover, to make real and sustainable change, it is essential to have an overview of the impact of organizational models on workers behavior.

The balanced score card

The balanced scorecard is a strategic management tool that links organizational objectives and vision to business operations within the organization to measure performance against its strategic objectives. The important aspects of adopting the strategy are having a well-designed mission and strategy and proper execution. Besides, other than the three key issues, the strategy also needs a strong initiative and leadership from the top of the organization (Kenny & Bourne, 2015). It is imperative that a lack of good leadership, there is a capability that the system will fail to be implemented fully. Therefore, considering the organizations I did interact with, most of them had issues implementing the tool fully within their system.

There is nothing wrong with the implementation of the balanced scorecard. The primary issues are that it does not give real guidance for deployment and many leaders perceive it as a quick fix which can be implemented in their organization. However, the adoption of the balanced scorecard is an evolutionary process and not a one minute task. Thus, failure to understand the procedure and process results to disappointments. Due to this, I have heard people saying that BSC is not a good tool for measuring performance while others say that it is the most appropriate tool to use where performance matrix is concerned.

Goal Congruence

Goal congruence is described as an agreement between an individual’s objectives and the organization’s objectives. Fostering goal congruence takes a number of steps. The initial phase is involving the entire internal stakeholders to promote unity within the organization. Secondly, there should be an appropriate reward and motivational systems to understand the parties and teams that attain the set goals. Moreover, the goals adopted should be measured and realistic to achieve a common point (Kenny & Bourne, 2015). Training should be done to achieve the goals of the organization. Most organizations strive to achieve goal congruency to make sure that employees are aligned to the set goals.

References

Andrews, R. N., & Johnson, E. (2016). Energy use, behavioral change, and business organizations: Reviewing recent findings and proposing a future research agenda. Energy Research & Social Science, 11, 195-208.

Kenny, G., & Bourne, M. (2015). Performance Measurement. Wiley Encyclopedia of Management, 1-3.

Walther, L. (2017). Chapter 21: Budgeting—Planning for Success.