COST ACCOUNTING
PERFORMANCE MEASUREMENT
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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gap analysis
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SWOT analysis
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Performance measurement
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All true
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All wrong
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Detailed explanation-1: -Performance Appraisals: Performance appraisals are a formal process for evaluating an individual’s performance against predetermined goals or objectives. They can be used to identify strengths and weaknesses and provide feedback on performance.
Detailed explanation-2: -Performance measurement is the process used to assess the efficiency and effectiveness of projects, programs and initiatives. It is a systematic approach to collecting, analyzing and evaluating how “on track” a project/program is to achieve its desired outcomes, goals and objectives.
Detailed explanation-3: -Ruyle and other experts said a good performance assessment process includes at least three elements: goal setting; continuous feedback and coaching; and an annual review. Some organizations, he noted, also include developing a professional development plan as part of their performance assessment processes.
Detailed explanation-4: -Controlling is a primary goal-oriented function of management in an organization. It is a process of comparing the actual performance with the set standards of the company to ensure that activities are performed according to the plans and if not then taking corrective action.
Detailed explanation-5: -A performance appraisal is a systematic and periodic process of measuring an individual’s work performance against the established requirements of the job. It’s a subjective evaluation of the employee’s strengths and weaknesses, relative worth to the organization, and future development potential.