ECONOMICS

Detailed explanation-1: -The key to having good all-round performance is five performance objectives: quality, speed, dependability, flexibility and cost.

Detailed explanation-2: -Performance Measurement Framework (PMF) Firstly, strategy development/goal deployment. Secondly, process management. Then, individual performance management. Lastly, review.

Detailed explanation-3: -Argues that there are seven main reasons: the changing nature of work; increasing competition; specific improvement initiatives; national and international quality awards; changing organisational roles; changing external demands; and the power of information technology.

Detailed explanation-4: -The three dimensions can, therefore, be categorised by three “effs”: efficiency, effectiveness and efficacy. When we use financial metrics, they tend to be quantitative by nature, so they are most appropriate as measures of efficiency.