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Management now spreads at any level one may care to account for. From the company’s global destination, to managing each individual’s course, today we can keep track, monitor and have a firm clasp on the processes subsumed to organizational progress.
An important issue in performance management is determining the right price to pay for a service provided by another party. The principle – agent problem arises when one party (agent) agrees to work in favor of another party (principle) in return for some incentives. In other words, the principal–agent problem or agency dilemma concerns the difficulties in motivating one party (the “agent”), to act in the best interests of another (the “principal”) rather than for his own interests.
The Performance Management Architecture System presents the interdependences between the components of a performance management system. It illustrates the processes that take place while implementing a performance management framework within the organization.
The International Integrated Reporting Council (IIRC) is a global coalition concerned with helping companies understand and adopt Integrated Reporting, “a process founded on integrated thinking that results in a periodic integrated report by an organization about value creation over time and related communications regarding aspects of value creation”. Essentially, through this type of reporting, an organization can generate value over time, by adapting its strategy and performance to the external environment.
Dashboards are visual representations of the company’s performance. As an operational tool, it illustrates the most relevant information for decision making. Their core objective is to consolidate on a single screen the most important KPIs, in order to monitor data at a glance.
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