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In my previous update, I discussed the concept of taxonomy and outlined the structure of a Performance Management taxonomy. A subset of Performance Management is Performance Measurement and thus a separate taxonomy is required to illustrate its key elements.
Taxonomy is a knowledge management tool used to provide structure to unstructured information. It is about categorizing individual elements into groups, categories or hierarchies based on common elements. The purpose of developing taxonomies is to enable findability and facilitate the identification of patterns. An example of taxonomy is the grouping of organisms in an ordered hierarchy that indicates natural relationships.
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