Performance Management is one of the most important aspects of Operational Excellence. It encompasses a set of activities that ensure the business objectives are met in an effective and efficient manner. Process management program is an assessment where the performance of the organisation, department, or an employee is reviewed in accordance to the goal provided.
Performance management for business is defined as a “strategic and integrated approach to increase the effectiveness of companies by improving the performance of the people who work in them and by developing the capabilities of teams and individual contributors.”
It is a process to monitor and measure the performance of the respective individual or department in order to compare and understand whether or not it is going in accordance to the pre-defined goals. It aims to identify the gap, provide a solution and eventually improve efficiency, productivity, and profitability.