First, think about the operation of a student club, such as a fraternity. Next, review the notes from last week's lecture lecture. What types of performance measurements might be used to evaluate a fraternity? Respond in 15 sentences or more.
First, think about the operation of a student club, such as a fraternity. Next, review the notes from last week's lecture lecture. What types of performance measurements might be used to evaluate a fraternity? Respond in 15 sentences or more.
* Here is the types of performance measurements: Financial, Customer and market, Quality, Time, Flexibility, Innovation and learning, Productivity and operational efficiency, sustainability
Here is descriptions of each performance measurements:
Financial Measures:
• Traditional financial measures
• Revenue including earnings from new goods and
services and growth
•
• Operating profit
• Pretax profit margin
• Asset utilization
• Earnings per share and other liquidity measures
Customer and Market Measures:
organization to:
• Evaluate the customer and stakeholder’s
satisfaction
• Customer-satisfaction measurement system:
Provides a company with customer ratings of
specific goods and service features
- Indicates the relationship between those
ratings and the customer’s likely future buying
behavior
Quality:
• Measures the degree to which the output
of a process meets customer requirements
• Goods quality: Relates to the physical
performance and characteristics of a good
• Service quality: Consistently meeting or
exceeding customer expectations and service
delivery system performance for all service
encounters
Time:
• Speed of doing something
- Processing time
- Queue time
• Variability of the process - Measured by
statistics such as:
- Standard deviation or mean absolute
deviation
Flexibility:
• Ability to adapt quickly and effectively to
changing requirements
• Goods and service design flexibility: Ability to
develop a wide range of customized goods and
services to:
- Meet different or changing customer needs
• Volume flexibility: Ability to respond quickly to
changes in the volume and type of deman
Innovation and Learning:
unique goods and services that:
• Delight customers and create competitive
advantage
• Learning: Creating, acquiring, and
transferring knowledge, and modifying the
behavior of employees in:
• Response to internal and external change
Productivity and Operational Efficiency:
process to the input
• Productivity = Quantity of output/Quantity of
input
• Operational efficiency: Ability to provide
goods and services to customers with
minimum waste and maximum utilization of
resources
Sustainability:
• Triple bottom line (TBL or 3BL):
Measurement of environmental, social, and
economic sustainability
• Environmental sustainability measures
- Energy consumption
- Recycling
- Air emissions
- Solid and hazardous waste rates
- Consumer and workplace safety
- Community relations
- Corporate ethics and governance
• Economic sustainability measures
- Financial audit results
- Regulatory compliance
- Sanctions and fines
- Accomplishment of strategic initiatives
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