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Performance Evaluation and Control

Introduction

The overall aims are first to introduce the concept and critically discuss the nature of performance measurement in order to enable the development of measures that successfully attained will ensure optimal delivery of manufacturing accountabilities defined by the company strategy. Second, to discuss and critically evaluate the nature and form that these measures may take e.g., financial, behavioural, strategic and operations, and how they can be derived, improved and used to drive performance and influence behaviour. Finally the aim is to provide a framework for the deriving a business case for the evaluation of alternative means of achieving these accountabilities, and to review techniques for evaluating current accountabilities to identify opportunities for improvement.

A Business Case exercise builds throughout the module by giving the participants the opportunity to apply the learning objectives from each session to a developing case study scenario. This enables them to understand the relevance of these approaches, both to their current roles and to the wider linkage between improving operational performance and the strategic development of the company.

The module is followed by an assessed assignment whereby the participants are required to demonstrate the achievement of specific learning outcomes. This requires the participants to apply the knowledge and techniques acquired during the module to a specific problem or issue in the workplace.

The module will contribute directly to equipping the participants with the skills and knowledge necessary to lead within a process based company.

Objectives

On completion of this module participants are able to:

  1. Critically evaluate the potential from a range of tools and techniques to improve utilisation of resources and assets.
  2. Critically discuss the requirements of an effective Business Case.
  3. Critically analyse the advantages provided by modelling – Financial, business and other.
  4. Understand and critically discuss the principles of performance measurement, evaluation and control and gain insights into their relevance and benefits for their company's business strategy, activities and operations management performance.
  5. Demonstrate effective local application of the above principles, in an area that aligns with their personal targets, in order to provide real business benefit.
  6. Apply appropriately an approach to designing an appropriate balanced business case capable of identifying appropriate business opportunities in the most appropriate manner.
  7. Identify, select and apply appropriately relevant tools and techniques to design and implement a relevant performance measurement system and construct a business case.
  8. Critically evaluate how building a well argued and substantiated business case might be applied in different sectors, processes and levels within the enterprise.
  9. Network and enhance understanding of internal & external better practice by creating a shared record of their knowledge and experience of these issues.
  10. In addition, the module is designed to further develop the participants’ key transferable skills and generic-academic capabilities in the following areas:
  • Verbal communication skills;
  • Ability to learn;
  • Written communication skills;
  • Ability for critical evaluation and analysis.

Contents

  • Review of Financial Management and Control.
  • Performance measures and critical success factors.
  • Company Performance measures.
  • Models and Modelling (Financial, Complexity and Capacity perspectives).
  • Benchmarking.
  • Business Case (Strategic fit, Options appraisal, Commercial aspects, Achievability and Affordability).
  • Diagnosis and evaluation of areas for improvement.

Assignment: 6,000 words