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. Secondly, 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 has an in-Module assessment in the form of a presentation to three company representatives who agree on marks out of 15. This integrates learning and the data obtained as part of in-work learning. It 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.
Upon successful completion participants will be able to:
- Calculate and error-check by review, both manually and using Microsoft Excel various financial items (NPV, IRR, ARR, margins, profits etc) from different and novel datasets
- Critically evaluate the effectiveness of indicators using the principles of the course and develop improvements to given indicators. This includes the deconstruction of extant indicators and derivation of their alignment with Corporate Goals and Strategy through every reporting level in the entity.
- Design and defend an effective Business Case, integrating information and concepts from other modules into particular situations to produce a viable and professional document, integrate different types of data into business models of assessment, hypothesise the effect of changing controls, indicators, rewards systems etc on a given situation.
- Apply suitable benchmarking techniques
- Network and enhance understanding of internal & external better practice by creating a shared record of their knowledge and experience of these issues.
- Financial Management and Control, including design and failure points
- Performance Measures and critical success factors, their design, coherence and integration
- Financial Models and Modelling using Excel and manual methods
- Business Case (Strategic fit, Options appraisal, Commercial aspects, Achievability and Affordability)
- Diagnosis and evaluation of areas for improvement
- In module assessment, 15% weighting
- 4,500 word post module assessment, 85% weighting
1 week. 20 hours of lectures and 20 hours of seminars