Introduction

Performance management is a strategy for measurement that progressive companies use to gather information about their external and internal performance. The approach is critical in explaining to the stakeholders how the company performs concerning its goals and mission. Gray, Micheli, and Pavlov (2014) point out that stories of success have to do with the firm gaining a deeper understanding of their external and internal settings; institutions sparking off greater learning within the organizations, senior management making informed decisions, and finally, the organization hitting greater overheads and meeting expectations of stakeholders. In summary, the authors highlight that the knowledge gained via business dynamics informs better decisions in business.

To execute a company's vision and values, it needs to adopt performance management. In other words, it is critical to assess whether the company is achieving its targets, whether the customers are satisfied, and whether there is a segment that requires revision. Performance management is, thus, about whether there is an improvement (Cokins, 2009). The improvement is two-way in that it synchronizes such improvement towards customers and from customers to enhance returns for the owners. Business intelligence is anchored on business improvement.

Performance management delves into how easily a business can be operated. Owing to the nature of the global marketplace today, businesses need to react to the demands of customers faster. It is irrelevant if a business is non-profit or proprietary; they must all operate with greater efficiency now than ever before. The marketplace today is highly dynamic, and a business must constantly adjust. One of the primary measures that a business must take is to ensure they adopt the most effective strategies, hence staying ahead of the pack. According to Hrebiniak (2013), the main issue with modern business is that matters change overnight. The topics of today are not even the history of tomorrow. They become archaic. In other words, the business opportunities of today have no limit. Thus, if there is no strategy, one is unlikely to remain relevant and profitable. Performance management models are KPIs that enhance the health of organizations. Marr (2012), KPIs, are the critical navigation tools that managers use to determine whether their business is on a successful train or whether it is going off the lane. According to Marr (2012), there should be several measurements to cross-examine to determine how accurate the information analyzed is. The tools employed to do the analyses are as outlined below: a balanced scorecard, a prism of performance, Tableau de Bord, quantum performance management, and the European Foundation for Quality Management ( EFQM) Excellence Model. The point in choosing the models compared to other KPIs is that they are reliable and consistent measurement approaches.

The methodology...

Five performance models are investigated, i.e., the Balanced Scorecard, the Quantum Performance Model, the Performance Prism, Business Analytics, and Tableau de Bord. The models will be compared on their characteristics, how they apply in a real business scenario, values, and non-values. To analyze available data on performance management, the qualitative approach will be applied. The approach will be necessary to extract information that is expressive on what motivates adopting some models (Glesne, 1999). The approach will facilitate an evaluation of a deep understanding of performance management models and how they are applied in the real world. Qualitative analysis will focus on the answers to how and why of the models of presentation. There will be a detailed examination of a range of performance models. There will be a review of the data relating to the models of performance available. The aim will be to...…is applied in this study. The approach will help to extract detailed information regarding the motivations that drive the use of some models. There should be an evaluation of performance management models before they are used in the practical business world. Investigation of the various performance management models should be done. Data available on the various performance management models should also be reviewed. The available information is compared based on strengths and weaknesses.

The review reveals that the context in which performance management is applied is evolving. The selected methods towards using performance management to resolve the hardships of the traditional models are also changing fast. Thus, the most consistent approach in performance management and achievement measurement is the BSC. It comprises a system for gauging and measuring achievements. Business outfits apply the model in clarifying their goals, defining objectives of performance, and to communicate the strategies that have been selected. The BSC is an approach that incorporates the strategies of a company in its assumptions. BSC primarily focuses on financial outcomes. The model inclines towards customers and the owners of the business. It fails to consider other stakeholders, though. The model provides a view of the company holistically and recognizes the relationships of cause and effect between the main factors of success and the objectives set. The authors of the model have insisted that the model aims to improve learning and the processes used. The authors also reveal the link between the model and intellectual capital. Thus, based on the evaluation criteria, there is no ideal performance measurement tool. None of the models have met all the criteria set (Elmgasbi, 2019).

I now request to be approved to proceed with this project to create my performance management model. When allowed to run the project, I will be able to make it practical…