Performance measurement and management (PM&M) poses daunting
challenges to organizations in terms of meeting multiple
stakeholders' objectives. Evaluation of these objectives, and hence
performance is essential for many reasons such as monitoring and
control, diagnosis, improvement, learning and decision-making.
Performance measures as descriptors of performance are the key
tools in this evaluation process. However, the multidimensionality
of performance, the inter-dependencies among performance measures
and the pursuit to manage many dimensions of performance complicate
this process. The uncertainty regarding objectives satisfaction
adds further complexity to the evaluation process. To deal with
these issues, a value-risk based PMS is developed. The proposed
system consists of a conceptual model and a methodological
framework. The former integrates consistently the concepts relevant
to objectives, activities and risks in one framework and
conceptualizing the idea of value and risk based performance
management, while the latter transforms the expectations and fears
of stakeholders into value and risk indicators respectively for
informed decision making.
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