Performance measurement:
Is aims to establish how well something or somebody is doing in relation yo a plan.The body may be an individual,a manager,or a team.The thing may be a machine,a factory,a subsidiary as a company or an organiztion as a whole.
It is a vital part of the control process.
Performance measures:
1:Measurement need resources (people,equipment and time to collect and analyse information).
2:Measures must be relevant.
3:Performance must be measured in relation to something,otherwise measurement is meaningless.
4:Measures should be fair.
5:Realistic estimates may be required for measures to be employed.
6:A variety of measures should be use.
7:Short term and long term achievement should be measured.
8:Measures need response.Managers will only response to those measures that which they find best or usefull for an organization.
Once best and suitable performance measures have been selected they must be monitored on a regular basis to verify or ensure that they are providing best or usefull information.