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Additional info for ACCA P5 Advanced Performance Management: Study Text
However, as well as thinking about the characteristics of each level in its own right, it is important to think how the different levels are interlinked – most importantly, through the way in which an organisation's operational performance helps it achieve its strategic goals. This idea is also very important in relation to performance measurement, and is emphasised by the performance pyramid which we will look at in Chapter 13 later in this Study Text. com At strategic and operational levels, planning and control differ in terms of the nature of feedback (double loop vs single loop), orientation (future vs present) and scope (organisation as a whole vs limited set of processes within it).
The central premise of performance management is to improve an organisation's performance. Performance management systems are plans, with set guidelines and targets, to help organisations measure how efficiently goals are being met, and identify areas where performance can be improved. Performance management systems can also be linked to reward programmes, such that employees are rewarded for helping an organisation to reach its goals (for example through profit-related pay schemes). Historically, performance management has tended to focus on either people management (eg performance appraisals) or performance monitoring (eg reporting on key performance indicators).
2 Differentiation A differentiation strategy seeks to earn competitive advantage through the particular characteristics of a firm's products or service which offer greater value to customers than competitors' products or services. Performance management will still need to consider cost issues but it will also need to look at the way the firm creates value through the effective use of resources and through innovation. com Many firms seek to differentiate their products through focusing on quality.