Measuring Performance and Benchmarking †Free Samples to Samples

Question: Discuss about the Measuring Performance and Benchmarking. Answer: Introduction: The term analysis of the cost efficient is an alternative which is used in order to conduct a cost benefit analysis. This is the method which compares all of the relative costs to the outcomes and the effects when there are two or more than two courses of action (Better evaluation, 2017). The term cost effectiveness comprises of the two terms effectiveness and efficiency. This shows the relationship between inputs, outputs and outcomes. There are many of the strategic outcomes along with the impacts which are most important. When these are measured along with the cost effectiveness of the outputs, then the impact would be the measurements which would equip the management with a better picture of the performance of the company. This is the impact which measures in the gauge which shows an increased direct effect of the various activities and the services of a company. The cost effectiveness is all about the relationship which exists between the investments, which is the input of the dollars and the resources which is the results or the impact or the outcomes that has been achieved. There are many of the companies that carry out an internal assessment of the cost effectiveness in order to make the decisions, allocate the internal budgets and also develop the initiatives connected with the improvement in the performance. Thor which ere could be some of the examples that may be included in the annual reports, in the statement of intent or the forecasting of SSPs (OAG, 2017). The main components of an effective system of performance measurement is the defining of the clear, actionable and the measurable goals that would originate from the overall objectives of the company and its alignment with the management and the program levels. Further, the various performance measures could also help in measurement of the way in which the well mission, management, program goals have bene met. Further, there must be an establishment of the baselines form which the progress could be attained of the goals that could be measured. There should also be an accurate, repeatable and a verifiable data. There must also be a feedback system for supporting a continuous improvement of the various process, practices and the results of the organisation. This would help in improvement of the cost effectiveness and also would help in performance measurement (NAP, 2017). References: Anon, (2017).Measuring Performance and Benchmarking Project Management at the Department of Energy. [online] Available at: https://www.nap.edu/read/11344/chapter/4 [Accessed 28 Aug. 2017]. Betterevaluation.org. (2017).Cost Effectiveness Analysis | Better Evaluation. [online] Available at: https://www.betterevaluation.org/en/evaluation-options/CostEffectivenessAnalysis [Accessed 28 Aug. 2017]. Oag.govt.nz. (2017).Part 4: Measuring and reporting impacts, outcomes, and cost-effectiveness Office of the Auditor-General New Zealand. [online] Available at: https://www.oag.govt.nz/2011/improving-annual-reports/part4.htm [Accessed 28 Aug. 2017].