Answer 2 for HCA 620 Explain why measuring performance is important in business operations

According to Siddiqui (2015), performance measurement is the process of collecting, analyzing and reporting information regarding the performance of an individual, group, organization, system or component. Performance measurement system for businesses/organizations is to make them lean by improving performances within a business/organization. It is important for businesses/organizations to measure performance and manage their performance to be successful and keep a competitive edge over their competition. Improving performance within businesses/organizations will also increases productivity of a business by reducing the cost/resources it takes to provide the service.

Businesses/organizations measures the performance on both the corporate or individual employee level, and it requires different performance measuring tools. The performance measurement tool that is not related to my CLC business plan is 360-degree feedback performance measurement. The 360-feedback performance measurement is used to provides individuals within the business/organization a full assessment of their performance based on the views of their peers, including their supervisor or manager, direct reports, peers, customers, and suppliers (Marr, 2019). The result of the 360-degree feedback is used to set individualized professional development goals for staff. The 360-degree feedback won’t work for my CLC Business Plan because it will not correctly measure the cost effectiveness of building an Ambulatory Service Center.

References:

Marr, B. (2019). Key Tools and Techniques for Performance Management. Retrieved from https://www.bernardmarr.com/default.asp?contentID=772

Siddiqui, F. (April 7, 2015) Why is performance measurement important to the success of businesses? Retrieved from

https://www.linkedin.com/pulse/why-performance-measurement-important-success-fareed/