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the act of quantifying the performance criteria of organizational units, goods and services, processes, people, and other business activities , "scorecard" of performance
Types of performance measurements
financial, customer / market, quality, time, flexibility, innovation/learning, sustainability (triple bottom line)
customer ratings of a specific good and service feature and indicates the relationship between those ratings and customer's willingness to buy in the future
quantitative modeling of cause & effect relationship between external and internal performance criteria
Value of a loyal customer
quantifies the total revenue or profit each target market customer generates over the buyer's lifetime (vlc=PCMRF*BLC)
Models of organizational performance
Baldridge, balanced scoreboard, value chain model, service-profit chain model
Malcolm Baldridge National Quality Award Framework
meant to improve quality, productivity and competitiveness based on 7 criteria (leadership, strategic planning, customer focus, measurement, workforce focus, operation focus, results)
Kaplan and Norton , translate strategy into measures that uniquely communicate your vision to the organization 4 perspectives (financial, customer perspective, innovation and learning, internal perspective)
most dominant model of performance measuring, helps to reduce total flow time and inventories (time customer expresses needs to when they pay for the product/service), synchronized network of processes and resources
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