Managing Performance in Turbulent Times: Analytics and Insight Hardcover – Dec 6 2011
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From the Inside Flap
Managing Performance in Turbulent Times
Analytics and Insight
Clear yet comprehensive, Managing Performance in Turbulent Times eliminates complex jargon and reveals what it takes to be an effective, modern-day manager. Offering expert know-how, this timely book equips you to map your future progress to help your business perform, even under the most difficult conditions. Keeping three ideas in mind—leveraging the tools that are working, simplifying the model, and making the content readable for managers—this book makes the management process much easier to maneuver and maintain.
Streamlining the process of executing on strategy to bring tangible results to any organization, Managing Performance in Turbulent Times looks at:
The importance of adaptability to changein today's business environment
The emergence of turbulence today
The environmental turbulence facing organizational systems
A streamlined execution process to improve business results
The tools and techniques emerging to help your business not only endure, but thrive, in turbulence
Highlighting a completely new approach to performance management, the authors introduce their unique PM4TE model, specifically engineered for use in turbulent settings where simplicity, speed, and adaptability are at a premium. Coupling the best ideas in performance measurement with the challenges of turbulent environments, the PM4TE model is an effective complement to your existing performance management initiatives.
Tried-and-true performance management approaches and management responses now have limited efficacy. Together with a companion website offering tools, checklists, and templates, this essential resource illuminates the key points necessary for your management success. An indispensable tool for managers interested in taking any business to new heights, Managing Performance in Turbulent Times explains how you can get a leg up on the competition and advance your organization.
From the Back Cover
Simplify strategy and get tangible results Managing Performance in Turbulent Times
"In a business environment in which variability and change are the new norms, traditional static business models and performance measurement systems are no longer adequate. Barrows and Neely provide a comprehensive, proven process for measuring and managing performance in turbulent environments that moves beyond existing performance measurement frameworks to encompass the dynamic management of the entire business execution cycle."
—Christopher D. Ittner, Ernst & Young Professor of Accounting, The Wharton School, University of Pennsylvania
"Performance management in a high-tech company is an ongoing battle of trying to stay ahead of tomorrow's market while delivering today's results. The PM4TE process ensures the right focus is maintained on the critical aspects of performance management that enable successful execution of both."
—Rick Reidy, Chief Executive Officer, Progress Software
"Managing Performance in Turbulent Times provides the right approaches to improve the way strategies are modeled, projects are managed, progress is monitored, and decisions are made in today's dynamic and uncertain environment. The approaches are highly adaptable and can be applied in any organization to get rapid results."
—Dr. Mark L. Frigo, PhD, CPA, CMA; Distinguished Professor of Strategy and Leadership; Director, Strategic Risk Management Lab, Kellstadt Graduate School of Business, DePaul University; and author of Driven: Business Strategy, Human Actions, and the Creation of Wealth
"We use the PM4TE process at Hubbell Lighting to focus our management team's attention on the critical objectives, performance metrics, and projects that drive our business. In an industry environment where the speed of change is increasing rapidly and competition is globally intense, we've been able to successfully adapt our organization and deliver valuable results."
—Scott H. Muse, President, Hubbell Lighting
Most Helpful Customer Reviews on Amazon.com (beta)
Dean R. Spitzer, Ph.D., Author, "Transforming Performance Measurement: Rethinking the Way We Measure and Drive Organizational Success"
Managing performance recogngizes and empahasizes the concept of agility - the ability of a business or organization to adapt rapidly and cost efficiently in response to changes in the social, politiacal, economic, and competitive dimensions of its environment. Agility is a concept that incorporates the ideas, attributes, and abilities of flexibility, balance, adaptability, alignment, collaboration and coordination under one all encompassing umbrella of performance management and execution management. In this book, Barrows and Neely present and develop their perforance management system for turulent environments - PM4TE, a process which is comprised of three distinct, but interrelated components: the Performance Management cycle, the Execution Management cycle, and the Model Enablers. At its core, PM4TE is oriented on four key processes, including: Model Performance, Manage Projects, Measure Progress, and Make Decisions. The book walks the reader through each of these four process elements - from concepts to value creation and from practice, techinques, and tools to execution and results. In additon, Barrows and Neely identify foundational enablers of their model - Strategic Intelligence, Continuous Conversation, Accelerated Learning, Organizational Alignment, and Engaged Leadership. Finally, the PM4TE goes beyond theory, management principles and concepts. More importantly, PM4TE is translated into an actionable, results-driven management system that offers and detials specific details of what to do and how to do it well. Agility typically refers to the ability of an organization to rapidly adapt to market and environmental changes in productive and cost-effective ways that ultimately improves and maximizes enterprise performance. The success of an agile enterprise - reflected principally by its perforance is a result of PM4TE applied.
PM4TE is made up of 3 components: 1) the performance management cycle, 2) the execution management cycle, and 3) model enablers. In the performance management cycle, organizations model their desired performance and formulate or update their critical performance objectives, analyzing how they work together to drive organizational performance. They then focus on the key initiatives intended to drive progress in key objective areas and the measurements that an organization must put in place to track a manageable set of initiatives as well as performance objective achievement. Armed with this information, executives can then make course corrections or reset objectives as necessary. In the execution cycle, which is really a cycle within a cycle, key initiatives are implemented and managed in such a way as to achieve desired performance. The pace of these implementations must keep pace with the rate of change in the external business environment. In keeping with their principle, "use the best of the best." The PM4TE process builds upon elements of other models that reflect best practices in the field today.
The third component of the process consists of model enablers, elements that must be present for the PM4TE process to function correctly. These elements include strategic intelligence, continuous conversations, accelerated learning, organizational alignment and engaged leadership. The majority of the second half of the book is devoted primarily to these enablers that must be present for the model to yield desired results. This section is extremely helpful and will likely be the chapters of greatest interest to C-level executives, since they will be key to ensuring that the enablers are in place and that the implementation of the model is successful.
The visual model used to illustrate the process is simple and straight forward and could easily be incorporated into organizational communications that all employees could understand. As organizations begin to implement the process, they must choose a performance model such as a Success Map (Neely), Strategy Map (Kaplan and Norton), or Enterprise Value Map (Deloitte Consulting), to begin modeling desired performance, developing linked performance objectives and creating a shared understanding of the issues facing the organization. The authors stress that continuous messaging to employees is necessary to achieve understanding and buy-in.
Each chapter addresses a step in the process, providing statistics, useful tools and templates, critical success factors and lessons learned based on actual case studies of companies dealing with performance issues under turbulent conditions. The authors additionally provide an overview of useful frameworks for measuring progress, reviewing strategy, problem solving, decision-making and building critical skills.
All in all, this book is a wealth of information and guidance for any organization that is committed to improving its performance regardless of the business climate.
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