Performance

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Back to Action fields - Corporate futuring

Description

What is performance?

--- Performance

The accomplishment of a given task measured against preset known standards of accuracy, completeness, cost, and speed. In a contract, performance is deemed to be the fulfillment of an obligation, in a manner that releases the performer from all liabilities under the contract.

--- Business Performance Management

A business management approach which looks at the business as a whole instead of on a division level. Business performance management entails reviewing the overall business performance and determining how the business can better reach its goals. This requires the alignment of strategic and operational objectives and the business' set of activities in order to manage performance. Because Business Performance Management seeks to aggregate available information, managers are more informed about the company's position and are able to make better decisions.

Thinking about the concept

A visual thesaurus search is always an excellent starting point to discuss a concept definition:

PERFORMANCE
Thesaurus - ENG
Thesaurus - Synonyms, Antonyms, and Related Words (freethesaurus.com)

Relations of Performance within Corporate futuring (and Organisational futuring)

EGM - Cf - Performance - 3D - ENG.jpg

There exists a close vertical relationship within Corporate futuring:

On the Other focus level, a close relationship exists with:

Corporate futuring and Organisational futuring intertwine, on the Other focus level, through:

In concrete terms, this means:

  • The trio - 'Supporting', 'Performance' and 'Financial management' - is inextricably linked.
  • Your 'Performance' contributes substantially to 'Operational management' and 'Ethical decision making'.
  • To realise your 'Operational management' through 'Performance', you need 'Process management'. Even so, to realise your 'Ethical decision making', you need a 'Learning organisation'.

Questions we can ask ourselves when contemplating our Performance

  • Is our 'Performance' based on 'Supporting' our employees?
  • Is our 'Financial management' in sync with our 'Performance'?
  • Is our 'Performance' robust enough to generate a viable 'Operational management'?
  • Is our 'Performance' keen enough to create financial flows?
  • Or is our 'Performance' a collider or a mediator between Supporting and Financial Management?
  • Or is our 'Performance' a collider or a mediator between our 'Ethical decision making' and our 'Operational management'?

Biases in Project management

Name of Bias Description
Strategic misrepresentation The tendency to deliberately and systematically distort or misstate information for strategic purposes. Aka political bias, strategic bias, or power bias
Optimism bias The tendency to be overly optimistic about the outcome of planned actions, including overestimation of the frequency and size of positive events and underestimation of the frequency and size of negative ones.
Uniqueness bias The tendency to see one’s project as more singular than it actually is.
Planning fallacy The tendency to underestimate costs, schedule, and risk and overestimate benefits and opportunities
Overconfidence bias The tendency to have excessive confidence in one’s own answers to questions
Hindsight bias The tendency to see past events as being predictable at the time those events happened. Also known as the I-knew-it-all-along effect.
Availability bias The tendency to overestimate the likelihood of events with greater ease of retrieval (availability) in memory.
Base rate fallacy The tendency to ignore generic base rate information and focus on specific information pertaining to a certain case or small sample
Anchoring The tendency to rely too heavily, or “anchor,” on one trait or piece of information when making decisions, typically the first piece of information acquired on the relevant subject.
Escalation of commitment The tendency to justify increased investment in a decision, based on the cumulative prior investment, despite new evidence suggesting the decision may be wrong. Also known as the sunk cost fallacy.
Source
Top Ten Behavioral Biases in Project Management: An Overview - Bent Flyvbjerg - Project Management Journal 2021, Vol. 52(6) 531–546

Performance indicators

Relative Targets

--- “This work is derived from Relative Targets, an open source, free social technology by Niels Pflaeging, published under the CC-BY-SA-4.0 license from Creative Commons, and found here: www.redforty2.com/relativetargets."

Niels Pflaeging - Relative targets 2022.jpg
Link
The Relative Targets concept overview

Key PROCESS indicators

Process indicators refer to indicators to measure whether planned activities took place. Examples include, distribution, development, testing, etc.

Key Performance Indicators

KPI overview 2022.jpg