Question

Why should managers strive for a balance of history-based, present, and future-oriented metrics of performance?

Answer 1

To accomplish any objective , it is vital to compose a blend of all the elements which could enhance and improve the performance of the organisation . The balance has to be such which caters to the present business scenario , the future course of action and is thoroughly developed by keeping past incidents/history as its core base .

There are benefits to a balanced metric which has been described in brief below. Those are :

A) Effective formulation of policies - Received data becomes crucial resource in development of accurate and appropriate policies for an organisation.

B) Better management of human resource - Metrics facilitates comparison between the desired and the current job performance of an employee and further assists in providing comprehensive feedback to the employee .

C) Dynamic risk management - Accurate evaluation and parameters based upon the prevalent business environment provides superior grip over the fellow competitors and secures all the possible threat producing factors.

D) Eradication of errors - Ontime , constant and robust observation leads to speedy removal of  all the barriers that could impact the performance of an employee in the long-run.