Performance Management Essay Example | Topics and Well Written Essays - 2500 words

accomplishment Management - Essay ExampleFurthermore, it is often considered as the process where various resources of the face or all particular department are utilised efficiently in order to successfully attain the full(a) objectives of the organisation (Patterson & et. al., 2003). It has been noted from the provided case that Gearflex Co, a retail chain that deals with car accessories has grown to become the market leader in this particular sector in the recent prison terms. However, it is believed that this leap of the company is relatively imputable to its effective decision making ability regarding the domain of performance management. One such decision whoremonger be attributed with the cost of the company to implement Beyond Budgeting posture in its operational activities. It is promote observed that the operational director of the company is largely responsible for this change initiation related to the organisational strategy. This aspect has further influenced t he management of the company to select the operational director to deliver a presentation in a particular conference that has the participation of managers from various retail sector of the world. Aim of the Report Contextually, the aim of this notify presentation will be to demonstrate the scenarios which has influenced the operational department of Gearflex Co to select Beyond Budgeting model for their operation. These factors will include the potential problems associated with conventional budgeting proficiencys including several behavioural aspects as well as the benefits the organisation has gained by shifting to Beyond Budgeting model. Problems and Weaknesses in Traditional Budgeting Approach over the years various forms of budgeting technique has been implemented by organisations in their operational purposes. Among those, the line-item budgeting or traditional budgeting is quite commonly applied budgeting model. This casing of budgeting was devised with the intention to deal with the rising issues of organisational setting including the area of purchasing, bidding, accounting as well as auditing among others. Over the years, this approach was seen to be extensively employed in organisational operation as a full time budgeting tool delivering potentially noteworthy results for the overall business. However, with the emergence of contemporary business environment, companies has started to realize the need of renewal traditional budgeting approach with a more flexible and efficient model. This is due to certain problems and weaknesses associated with traditional budgeting approach which are being highlighted subsequently (Cheong, 2013). There are several potential problems association with the aspect of traditional budgeting. First is the factor of time. Notably, traditional budgeting consumes a lot of time in its execution. Reportedly, companies in most of the scenarios shit more than six months to execute traditional budgeting. This aspect hampers the efficiency of organisational operation. Furthermore, it has also been analysed that since traditional budgeting takes longer era in its completion, organisations are also required to provide resources for a longer basis which further increase the cost of the company concerning