Performance management is a crucial part to any type of organization and in every project. Performance management measures how effectively the project team is fulfilling the expectations and tasks that are assigned to them. A project leader can monitor performance within a project team in several ways. Each performance management method has its advantages and disadvantages. It is up to the team leader to decide which performance method will work best with the project. This paper discusses different types of performance measures and discusses the similarities and differences between them.
Every project team has to deal with the triple constraints: time and budget constraints and project specifications. When a problem happens in any of these constraints, the project could be in jeopardy of becoming a failure. Finding the source of the problem of issue the project is facing is important. Having a proper performance measure in place can help in solving any problems or justifying changes that need to take place in order to keep moving forward with the project.
Performance measures such as an employee evaluation/assessment can inform both the team member and the team leader where there are needs for improvements and where they are excelling in their role. Evaluations should be help quarterly depending on the responsibilities of the team member. The evaluation has many advantages such as letting the employee know where he or she needs to make improvement until the next assessment as well as keeping track of any training that is needed to move up the career ladder.
Within the pharmaceutical industry, assessments and evaluations are conducted twice a year. After each review, an employee is rated on a scale depending on what accomplishments and goals were met. If the employee is rated a three, four or five, he or she is given an...