Performance Management and Problem Solving

Flashcards covering various organizational performance management and problem-solving techniques including SWOT, PESTLE, and the Delphi Technique.

Performance Management

Involves creative thinking and finding ways to solve problems within an organization, acknowledging that the consumer is not the problem.

Pros and cons Chart

A decision-making technique done in a table to weigh up alternatives based on the advantages and disadvantages of an option.

Value chain analysis

A concept focused on adding value to the customer; value is tangible in a manufacturing environment but intangible in a service environment.

SWOT analysis

A tool for internal and external environments where Strengths and Weaknesses are under control, while Opportunities and Threats are not.

Decision tree

A visual representation of different outcomes and consequences where questions lead to "Yes" or "No" results.

PESTLE

Factors that have an impact on the business, requiring strategies to overcome challenges or grow through creative solutions and rational interaction.

Delphi Technique

A method to obtain opinions from experts on a topic anonymously and without face-to-face contact, where experts discuss outcomes as equals.

Resource based approach

A method used to determine which resources are of strategic importance to the business and can assist in gaining a competitive advantage.

Balanced Scorecard

A tool that describes key outcomes a business would like to measure to improve results, forcing management to focus on performance issues.