Pgs 1-3 People Flashcards

Balanced Scorecard

Performance management tool that depicts an organization’s overall performance, as measured against goals, lagging indicators, and leading indicators.

Benchmarking

Process by which an organization identifies performance gaps and sets goals for performance improvement by comparing its data, performance levels, and/or processes against those of other organizations.

Environmental Scanning

Process that involves a systematic survey and interpretation of relevant data to identify external opportunities and threats and to assess how these factors affect the organization currently and how they are likely to affect the organization in the future.

KPIs

Quantifiable measures of performance used to gauge progress toward strategic objectives or agreed standards of performance.

Lagging Indicator

Type of metric describing an activity or change in performance that has already occurred.

Leading Indicator

Type of metric describing an activity that can change future performance and predict success in the achievement of strategic goals.

Mission Statement

Concise outline of an organization’s strategy, specifying the activities the organization intends to pursue and the course its management has charted for the future.

Organizational Values

Beliefs and principles defined by an organization to direct and govern its employees’ behavior

PESTLE Analysis

Scanning process that searches for environmental forces in political, economic, social, technological, legal, and environmental categories.

SWOT Analysis

Method for assessment of an organization’s strategic capabilities through use of the environmental scanning process, by which internal and external factors affecting achievement of organizational goals are identified and considered.

Strategic Fit

State in which an organization’s strategy is consistent with its external opportunities and circumstances and its internal structure, resources, and capabilities.

Strategic Mgmt

System of actions that leaders take to drive an organization toward its goals and objectives.