Best Practices in Planning and Performance Management Radically Rethinking Management for a Volatile World

by Axson, David A. J.

• ISBN13: 9780470539798
• ISBN10: 0470539798
• Edition: 3rd
• Format: Hardcover
• Copyright: 2010-08-02
• Publisher: Wiley

Summary

A practical framework for effectively managing performance in today's complex, competitive and risky global marketsThe Third Edition provides a complete framework for building best practice management processes for today's complex and uncertain world. Fully updated to reflect the events of the global economic crisis, this book provides further practical examples of companies that are successfully using the practices identified. Updated for the implications of the global economic crisis on management practices Completely rewritten section on "What it Takes To Be An Effective Manager In An Uncertain World Added examples and mini case studies throughout the book from companies such as Qualcomm, IBM, Dominos, Target, Toshiba and Facebook Establishes new benchmarks for performance management process and practice Fully updated to include recent events, new learnings, technologies and emerging best practicesThis book includes serious rethinking of the way companies plan and manage performance-from the role of accounting to the skills needed to be an effective manager-including new technologies, techniques and real time management processes.

Author Biography

David Axson offers a must-read for anyone looking for a complete framework for building best practice management processes in today's complex and uncertain world.

Table of Contents

Preface to the First Edition	p. xi
Preface to the Third Edition	p. xiii
Acknowledgments	p. xv
Introduction	p. 1
Why Performance Management Matters
Traditional Management Processes Are Obsolete	p. 5
Better-Informed Customers	p. 6
Changing Market and Business Models	p. 7
Structural Change in the Economics of Business	p. 10
Globalization	p. 13
Regulatory Revolution	p. 13
Growth through Acquisition as the Normal Course of Business	p. 15
Redefining Asset Values	p. 16
Changing Delivery Channels	p. 17
Compressed Cycle Times	p. 17
Vast New Information Sources	p. 18
Technology and Systems	p. 19
Need for a Burning Platform	p. 22
What Is Performance Management?	p. 24
Defining Performance Management	p. 24
Best Practices Defined	p. 27
Types of Best Practice	p. 31
Applying Best Practices	p. 32
Best Practice Adoption Is Now a Necessity	p. 34
Sizing the Opportunities	p. 38
Beyond Benchmarking	p. 38
Defining the Right Metrics	p. 39
Conclusion	p. 57
Best Practices
Using Best Practices to Drive Change	p. 61
A Brief History	p. 61
From Battlefield to Boardroom	p. 63
Components of a Best Practice Framework	p. 65
Best Practice Recipe	p. 65
Selecting the Right Best Practices	p. 65
Golden Rule of Best Practice Application	p. 68
Time to Sacrifice a Few Sacred Cows	p. 69
No Silver Bullets	p. 73
Strategic Planning: Ideas That Drive Results	p. 74
Defining Strategy	p. 76
Typical Process	p. 77
Strategic Planning Best Practices	p. 79
Communicate, Communicate, Communicate	p. 92
Strategic Planning Is a Collaborative Process	p. 93
CEO as Chief Strategist	p. 93
Hard Side of Strategy	p. 94
Acid Test	p. 106
Lessons for a Volatile World	p. 106
Best Practice Summary	p. 106
Tactical and Financial Planning: Translating Strategy into Action	p. 109
Defining Tactical and Financial Planning	p. 109
Typical Process	p. 110
Tactical Planning Best Practices	p. 111
Financial Planning Best Practices	p. 126
Lessons for a Volatile World	p. 137
Best Practice Summary	p. 138
Management Reporting: From Information to Insight	p. 140
Typical Process	p. 143
Management Reporting Best Practices	p. 145
Putting It All Together	p. 166
Lessons for a Volatile World	p. 168
Best Practice Summary	p. 168
Forecasting: Pass the Crystal Ball	p. 171
Typical Process	p. 172
Forecasting Best Practices	p. 173
Understand Variability	p. 192
Lessons for a Volatile World	p. 193
Best Practice Summary	p. 194
Risk Management: Place Your Bets	p. 196
No Excuses	p. 197
Global Interdependence	p. 198
Developing an Effective Business Risk Management Capability	p. 204
Risk Mitigation Techniques	p. 217
Lessons for a Volatile World	p. 219
Technology: Panacea or Pain?	p. 221
Evolution of Information Technology in Business	p. 222
Why the Time for Convergence Is Right	p. 224
Applying Technology to Performance Management-Dawn of the Digital Manager	p. 224
Best Practices for Leveraging Technology	p. 229
Lessons for a Volatile World	p. 240
Best Practice Summary	p. 241
Moving From Data to Decisions
Implementing Best Practices	p. 245
Getting Started	p. 245
Moving to Implementation	p. 247
Understand the Overall Strategic Goals and Objectives	p. 248
Define the Critical Success Factors and Drivers	p. 249
Define the Appropriate Performance Measures	p. 251
Link Measures to the Overall Strategy	p. 253
Define the Reporting Dimensions	p. 253
Detail and Source the Performance Measures	p. 253
Design the User Experience	p. 255
Design and Build the Reporting Process	p. 256
Integrate the Reporting and Planning Processes-Align Incentives	p. 256
Develop the Required Skills	p. 257
Implementation Secrets	p. 259
Learn from the Mistakes of Others	p. 259
Effect Change and Then Sustain It	p. 261
It's about Commitment and Execution	p. 273
Managing in an Uncertain World	p. 274
Leadership Qualities	p. 275
Don't Underestimate the Impact of Leaders	p. 281
Looking to the Future	p. 283
Fast, Flawless Execution Will Be the Distinguishing Characteristic of World-Class Companies	p. 283
Global Accounting and Reporting Standards Will Become a Reality	p. 285
The Focus Will Shift from Buying Technology to Using It	p. 286
The Annual Budget Will Die-and Few Tears Will Be Shed	p. 287
Finance Executives Will Require New Skills or New Jobs	p. 288
Final Thoughts	p. 288
About the Author	p. 291
Index	p. 293
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