Review on Performance Measurement Systems

Abstract

Performance Measurement System (PMS) is an important system in the purpose of improving the organization performance. PMS create a very significant connection between organizations due to measurement in the organization system directly related to the organization strategy. A well develop and implementation of comprehensive PMS helps the organization to develop and improvise the business environment thus improve better decision making process. Therefore, there is multi comprehensive approaches of PMS has been applied in both quantitative and qualitative are significant to measure, predict and evaluate on current and future organization performance. The adoption of different models has had on various dimensions and measure give the difference result of organization performance. Therefore, this paper discuss on the different PMSs which have been developed to be used in companies. As one of the first comprehensive attempts in the performance management area, in this article almost all popular PMSs have been reviewed. Many of company managers have their own preferable performance management, but the least number of them is aware of different available PSMs. However, this paper found some of most favorable PMSs developed for adaptation by the organization recently; and concludes with a need for a comprehensive model.

DOI: 10.5901/mjss.2016.v7n1p123