Compare and contrast at least three performance measurements. Be sure to discuss the importance of performance measurement within a project.
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//Before writing about the performance measures selected for the study, we have to first understand the 'Performance Measurement Technique' and its importance within a project. It will assist in determining the performance of a particular project. Along with this, the selection criteria of the performance measures will also be discussed. The different categorization of the performance measures on the basis of different dimensions will be made comprehensible by the discussion.//
Performance measurement is a technique which is centered on the control of a project. This is used as an indicator to determine the performance of a particular project, whether its objectives are measured up to the level or not (Shaw, 1999). Performance measurements have several components like changes in a project, required level of changes in a project, people responsible for the required changes, and appropriate time to make those changes.
The selection of performance measures depends on the type of project and the business of the company. This selection also includes the strategies of the company. In the selection of an appropriate performance measure, the company takes care of some specific considerations. The main consideration is about the overlapping of different dimensions of performance measurements. Most of the companies organize their accounting systems in a way so that they are able to balance the different measures of performance.
Different performance measures can be categorized in different categories on the basis of some dimensions. These dimensions include the financial performance of the project, competitive advantage, quality of services offered by the project, new innovations, proper utilization of resources, and flexibility of operations. There are various ...