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Compare and contrast at least three performance measurements. Discuss the importance of performance measurement within a project

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The expert compares and contrasts at least three different performance measurements. The importance of performance measurement within a project are discussed.

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Performance Measurement

Performance measurement is a continuous program for supervising and controlling the progress of a project to compare it with the pre-established goals. Performance measure covers the type of program activities, output of products and services supplied by the program and the outcomes of those product and services (United States General Accounting Office, 1998). Performance measurement includes many elements such as requirement of change in a project, extent of change, persons accountable for change and time required for changes. It is an indicator to measure the performance of a project whether its objectives are as per the pre-established levels (Roberts, 1994).
The selection of performance measure depends on the management of a company. Its strategies and type of businesses are also important in the selection of performance measures. The management of an organization considers several factors in the process of selecting an appropriate performance measure. Sometimes, the companies consider various dimensions of performance measurement. For example, many companies develop their accounting system in order to balance different measures of performance (Roberts, 1994).
The process of performance measurement covers entire management system that includes observing the work product of service in accordance with the customers' requirements. Along with this, it deals with optimizing the process by increasing the efficiency and effectiveness of the process. Performance measurement enables the management to improve the work progress by implementing new techniques (Shaw, 1999).
The categorization of various performance measures is done on the basis of their dimensions. These dimensions are optimum resource utilization, financial performance and quality of services, innovation, ...

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