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Editor's Note The purpose of this article is to provide a basic understanding of performance measurement and control systems as a tool for defining, measuring, and tracking mission-critical performance metrics.In subsequent articles we will discuss the many problems associated with determining what to measure and how to measure it....Full Article »
"Concentration is the key to economic results… Economic results require managers concentrate their efforts on the smallest number of products, product lines, services, customers, markets, distributive channels, end-uses, and so on, that will produce the largest amount of revenue." —Peter F. DruckerEditor's Note:To dominate you have to...Full Article »
It's a classic problem. Most senior-level executives have, at one time or another, been forced to decide whether or not to abandon a venture or project which seemed so promising when first proposed.The story is almost always the same. A new venture successfully launches a new product. It grows fast with respect to sales and profits, which...Full Article »
Editor's Note:The concept of opposites is well-known to historians, fiction writers, and savvy marketers.Apparently, it's not well-known to many best described as “long on schooling but short on education.” Said Harvard's Ted Levitt: “The prevalence of competing opposites is a persistent theme in the history of mankind; Othello...Full Article »
The unexpected success is usually treated as a nuisance. Nobody is looking for it; nobody wants to be bothered by it; nobody is assigned to seriously look at the possibilities of exploiting the unexpected success. A simple (but true) example explains better than any theoretical discussion how organizations of all kinds and sizes fail to...Full Article »
No one can guarantee the performance of a manager or executive appointed to a new position.Indeed, if the reports and surveys we are constantly bombarded with are correct, we can safely say most executives make poor promotion and staffing decisions.By all accounts, about one-third turn out to be right, one-third are marginally effective, and one-...Full Article »
With all the economic measurements (e.g., GDP, labor force participation ratios, business investment) defined and computed, it becomes possible to compare actual results of economic policies versus predicted results.And when results deviate from expectations, there are only two courses of action: change strategies or lower goals. It appears...Full Article »