What are the advantage and disadvantage of the following in the decision making of the management?Measuring strategic metrics to assess and monitor the performance.Helping you understand your positionSetting clear-cut performance benchmarksLearning and Reproducing- or not 8 IMPORTANCE OF MANAGEMENT REPORTING1. MEASURING STRATEGIC METRICS TO ASSESSAND MONITOR THEPERFORMANCE: by now, we've understood that if businesses wanted to growthey would need to implement a way to measure their performance againsttheir competitors – but also against their own.2. HELPING YOU UNDERSTAND YOUR POSITION: a management-style reportprovides you with the right metrics to get a snapshot of your business' healthand evolution. You can compare it to your competitors to focus on or realignyour strategy.3. SETTING CLEAR-CUT PERFORMANCE BENCHMARKS: thanks to that trackrecord, you have a regular benchmark about how you perform bothoperationally and financially.4. LEARNING AND REPRODUCING – or not: benchmarks are a guide to tell youwhat works and what doesn't. From it, you can learn the best and worstpractice to develop or avoid.5. ENHANCING COMMUNICATION: among partners, investors, customers, andcolleagues. Management-type reports develop the visibility of the differentactivities across departments and improve communication within thecompany.6. IMPROVING COLLABORATION: as a direct result of improved internalcommunication,senior-levelreportsenhanceinterdepartmentalcollaboration. With people working cohesively towards a common goal,departments can use management reporting data discoveries to collaborateon specific projects or initiatives catalyzing success in a number of key areas.7. BOOSTING ENGAGEMENT & MOTIVATION: a well-crafted manager-levelreport makes critical company data accessible to all, which improves individualperformance. When people perform at an optimum level and are recognizedfor their work, they will become more engaged, inspired and motivated. This,in turn, will increase productivity across the organization.8. FOSTERING CONTINUAL BUSINESS GROWTH: solid reporting in managementindeed improves productivity and decision-making, which fosters consistencyas well as continual business growth. If you're growing consistently over time,you will ensure long-term success – the most powerful benefit of reporting inmanagement.

Decision making process in management is the process which includes taking the final or productive…

decision making of the management? Measuring strategic metrics to assess and monitor the performance. Helping you understand your position Setting clear-cut performance benchmarks Learning and Reproducing- or not

decision making of the management? Measuring strategic metrics to assess and monitor the performance. Helping you understand your position Setting clear-cut performance benchmarks Learning and Reproducing- or not

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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