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Plan And Measure Perfomance Essay

937 words - 4 pages

Planning and Measuring Performance
Nelly
MGT/521
January 22, 2013
Jason Miller

Planning and Measuring Performance
Wal-Mart is known to be one of America’s largest retail companies known for their low prices, large selection, and the largest based retail for employment. In addition, Wal-Mart is ranked Fortune 500’s top two, bringing in revenues of $446,950.0 million and profit of $15,699.0 million and continues to grow (CNN, 2012). Wal-Mart’s mission “help people save money so they can live better” and vision “Always low prices, always!” tells customers that they will always keep lower prices, maintaining loyalty to continue to be competitive in the market (Wal-Mart 2012). To ...view middle of the document...

Because Wal-Mart is known for having part-time employees this allow the lower level managers the opportunity to provide upper management recommendations on how customer service goal can increase by having more full-time employees. Statistical reporting would benefit in this areas as well. Managers can obtain a ratio of how many customers are being helped by the number of employees in their department. Statistical reporting would also be beneficial in determining if the company is keeping their lower prices. There are so many retail stores that Wal-Mart would need to distinguish themselves from their competitors. These reports will allow them to compare their prices from Target, Marshalls, Ross, and other competitive retail stores.
Another measure to evaluate the company’s goals is to compare performance against the standard also known as the range of variation. This will explain the goals on a month to month basis. For example, when looking at bigger products, like furniture and electronics, and comparing to how much is being sold every month will determine if the prices are low enough for the consumers to afford. If furniture is not selling as expected compared to electronics the company would need to find another method of selling what is left and order more electronics. After evaluating the performances and comparing this performance against the standard, the last measure to consider in evaluating the goals would be to look at managerial actions.
According to Robbins and Coulter (2012) managers could choose to three possible courses of actions; do nothing, correct the performance, or revise standards. Doing nothing will show poor leadership skills and will not benefit the company and its goals. Correcting the performance will provide an opportunity to train or coach, ensure disciplinary action, or make any changes that need to be made. Once corrections been made and performance is back on track a revision is put forth. Managers should continue the personal observation to...

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