The goal of performance management, as defined by the United States Office of Personnel Management, is “improving organizational effectiveness.” Performance management application, however, depends on both the industry and the methodology being applied.
Business performance management (BPM), also known as corporate performance management (CPM) or enterprise performance management (EPM), is how most operational managers in the manufacturing sector go about improving their organization’s effectiveness. Through BPM, an organization’s performance is evaluated based on the achievement of one or more pre-selected goals from an established set of management and analytic processes.