Meaning – The term performance and accounting management, refers to the process of quantifying, measuring, reporting, and controlling the responsiveness, availability, utilization, and costs of an information system.
Performance management principles are used most often in the workplace and can be applied wherever people interact with their environments to produce desired effects—schools, churches, community meetings, sports teams, health settings, governmental agencies, social events, and even political settings.
The way performance management is applied is important in getting the most out of the group. It can have a positive impact on how employees perform on a day-to-day basis.
Example of usage – “In order to avoid a negative impact, it must be applied in a way that does not encourage internal competition, but rather teamwork, cooperation, and trust. This is done through an implementation process of clarifying the work that has to be done, setting goals and establishing a performance plan, frequently providing coaching, conducting a formal review, and recognizing and rewarding top performance.”