Performance Management at Steel Co

Performance Management at Steel Co Contents Structuring individual performance to maximize firm’s performance Expectancy theory has three underlying concepts: Performance management system used to improve employee development and communication Effectiveness of linking performance to financial reward Bibliography Structuring individual performance to maximize firm’s performance Individual performance is determined by the following factors: Motivation, the desire to do the job Ability, capability, know how to do the job (cognitive ability, reasoning ability, physical ability) Work environment, tool materials and information to do the job The energy to perform in an organization is directly influenced by the level of motivation and the expectancy. As long as the desire to do something is present, the mount of performance output is directly proportional with the level of energy exercised. Motivation is a function of expectancy, instrumentality and valance and expectancy, is used as a tool to explain the determinants of workplace attitudes and behavior. In other words try to perform and you will succeed. Expectancy theory has three underlying concepts: 1. The Concept of valence refers to anticipated satisfaction. While value represents the actual satisfaction that a person experience from an attained outcome. Potentially a discrepancy can occur between the anticipated satisfaction from an outcome (valence) and the actual satisfaction that it provides (its value). When such disparity occurs, the reward system implemented will lead to loss of the motivational value. 2. Instrumentality represents a person’s belief about the relationship between performing an action and experiencing an outcome. The high performance is most likely to occur when both the valence and instrumentality are perceived high. It is important to understand individual’s motivational behavior by not only identifying his/hers satisfaction expected as a result of attained particular outcome, but also what actually the person thinks that he /she needs to do or not, to achieve the outcome. 3. Expectancies, representing a link between making an effort an actual performing well. It is more like motivation based on desire and effort. Expectancy should be accompanied by specific goals setting and type of performance desired in quantitative terms. Goals should be difficult enough, to where the individual motivation will be driven by the values received from a job well done. The concept of self-efficacy is based on the individual ability to complete the task if he/she tried. Self -efficacy can increase by: emphasis on past accomplishments, observation of others, verbal persuasion (appealing to individual self image) Performance management system used to improve employee development and communication (McCaffery (2004) explains that a key competent of learning and development support in managing performance is guidance given by line managers to develop the knowledge or skill of their subordinates. (McCaffery,p139 (2004) believes that ‘performance management is a cyclical process centred on learning and development-not a fixed one-off event†¦performance management does not just happen, as is often(wrongly) assumed, at an annual event set up for the purpose. Formal appraisal is but a single process. The core foundation of performance management is learning and development. (Armstrong, p246 (2009) believes that performance management has a vital role in an organisation, by ‘specifically helping people to appreciate the need for developing their performance and where and how it should take place,’ and ensuring that people can learn from their experience. Performance management can help people find specific courses on or off the job or by e-learning which will satisfy their learning need. But performance management’s most essential role is the help it gives to the development of a climate for learning- a ‘growth culture’. This process helps people avoid obstacles that can arise when guiding them through work challenges. It ensures that the workers have the resources and time that they need to learn, also that management can advice and support them and give feedback that is vital for them to learn. (Foot, Cook (2008) comment on the fact that often organizations want to develop by improving performance. They want to meet their strategic objectives, or gain high-performance standards in the organization, and they wish to increase profits for shareholders, develop their market share or provide better services for their customers to avail of. (Foot, Cook (2008) explain that in order to achieve these ideals, they need to select, recruit, motivates, develop and retain the best people for the job. (Foot, Cook, p277(2008) highlight that ‘learning and development is one of the key aspects in performance management which can help them achieve these things and it is also a key factor in managing talent.’ Individuals in an organization have the drive to improve their performance in their job, or gain new skills perhaps to get a promotion or pay increase or even move on to a more challenging and fulfilling job. (Foot,Cook(2008) believes individuals can achieve these aims with help from learning and development . Learning and development can help organizations by attracting individuals and can engage their loyalty so the organization benefits by retaining new recruits, this in turns helps the organization to optimize its current and future objectives. (Foot,Cook (2008) emphasize the fact that learning and development has gain popularity over the past years, as organizations have realized that in order to stay competitive they need to develop and utilize the knowledge of their staff as much as possible, in order to do so they need to focus their activities from training to learning. (Foot,Cook) continues, by saying, people learn in different ways, some of these ways can be planned others, unplanned. In order for learning to occur organizations have to ensure that they create suitable environments, so that workers can clearly benefit from the learning and knowledge of their workforce. (Foot,Cook, p278 (2008) reveals that ‘the concept of individualized learning implies that this occurs in all sorts of situations, not just in the more traditional, formal training opportunities.’ Learning and development include mentoring, coaching, job swapping and work shadowing which are less formal and are more learner centered approaches to learning. (Wilton, p183 (2013) comments how ‘in human resource development, it is important to highlight the role of learning and development in performance management and in fostering a culture of continuous improvement.’ In a firm, (Wilton(2013) explains that employee development is considered a key mechanism through which organizational performance can be improved. Learning and development provides substantial linkages within the cycle, forming part of both the evaluation or review phrase and the planning phase. (Wilton (2013) emphasizes the fact that learning and development plays a vital role in relation to remedial action to resolve performance problems. Effectiveness of linking performance to financial reward In many organizations the HR function and the business will attempt to align individual performance to a bell curve of anticipated or actual required performance ratings. This approach is often positioned as being necessary to reward the highest individual performers appropriately, or to justify how the actual business and individual employee performance compares to other high performing organizations (or both). However, when attempting to manage performance distribution across the organization the HR function is often faced with some pretty difficult questions and issues, such as, How can we have so many high performance ratings when we arent achieving our organizational performance goals? Why are we paying our best performers pretty much the same as our worst performers? Are we rewarding the right people? What is actually happening in many organizations is that they believe they are paying for one thing (performance) when in actual fact they are paying for something else. For example, reward for promotion often exceeds annual pay increases for performance within any given level, no matter how much the employee has contributed. Therefore, employees have a much greater incentive to try to get promoted than to stay put and do an outstanding job. This issue can be exacerbated by the use of broad band’s (grades) and salary ranges; all too often, organizations implement a new approach to pay without considering how to communicate to their employees the principles of progression within a salary range. If we take another example, you may work in an organization which is results-oriented, and management is only interested in financial measures such as profit or revenue. Financial rewards are probably used as the major motivator for staff, as we have seen within the financial services sector. However, this approach may not be the right one for employees who are not motivated by financial reward and are perhaps already highly committed to the goals of the organization. In this situation, non-monetary rewards may be the way to go. For smaller organizations where promotion opportunities are limited, the opportunities for employees to reap financial rewards for moving up and for performing well are also limited. Linking performance and reward effectively relies on a good understanding of your organizational context, and the mix of employee motivating factors.   Bibliography Armstrong, Michael.(2009) Armstrong’s Handbook of Performance Management. Clifford, Jackie, Thorpe, Sara. (2007) Advantage for your organisation. http://www.talentmanagementtech.com/blog/learning-and-performance-management-converge-form-emerging-best-practice Dam, Van Nick, Marcus, Jos, Medhurst Keith.(2007) An International Approach to Organisation and Management. Finch, Erik(2010). A talent development approach that integrates learning and performance management is needed to retain staff. Retrieved on the 20th of March 2014. http://www.hse.ie/eng/staff/Benefits_Services/Performance_Management/Chapter_1.pdf Margaret, Foot. Cook, Caroline. (2008) Introducing Human Resource Management. McCaffery, Peter (2004) The higher Education Manager’s Handbook; Effective leadership and Management. Wilton, Nick (2013) An Introduction to Human Resource Management.

Blue Ocean Strategy Essay

Businesses are always striving to be the better contenders than their competitors. Different theories have been thrown out to see which the best one would be. The Blue Ocean Strategy theory says that companies would be better looking for ways in which they compete against themselves and that is all. W. Chan Kim and Renee Mauborgne wrote a book called â€Å"Blue Ocean Strategy†. There is a term called Red Ocean which consists of businesses are viciously fighting against each other for their place in the specific marketplace. These two authors then came up with the idea of the Blue Ocean Strategy where organizations are able to find a way to work in the marketplace that isn’t bloodied by the competition and is free of competitors. The Blue Ocean Strategy is based where a study of 150 strategic moves spanning over 30 different industries. In the book, the authors argue that leading companies will succeed not by battling competitors, but by steadily creating â€Å"blue oceans† of recognized market space ripe for growth. The strategy is the simultaneous pursuit of differentiation and low cost, with the theory behind it not to out-perform the competition in the existing industry, but to create new market space or a â€Å"blue ocean,† thereby making the competition unrelated. Toyota Motor Corporation has moved from being a process innovation to becoming a product innovator thanks to its Value Innovation Strategy. Value Innovation is the simultaneous pursuit of differentiation and low cost, creating a leap in value for both buyers and the company. Because value to buyers comes from the offering’s utility minus its price, and because value to the company is generated from the offering’s price minus its cost, value innovation is achieved only when the whole system of utility, price, and cost is aligned. A Red Ocean Strategy is a strategy which is aims to fight and beat the  competition. In this case Toyota would mainly be focusing on their competitors and what their competitors are doing and how their company would be able to be first in that specific car industry. A Red Ocean Strategy ultimately leads to an organization choosing to follow one of two strategies – differentiation or low cost. Whichever is chosen the organization must align all activities with one of these strategic directions. Companies try to outperform their rivals to grab a greater share of existing demand, usually through marginal changes in offering level and price. As the market space gets crowded, prospects for profits and growth are reduced. Products become commodities, and cut-throat competition turns the red ocean bloody. No matter what decision a company makes there will still be competition for business. Now a day no matter what industry you are in there will always be strong competition. For the industry that I am in there so much competition and so many companies that do the same thing. Although we clearly want all the business that just does not happen. Even though our industry is so large everyone knows each other where we are able to co-market and help each other out. A good friend of mine is a competitor of my company, he has been in the industry way longer than I have and he told me that he would love to help me out. One of the things that he told me was I will help out and there will always be insurance agents that will use different people but as long as we stay on the rotation list then it is all good. It is important for me to gain the relationships and really keep my names and face out there that way clients will know me and eventually I can get a good job out of it. If you stay competitive and not bite the heads off of your competitors you should be ok that way everything stays clean and not messy.

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The Rise Of College Tuition - 1344 Words

In order to improve every aspect of life, especially financially; just having a high school diploma does not meet the requirements that society itself is looking for to accomplish one s American Dream. Everyone desires and dream to go to college with the hope to be successful; but with the fact that the skyrocketing college tuition is increasing every year might turn those dreams into nightmares. There are many research have been proven that the main factors which cause the high cost of postsecondary education was the lack of funding from government, increase of students as well the increase of administrators. But beside those given facts, there are seems to be more deep hidden truth that most college students and their families have no ideas about it. Numerous of debates seem to argue about the reasons that cause the rise of college tuition was because the most money goes to athletics sport teams, the luxury accommodations for students as well as unnecessary programs and many seven- figure administrator. In our society, sport carries an important role because it could bring so many positive impacts on human such as development of teamwork, communication skills and create opportunity for entertainment as well as many businesses around the world. However, looking at the negative side, sport can cost a huge amount of money and it could create significant negative effects on education, specifically universities in various ways. According to USA Today News, the authorShow MoreRelatedThe Rise Of College Tuition2217 Words   |  9 PagesProposed topic: The Rise of College Tuition, Our Freedom of Choice and Fairness. Introduction: College rising tuition is currently the hottest topics debated by political and social interest’s groups who pretty much understand that if this is not fixed soon, it will have long damaging effects on our convalescent economy. It is important to be reminded that college education play a tremendous multiplier role in our economy that holds more the 50% of college graduates. (College Has Been Oversold byRead MoreThe Rise Of College Tuitions1937 Words   |  8 PagesThe sudden rise of college tuitions began right after the recession in 2008. Many people lost their jobs, and their current jobs were not paying well enough for them to survive through this devastating time. More people turned to higher education and college tuition began to rise because obtaining college majors will guarantee a higher pay other than minimum wage. This downturn didn’t end here because over the years, tuition rose even higher. In 2014, the debt for college students reached to 1.2Read MoreColle ge Tuition Cost On A Rise Essay1254 Words   |  6 PagesCollege Tuition Cost on a Rise The rising cost of education in Texas colleges started in 2003 when the deregulation was lifted. Then, soon after, the Texas State legislature cut the education budget because of a drop in the economy in 2008. The cut in funding and the removal of the deregulation law allowed colleges across Texas a way to recoup lost resources by raising the cost of tuition. The raising cost of tuition has limited the amount of attending students from graduating in the expected timeRead MoreThe Rise And Fall Of College Tuition1575 Words   |  7 PagesAdrianna Hodges Professor Robert Howell English 102 21 October 2015 The Rise and Fall of College Tuition in the United States In the recent debate regarding the implementation of free college tuition across the United States, Jon Wiener, a Los Angeles journalist for The Nation, and Kelly Field, chief Washington reporter for The Chronicle of Higher Education who covers different federal education policies, discuss why college tuition should be abolished in the United States of America and the role ofRead MoreRising Tuition Prices1384 Words   |  6 Pagesorder to get a good paying job, a college degree is required. More people are attending college in order to get better paying jobs, but is going to college worth a good job with rising tuitions across the nation? According to College Board, from 2002-2003 to 2012-2013, the average tuition and fees for a private institution rose about an average of 2.4% every year. As tuition prices increases every year, it affects millions of college students. It affects college students who have to use governmentRead MoreHigher Education At The United States Essay1226 Word s   |  5 Pagesintroduced in 1636 when Harvard University first opened its doors. At the time, college was seen as an exclusive institution, typically reserved for the wealthy elite. In the 1600’s, a college degree was not necessary to get a decent job and make a living; therefore, there was not a high demand for it. Since then, public opinion and attitudes about higher education have changed significantly. In today’s job market, a college degree is a requirement for a majority of positions. Employers’ demand for highlyRead MoreThe Driving Forces Behind College Tuition Essay1296 Words   |  6 PagesForces Behind College Tuition Hikes Higher education in the United States was introduced in 1636 when Harvard University first opened its doors. At the time, college was seen as an exclusive institution, typically reserved for the wealthy elite. In the 1600’s, a college degree was not necessary to get a decent job and make a living; therefore, there was little demand. Since then, public opinion and attitudes about higher education have changed significantly. In today’s job market, a college degree isRead MoreIncreasing Tuition Rates Cause Students1131 Words   |  5 PagesIncreasing tuition rates cause students to borrow more money which will impact their financial future should they have difficulty obtain a job in their chosen career field. Tutition costs began their rise in 1970s but it wasn’t until the 1980s that government funding began to decline and the tuition rates began their steady climb regularly outstripping the median family income. (Ehrenberg) The average cost of tuition at a four year pubic institution increased from to $2,387 per year in 1975-1976Read MoreRising College Tuition in America661 Words   |  3 PagesRising College Tuition in America â€Å"College Prices Soar Again!† â€Å"Budget Cuts Cause Even Higher Tuition!† â€Å"Higher Education Now Even Less Affordable† These are all statements that have been seen all over the media: newspapers, magazines, television, and radio. (3 SV: SV) Rising college tuition in America has been a problem for years. Many students drop out after a single year due to the pricey costs of tuition. The rapid rise can be attributed to many aspects of the economy, not just a single sourceRead MoreHow Student Loans Have Affected The Cost Of Tuition964 Words   |  4 Pagesfirst-year college student could attend a public four-year university for $2,500 and a private university for a little over $5,000. Although, most of these universities are offering the same mediocre education from the last three decades; the cost of tuition has more than tripled for public universities and for private universities, it has gone up a staggering 85%. Canada holds an average educational cos t of 5,974 and England follows with an estimated average cost of 5,288. In spite the tuition in the

A Research Study On Nursing - 1410 Words

Abstract Throughout the pages of recorded history, nursing has been integrated into every facet of life. A legacy of human care has progressed throughout the years, responding to psychological, social, environmental, and physiology (Cherry and Jacob, 2014, Chapter 1). From prehistoric period to nursing in the twenty-first history, nursing has evolved magical beliefs and unorganized caring process into a knowledgeable scientific profession. From a primitive belief, the use of herbs, roots and vegetables contributed to the belief of casting evil spirit which was helping a patient move to an upper level of wellness. As time evolved, with the help of technology, nursing developed into a more scientific profession combined with science and caring behaviors. Between this gaps, people as Mary Seacole and Florence Nightingale set the principle and the basic knowledge in the areas of nursing practice in terms of maintaining a clean surrounding and having a rich education in nursing. Nowadays, nursing has divided into many branches such as labor nurse, military nurse, hospice nurse, home health nurse and many more with one ultimate purpose to promote health for the well-being of those who cannot help themselves. In order to achieve this goal, nurses will continue to expand their roles and explore new areas of practice and leadership. This paper will discuss the nature behind nursing and what it truly takes to be a nurse. Nurse is both a science and art because it requiresShow MoreRelatedA Research Study On Nursing1518 Words   |  7 Pagestough but also very rewarding. They have to work long hours, be on call for any emergencies regarding their patients and are constantly on their feet but have the satisfaction of helping their patients live a healthier and happier life. I chose to research this occupation because I want to become a pediatrician. To become any type of doctor, a strong background in science and math is needed. These are my best and most enjoyed subjects. A doctor is similar to a detective, they have to look at the cluesRead MoreA Research Study On Nursing1747 Words   |  7 Pageshave functioned as staff and comprehend what it takes and what it feels to be a bedside nurse, and the accountability it takes to take care of patients. Nurse Administrators hold leadership position at an organizational level and oversee the entire nursing staff at their place of work. They are active participants in updating policies and procedures; and update them when needed. Nurse administers are familiar with organizational developments and employee relations. They are well versed in legal andRead MorePurpose Of A Nursing Research Study1646 Words   |  7 PagesQuestion The aim of the nursing profession is to investigate and to assess any issue that may impact patient life. This can be done by the research. The nursing research study has a tremendous influence on current and future professional nursing practice, thus rendering it an essential component of the educational process. The purpose of a nursing research study is to collect the information where the result may identify a solution to a problem. As a result, the research study would play a vital roleRead MoreA Research Study On Nursing School873 Words   |  4 PagesThough she could not finish nursing school because she had her second child, her love for science and medicine did not fade. She worked in a hospital for several years while taking care of 3 children on her own. She then got her master’s in Healthcare management where she then pursued a career in clinical research. Within 4 years she became a level 3 clinical research associate where she will potentially become a Clinical research director of all CRA’s. My mother knew that helping people with illnessesRead MoreA Research Study On Nursing Practice1183 Words   |  5 Pageswill try to evaluate a quantitative research which is quite relevant to nursing practice. This is because it deals with chronic condition that is prevalent in the world population. The author of the journal has analyzed causal health model with health –related quality of northern region of Thailand who are living with HIV/AIDS (Tangkawanich et al, 2008). The article under critique was published in one of the trustworthy journals. The health science and nursing journal addresses issues that are relatedRead MoreA Research Study On Nursing Practice1604 Words   |  7 PagesNursing practice is always evolving as new studies and new findings are discovered. As practicing nurses, it becomes our job to stay up to date with these findings and effectively implement them into our daily practice in efforts to enhance the quality of care our patients receive and to provide them with the best possible outcomes. Many nursing practices are implemented into daily care only after research studies have been conducted. The evidence provided from these studies helps the populationRead MoreA Research Study On Clinical Nursing960 Words   |  4 PagesClinical nursing handover is not something new but it could be time consuming and overwhelming, if bad habit is practiced could negatively affect patients outcome (Clinical Nursing Handover2013). In the health care setting nursing handover is challenge situation if not used an effective communication. The nursing handover and an individualized and systemic approach. This article studied how nursing handover affects others in their cares in negative or positive ways. This research studied how shiftRead MoreNursing Research Study Summary Essay1096 Words   |  5 PagesNursing Research Study Summary There are six levels of violence identified among registered nurses including psychological, physical, vertical, horizontal, covert, and overt. The article research by this author was found in the Nursing Forum Journal, titled Levels of violence among nurses in Cape Town public hospitals (Khalil, 2009). Nursing research was done to identify and understand why the nursing profession lets violence happen among nurses within the profession. Background Violence amongRead MoreCase Study : Nursing Theory And Research972 Words   |  4 Pages Problem/Purpose/Question Youliana Piscopo Jacksonville University Professor Janet Boeckman Nursing Theory and Research I NUR 510 January 16th,2015 Problem/Purpose/Question Over the past 30 years, obesity has tripled among children ages 6-19 years in the United States (CDC, 2013). The definition of childhood health includes parameters of healthy and unhealthy weightRead MoreA Research Study On The Nursing Leadership And Management Team1021 Words   |  5 PagesResearch and publication is taken seriously in universities, to the extent that a published research study is required to even be hired, or to be considered for promotion (Bardekar Tullu, 2016). It is for this reason this author has reconsidered working in an academic setting and opted for a role in staff development and advancement within a health care organization. It is of the opinion of this author, in order to write a manuscript for publication, one must have superb writing skills. Additionally

Summary of the Poem Free Essays

Explore the ways in which Hopkins conveys the beauty of the nature in Pied Beauty? Hopkins creates a prayer like poem in praise of the beauty and design of nature that God has created. He chooses unusual descriptions to encapsulated the variety of beautiful sights and sounds that can be found in the world and celebrates the astonishing complexity of God’s creation in this pared down sonnet. He creates a reverent and worshipful tone that epitomizes his feelings of awe and wonder when confronted with the natural world. We will write a custom essay sample on Summary of the Poem or any similar topic only for you Order Now Firstly ‘Pied Beauty’ is a prayer like poem. We can see this at the beginning and end Of the poem when it says ‘Glory be to God for dappled things’ and ‘Praise him’. This reminds us a lot of a prayer as we start a prayer with God and end with God this is a simple message from the poet that is he is writing about nature he is writing about god. Also it is a short poem, which makes a simple point. Secondly this poems design has a range of nature, which starts of big a gets smaller for example it starts of with the sky to cow to trout to chestnuts then finally with ‘finches wings’. So he really shows us the range of nature from the massive sky to tiny little, delicate finches wings. Thirdly ‘Pied Beauty has some unusual descriptions for example to describe the sky he says ‘For skies of -couple color as a branded cow’ now here we can see that what he means is brindle but the author has change it to either fit the poem or because he thinks it sounds better. He means brindle as in striped with different colors this is unusual but a very good way to describe the sky. Fourthly Gerald Manly Hopkins uses a variety of beauty in his poem. He uses sights and sounds to his advantage we can see this when he says ‘swift, slow’ and ‘sweet, sour he make these very opposite comparisons with nature. Fifthly the poem has astonishing complexity this has happened because he has made up his own words up for example ‘branded cow’ and ‘couple-color’ this makes him very individual. This also makes sounds very effective and makes us think more about the poem and what it is about. He makes words that are very similar to that actual one but he either changes them or edits hem for example ‘branded’ which is actually ‘brindle’. Sixthly the pared down sonnet is very irregular as a normal sonnet has 14 lines here the sonnet has only eleven. However the poem has regular meter beats of ‘A, B, C, A, B, C, D, B, C, D, C’ so it is regular apart from the last five lines which make their own meter. Seventh the worshipful tone this is a very religious poem and they have to make that impression by the time you have finished the poem. They achieve this by the last line it is very short and says ‘Praise him’ this is a very simple one which makes it more affective. It also it very memorable as it is very short and to the point. It reminds us of a prayer as in a prayer you end with amen and here it is ‘Praise him’ they are both really short and to the point. Awe and wonder, in conclusion, In this way, we can see how Hopkins creates a powerful poem that skillfully describes and praises the beauty of nature. He achieves this through carefully chosen images that economically portray natural images whilst structuring a reverent piece of almost religious quality. How to cite Summary of the Poem, Papers

Management Accounting Performance Evaluation

Question: Discuss about the Management Accounting for Performance Evaluation. Answer: Introduction:- Performance evaluation is an important process for any type of organization. Performance evaluation helps the management to evaluate the efficiency level of different departments within the organization. The management can detect the flaws and drawbacks of the departments and also identify the strength and factors, responsible for the success of any departments. The overall business activities can be classified under two heads primary activity and secondary activity. Primary activities are related with production and selling directly. Secondary activities mainly provide support to the primary activities. Therefore, all the departments are interlinked with each other and individual performance of any department is greatly affected by other departments. For example, if advertisement department of any organization fails to implement proper advertisement plan, then the sales department cannot generate the sales volume as per the estimation or planning. For such inter connection between all the departments, it becomes very tough to measure the performance of the individual departments separately. However, there are many performance evaluation techniques, which can help the management to evaluate the performances with more ease. Budgetary control through standard costing method is one of the most popular methods of performance evaluation (Rolstadas, 2012). Reasons of Observed Variances:- The standard costing method use to determine whether the departments are over-performing or under-performing by comparing the actual expenses with the budgeted expenses. In reality, the budgetary amount does not match with the actual amounts. Such variances have been observed in the case of Teddy Bear Toy Company also. For most of the cost items, the budgeted amount has differed with the actual amount. There are two main reasons, which have caused such variances are discussed below: Difference in Standard and Actual Price:- For many cost items, it has been noticed that the actual rate per unit of many cost items has differed with the budgeted cost per unit. Such variances in the rate per unit has resulted into difference between the total amount of cost, actually borne for any item and the total amount of cost, allocated in the budget for the item. Such difference, caused by the discrepancy in the price is referred as price variance. Price variance may occur for several factors, such as: Change of Market Price due to inflation or deflation Price change due to change in market demand of the cost items Differences in the negotiation skill of the purchase managers Change in price, caused by new government policies Change in tax implication rates etc. (Kaplan and Atkinson, 2015) Differences in Standard and Actual Quantity:- Another main reason for the variances is the disparity between the budgeted quantity and actual quantity of consumption. If the actual price per unit remains same as per the budget and the actual quantity differs from the budget, then the total amount of actual cost for the cost item also differs accordingly with the budget. Such variance, created for the disparity in the quantity, is stated as efficiency variance. The efficiency variance may caused by several factors, which are mentioned below: Improper estimation of the consumable units of materials or labor hours Change in the efficiency level of labors Change in production process Introduction of advanced technology and equipments Quality of the material and machineries Unexpected fall in supply of labors and materials Change in the supply of skilled labors (DRURY, 2013) Advantages Disadvantages of Incentive Plan:- The company has introduced incentive plan for the departmental heads to boost up the departmental performances. As per the management, the plan has helped a lot to increase the sales revenue of the company. The advantages of such incentive plan are discussed below: Provide additional motivation amongst the employees Create better control over the departmental activities Help to have better control over cost Escalate the efficiency level of the respective departments Help to improve the quality of the output Introduce healthy competition amongst various departments However, the incentive plan may create negative impact on the operation of the business also. The disadvantages of the incentive plan are discussed below: Excessive control over cost factors Compromising with quality for cost control Rising of unhealthy competitions amongst various departments Implementation of strict policies by departmental heads Probability of reduction in output level Grievance amongst employees due to excessive control (Hope and Fraser, 2013) Role of Budget in Performance Evaluation:- Budget is considered as one of the important tools for performance evaluation. It helps the management in various aspects to evaluate the performance of the overall organization as well individual operation teams. By preparing proper budget and implementing it within various departments, the higher management can set the target for each department. At the end of the budgetary period, the management can check whether the departments have produced the budgeted output by incurring the budgeted the expenses or not. If any department provides higher volume of output than the budget by utilizing the budgeted amount or lower amount than the budget, then the performance will considered as excellent or outstanding. In opposite scenario, the performance will be stated as below average or poor. The performance will be treated as satisfactory if the budgeted output and expenses match with the actual output and expenses. Budget can be proved very beneficial if the management implement standard costing method. Then it can evaluate the performance through budget at any point of period (Whitecotton et al., 2013). Modification in Incentive Plan:- As discussed above, though the incentive plan has helped the organization to increase the sales volume, in long run it can affect the business operation negatively also. Therefore, the management should modify the plan so that the company can enjoy the advantages of the plan to the full extent while minimizing its disadvantages. The company should not rely only on the budgetary control but also evaluate the quality of job, provided by the departments. The plan may include some incentive schemes for overall performance of the company. It will motivate the department heads to work jointly instead of focusing on only on the respective departments. Apart from department heads, the employees of each department should also rewarded accordingly, as they are the real factors behind the success of the departments (Otley 2015). Balance Score Card Analysis:- Balance score-card analysis is an effective business tool that can be used by all kind of organizations to align the operational activities with the internal and external vision and goal of the organization (Grant, 2016). It helps to fulfill the perspectives of the organization through its general operations. The analysis process includes some performance dimensions, which are measured by some individual factors, related to the individual dimensions (Perkins et al., 2014). The effective balance score-card for Teddy Bear Toy Company is described in the following table:- Objective Objectives Measures Targets Initiatives Financial Optimization of returns Return on Capital Employed Disposition of Unutilized Assets Growth in the profitability Revenue Growth Leverage base of the asset Utilization rate of Asset Cost Leader Growth in Net Cash Flow Management of the operational Cost Improvement in Sales Volume Rise in Premium Ratio Operational Cost Internal Processes New Innovation in Products Revenue percentage from different products Development of infrastructure Increase in Team Effort Revenue % from news services Development in Inventory Management NPV of different pipeline products and services Development of innovative services % of promise delivery Alliance Programs Utilization of alliances % rate capacity utilization Leverage the research and development Productivity improvement of employee Preventive maintenance Persistent Public Support % of cost reduction Proactive management of associations Index of reliability Service Dispatch mechanization Ensuring reliable services Rating of customer satisfaction Communication with the customers RD for new product development Marketing program Customer Service Excellence Proper maintenance of Inventory Level Optimization of the asset utilization Standard Cost Vs. Actual Cost Budgetary Control Optimization of the return on allocation of the resources - Management of Cost - Enterprise wide management of risk (Lashley, 2015) Learning and Growth Market Driven Competency Strategic coverage ratio Profiling of competency Employee Satisfaction Hours in strategic training Training Program for improving Skills World Class Leadership Rating in satisfaction of employees (scale of 5 points) Compensation link of performance Effectiveness of leadership ratio (scale of 5 points) Training program for leadership Conclusion:- The process of performance evaluation, adopted by Teddy Bear Toy Co. is very effective. However, as discussed above it should amend the incentive plan to eliminate the probable disadvantages of the plan and correlate the business activities with the goal of the company through the balance score card analysis process. References:- DRURY, C.M., 2013.Management and cost accounting. 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