Measuring Success for Riordan
Measuring Success for Riordan
Mgt/498
June 24, 2012
Measuring Success for Riordan
With the goal of realizing sustainability for the shareholders, Riordan Manufacturing is working towards a growth strategy that will further expand operations globally. Expansion of business outside of the United States and Hangzhou, China will help Riordan gain brand recognition and claim greater market share within their industry. Global operations will also help to streamline shipping processes to overseas customers, and reduce wasted hours and expenditures. With a strategy drawn up and the implementation ready to begin, Riordan Manufacturing needs to realize that progress needs to be tracked. Certain measurement techniques and assessment protocols should be in place to verify that the strategy is implemented properly. In this paper measurement guidelines will be given that will verify strategy effectiveness, assessment and feedback ideas will be outlined, and plans for strategy alterations will be defined. The evaluation and control process ensures that the company is achieving the desired goals and objectives that it is set out to accomplish. In order to setup the most appropriate evaluation process, there are many guidelines for measurement that should be considered. Cost effectiveness, relevance, and validity are attributes that should be considered when measuring outputs and outcomes. A measure is cost effective is the control and information it provides outweighs the cost of producing the data (Governor’s Office of Budget and Planning and Legislative Budget Board, 1992). The measure should also be relevant in that it relates to the company’s goals, objectives and strategies. This information should be used for assessment and decision making as well. In regards to validity, the measure should collect all information that directly relates to the scope of the process or project. All other non relevant information should be filtered and
Mgt/498
June 24, 2012
Measuring Success for Riordan
With the goal of realizing sustainability for the shareholders, Riordan Manufacturing is working towards a growth strategy that will further expand operations globally. Expansion of business outside of the United States and Hangzhou, China will help Riordan gain brand recognition and claim greater market share within their industry. Global operations will also help to streamline shipping processes to overseas customers, and reduce wasted hours and expenditures. With a strategy drawn up and the implementation ready to begin, Riordan Manufacturing needs to realize that progress needs to be tracked. Certain measurement techniques and assessment protocols should be in place to verify that the strategy is implemented properly. In this paper measurement guidelines will be given that will verify strategy effectiveness, assessment and feedback ideas will be outlined, and plans for strategy alterations will be defined. The evaluation and control process ensures that the company is achieving the desired goals and objectives that it is set out to accomplish. In order to setup the most appropriate evaluation process, there are many guidelines for measurement that should be considered. Cost effectiveness, relevance, and validity are attributes that should be considered when measuring outputs and outcomes. A measure is cost effective is the control and information it provides outweighs the cost of producing the data (Governor’s Office of Budget and Planning and Legislative Budget Board, 1992). The measure should also be relevant in that it relates to the company’s goals, objectives and strategies. This information should be used for assessment and decision making as well. In regards to validity, the measure should collect all information that directly relates to the scope of the process or project. All other non relevant information should be filtered and
References: Wheelen, T. L., Hunger, J. D. (2010). Concepts in strategic management and business policy (12th ed.). Retrieved from https://ecampus.phoenix.edu/content/eBookLibrary2/ Governor 's Office of Budget and Planning and Legislative Budget Board. Detailed Instructions for Preparing and Submitting Requests for Legislative Appropriations for the Biennium Beginning September 1, 1993: Executive, Administrative, Human Service and Selected Public Education Agencies. Austin, TX: Governor 's Office of Budget and Planning and Legislative Budget Board, June 3, 1992. Location: Methodology Project Information Resources Folders.