Posted: January 31st, 2022

Assessing Performance, Risk, and Quality with Metrics

Assessing Performance, Risk, and Quality with Metrics

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Assessing Performance, Risk, and Quality with Metrics
Performance management is an organizational management tool helping managers evaluate and monitor the work of their employees. Performance management aims to develop an environment where employees perform best and give high-quality work most effectively and efficiently. High-quality work is achieved by minimizing risks that may reduce employee performance. Performance management plans employ traditional instruments like creating and evaluating objectives, goals, and achievements. Also, they intend to describe what effective performance looks like and create processes to assess achievements. Therefore, it is important to reduce risks in the workplace to ensure the high performance of employees and the production of high-quality work.
Employees are the greatest value creators in a company. Therefore, a performance and risk management plan is vital for the success of the company. Workers in the organization must understand what is required of them and achieve those objectives. They need to be managed to enhance their motivation, acquire the essential skills, support, and resources, and enhance their accountability (Salavati et al., 2016). Performance and risk management plans intend to maintain, monitor and enhance the employee’s performance regarding the organization’s goals. It is a group practice that should be holistically addressed, thus, not a single activity.
A risk management plan in a project ( help with nursing paper writing from experts with MSN & DNP degrees) is a systematic process of detecting, examining, and responding to risks and uncertainties in a project ( help with nursing paper writing from experts with MSN & DNP degrees). It also involves maximizing the consequences and probability of positive outcomes and minimizing negative outcomes to the project ( help with nursing paper writing from experts with MSN & DNP degrees)’s objectives. A risk and performance management plan describes how the project ( help with nursing paper writing from experts with MSN & DNP degrees) team will address risks to ensure high performance and achieve their objectives.
Ways of Managing Risks in our Project
In our project ( help with nursing paper writing from experts with MSN & DNP degrees), there are various practices designed to mitigate and tackle risks. As a result, performance will be guaranteed, and the staff will effectively and efficiently meet the project ( help with nursing paper writing from experts with MSN & DNP degrees) goals. First, the project ( help with nursing paper writing from experts with MSN & DNP degrees) manager will develop a risk register in a spreadsheet to determine how the supervisor will address possible risks. The register will encompass the risk being registered, its description, and possibility for its occurrence, owner, impact, action, risk response, and status. A way of accurately tracing information is an essential step in the successful framework of project ( help with nursing paper writing from experts with MSN & DNP degrees) risk management. The project ( help with nursing paper writing from experts with MSN & DNP degrees) risk register is essential to identify possible environmental issues and behavioural trends of the expected risks (Salavati et al., 2016). It will also help in spotting and capturing risks associated with project ( help with nursing paper writing from experts with MSN & DNP degrees) changes and even legislation. Further, it demonstrates to other stakeholders that risks are effectively managed in the project ( help with nursing paper writing from experts with MSN & DNP degrees). Therefore, the project ( help with nursing paper writing from experts with MSN & DNP degrees) risk register is an essential tool to reduce project ( help with nursing paper writing from experts with MSN & DNP degrees) risks and ensure high performance.
Besides, the supervisor will identify project ( help with nursing paper writing from experts with MSN & DNP degrees) risks to determine how they can be addressed and tacked to reduce their impact on performance. The project ( help with nursing paper writing from experts with MSN & DNP degrees) manager will identify risks by brainstorming all current risks with the key stakeholders and team members. The project ( help with nursing paper writing from experts with MSN & DNP degrees) manager will go through all the possible factors important in achieving project ( help with nursing paper writing from experts with MSN & DNP degrees) goals and ask the team about any possible problem and their concern. Risks relevant to the project ( help with nursing paper writing from experts with MSN & DNP degrees) management such as materials, technology, legislation, supply, budget, quality, people, and any other will then be identified and given great emphasis.
Furthermore, the opportunities that may come with the risk will also be considered. When risks are identified, factors in positive opportunities and risks should be considered (Mohammed & Knapkova, 2016). For instance, all the factors that may positively impact the project ( help with nursing paper writing from experts with MSN & DNP degrees) will be considered. Also, the assessment will help identify the impact; for example, if too many employees are assigned to a project ( help with nursing paper writing from experts with MSN & DNP degrees), they may shorten completion time. Also, what will be done to exploit the coming opportunity must be planned. Just as risks are expected and planned, the manager must also prepare the unlikely success.
Additionally, the assessment will aid in determining the impact and likelihood of the risk. The project ( help with nursing paper writing from experts with MSN & DNP degrees) team would determine the probability of the occurrence of the project ( help with nursing paper writing from experts with MSN & DNP degrees) risk and establish its effects concerning cost, time, quality, and benefits if the risks were to occur (Mohammed & Knapkova, 2016). Besides, the supervisor will determine the possibilities and impacts on a scale of five. For instance, a likelihood of five may signify that the team is almost certain of the occurrence risk. An impact of 5 might portray that the risk would result in a serious delay and cause major modification if it were to occur. Thus, chances of the risk occurrence need to be established to determine the magnitude of the effects they may cause.
Furthermore, the project ( help with nursing paper writing from experts with MSN & DNP degrees) team will determine responses after identifying the likelihood and chances. Great emphasis is given to risks with the highest potential impact and a higher possibility of happening in the process. The project ( help with nursing paper writing from experts with MSN & DNP degrees) team will identify what can be done to lower the impact and likelihood of every project ( help with nursing paper writing from experts with MSN & DNP degrees) risk and get to the main cause by asking why the risk is occurring. When the risk likelihood and impacts are lowered to a minimum possible level, the project ( help with nursing paper writing from experts with MSN & DNP degrees) performance is enhanced to a greater extent. Further, the cost of addressing each risk is estimated by the team after determining the responses. For instance, using the high number of employees assigned on a project ( help with nursing paper writing from experts with MSN & DNP degrees), how much will it cost to insure their health before completing the project ( help with nursing paper writing from experts with MSN & DNP degrees)? How will it cost to introduce backup in case one of the employees falls sick. The manager then will provide an estimation range, and the overall cost of the risk responses will be added to the project ( help with nursing paper writing from experts with MSN & DNP degrees) overall estimate contingency.
Besides, the project ( help with nursing paper writing from experts with MSN & DNP degrees) manager will assign owners will assign an owner to each project ( help with nursing paper writing from experts with MSN & DNP degrees) risk. The risk owner should be an individual who is most suited to handle and monitor a particular risk. The risk owners are assigned with the involvement of the stakeholders and team members to get the best possible individual suited for the job. Another important part of the risk and performance management plan is a regular review of the project ( help with nursing paper writing from experts with MSN & DNP degrees) risk and how they are addressed. The project ( help with nursing paper writing from experts with MSN & DNP degrees) manager will set aside time to identify upcoming risks and monitor the progress of all registered items. Risk management is a practice that happens all through the period of the project ( help with nursing paper writing from experts with MSN & DNP degrees) (Salavati et al., 2016). Therefore, it must be attended to in the entire life cycle of the project ( help with nursing paper writing from experts with MSN & DNP degrees). Finally, a comprehensive status report on the risks must be made. The report will be designed in such a manner that all the risks with a higher likelihood and greater impact are given much emphasis. The committee will discuss the top ten risks in a meeting to give the executives and the stakeholders an opportunity to give directions and their input. When the project ( help with nursing paper writing from experts with MSN & DNP degrees) risks are properly managed, the chances of obtaining high performance and quality are greatly increased.
The Key Performance Indicators (KPI’s) that will Be Measured in the Report
The Key performance indicator describes certain factors a project ( help with nursing paper writing from experts with MSN & DNP degrees) or organization needs to monitor and benchmark. Assessment skills offer an Assessment and measuring mechanism that assess the impact and progress of the described factors (Parmenter, 2015). Key performance indicators specify what should be measured, and the Assessment techniques show when and how it will be evaluated. It is s gauge used to evaluate and describe the success of an organization and a project ( help with nursing paper writing from experts with MSN & DNP degrees). Normally, it is always expressed depending on the progress a project ( help with nursing paper writing from experts with MSN & DNP degrees) is making towards its long-term objectives. Key performance indicators integrate information on the sources, definitions, and calculations for every measure and set a submission timetable for the project ( help with nursing paper writing from experts with MSN & DNP degrees) data.
Besides, key performance indicators help the project ( help with nursing paper writing from experts with MSN & DNP degrees) or company measure and define progress towards their objectives and goals. Once the project ( help with nursing paper writing from experts with MSN & DNP degrees) team has analyzed the project ( help with nursing paper writing from experts with MSN & DNP degrees) mission and clearly defined its goals, it needs to evaluate progress towards the set goals. KPI’s gives a measurement instrument to achieve that goal (Parmenter, 2015). It helps the project ( help with nursing paper writing from experts with MSN & DNP degrees) team to understand whether they are on the right track. That is, whether it is working towards its goals and achieving beneficial results and improvements. In project ( help with nursing paper writing from experts with MSN & DNP degrees)s, they mainly help in measuring service delivery.
The table below shows 10 KPI’s that may help determine the project ( help with nursing paper writing from experts with MSN & DNP degrees) progress and status.
Metric, Parameter or KPI Sample Reporting and Processing Speed Metric Description and Purpose The device, Data Repository, Application Data to be Measured Reporting Format
Financial metrics Comprise of costs, profits and many others Financial metrics show the financial data aspects that cannot be easily seen from a simple data review. This shows the progress of the project ( help with nursing paper writing from experts with MSN & DNP degrees) but determines the profits of the project ( help with nursing paper writing from experts with MSN & DNP degrees). Cash flow such as Internal Rate Return and Net Present Value of investments.
Gross profit margin.
Net profit margin.
Working capital.
Leverage.
Debt to equity ratio. Financial Statement.
Customer metrics Customer life value.
Customer acquisition This indicator shows how satisfied the customer or client is. Customer-organization relationship Repurchase.
Statements on the customer repurchase rate.
Process metrics Customer support Tickets.
Product defects percentage It is determined by measuring efficiencies during the production process. It is determined by how low the product defect percentage of the project ( help with nursing paper writing from experts with MSN & DNP degrees) is. The number of defective products produced. Production rates Production reports
People metrics. Employee turnover rate. It determines how the relationships between the people involved in a project ( help with nursing paper writing from experts with MSN & DNP degrees). Detects the relationship between the executives and the employees. Employee satisfaction.
Percentages of open position responses.
Bonus Key Performance Indicator Examples & Definitions
Available Incentives. This determines some of the actions taken by the project ( help with nursing paper writing from experts with MSN & DNP degrees) managers to ensure employee satisfaction and retention. Frequency in which the project ( help with nursing paper writing from experts with MSN & DNP degrees) manager gives incentives to the employees. Retirement rates.
Internal promotions vs external hires.
Salary competitiveness ratio. Project management report.
Deliverable metrics This is determined by measuring the time taken to complete the project ( help with nursing paper writing from experts with MSN & DNP degrees). Due date Completion time Completion report.
Objective and goal The project ( help with nursing paper writing from experts with MSN & DNP degrees) success is determined by whether it has been able to achieve its set goals and objectives.
Quality metrics This determines whether the project ( help with nursing paper writing from experts with MSN & DNP degrees) has been able to meet the set quality. Product quality Quality report

Conclusion
In a nutshell, risk and performance management are essential tools for the success of a project ( help with nursing paper writing from experts with MSN & DNP degrees). Performance management helps managers monitor and evaluate the progress of their employees. Employees are the greatest asset in a project ( help with nursing paper writing from experts with MSN & DNP degrees) or organization. They must be managed for them to understand what is required of them. Also, risk management reduces the risk occurrences in a project ( help with nursing paper writing from experts with MSN & DNP degrees). A performance and risk management plan is a tool that helps minimize risks and improves the success of a project ( help with nursing paper writing from experts with MSN & DNP degrees). Therefore, it is important to have a comprehensive risk and performance management plan to ensure success.

References
Mohammed, H. K., & Knapkova, A. (2016). The impact of total risk management on a company’s performance. Procedia-Social and Behavioral Sciences, 220, 271-277.
Parameter, D. (2015). Key performance indicators: developing, implementing, and using winning KPIs. John Wiley & Sons.
Salavati, M., Tuyserkani, M., Mousavi, S. A., Falahi, N., & Abdi, F. (2016). Improving new product development performance by risk management. Journal of Business & Industrial Marketing.

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