University of Technology Sydney - BUSINESS 22421,.take home quiz Week 2. With all Answers.

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Fundamentals of performance measurement design Take-home quiz This quiz is designed to test and give you feedback on your knowledge of the basic concepts introduced in Lecture 2. We recommend tha... t you replicate exam style conditions to complete this quiz, i.e. print and write on it with pen; set yourself a timer (approx. 25 minutes); work independently in a quiet place. a. Indicate the correct order of a ‘cybernetic loop’ in performance measurement (label each step 1-5): 2) Think about an individual who trains to compete in the 100m running final of the Olympics: a. Fill these boxes to provide an example of what is an input, activity, output and outcome of this scenario for this individual b. How could you measure the individual’s output? What would be a relevant: i. performance measure (including units) ___________________________ ii. target (for that measure) ___________________________ c. Explain how this output measure (from b) be used to give feedback to the runner? _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ _____________________________________________________________________________________ 3) Steve is trying to improve the development of new products, by giving members of the R&D team cash bonuses based on the number of patent applications they file with regulators. However, some employees are knowingly filing applications that are incomplete or copies of existing patents. Is an example of (circle one): Gaming OR Manipulation Explain why? _____________________________________________________________________________________ 4) Classify each of the following as either performance; performance measure; or target Return on investment (%) Annual change in profit ($) Profitability Timeliness Average wait time (mins) Achieve ROI > 8% 4 mins $/hour 5) What are the 9 criteria of good performance measurement? ___Validity_________ _____Cost efficiency___ ___Controllability____ 6) In the table below are a series of statements describing problems in performance measurement. For each problem identify the relevant criteria of ‘good’ performance measurement Problem in performance measurement Profit is a meaningless measure of the performance of charities Because of changes to the company privacy policy, the HR department can no longer monitor the time staff spend on social media. The rating my manager gives me for my weekly performance varies depending on his mood. As they get paid per hour, Henry and his friends always work slowly on the production line As he only has one product that doesn’t have much overhead costs, Bob thinks it is wrong to change from a plantwide rate system to an ABC system Mary prefers individual assignments rather than group assignments as she doesn’t have to worry about the expertise or motivation of anyone else A CFO wanted to improve last year’s profit, so changed the delivery dates so that sales more were recorded in the last period Brian recently received a score of 7.25 for his project but he doesn’t know if that is good or bad. Students are upset that the results of mid-semester exam are only available in Week 12. [Show More]

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