Development of a New Model for Performance Measurement Based on the Tool for Action Plan Selection

Abstract

With the aim to present a new method for improving industrial company performances, this study will present a new model for performance measurement and management using Tool for Action Plan Selection (TAPS). As a software tool, TAPS assist managers to define goals, measure Key Performance Indicators (KPIs) and create strategic decisions. The new model defines the main functional areas of an industrial company as four sectors with KPIs are measured by sector managers and are giving general management information about their influence on the defined objective. Non-parametric statistical analysis with Wilcoxon rang test showed the difference between assessment for functional areas of general managers and average scores of KPIs for functional areas of sector managers. The research is conducted within eight international industrial companies and the results give information about the most important KPIs. The results of this research are can be used as guidelines and support for the management of international industrial companies in the process of strategic decisions making.