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Entrepreneur Department
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1.1 BACKGROUND TO THE STUDY
Researchers all over the world has advocated the need for manager or consultant to constantly examines and evaluates an employee's work behavior and productivity by comparing it with preset standards, document the results of the comparison, and use the results to provide feedback to the employee to show where improvements are needed and why (Miles, 2002). This therefore enables managers to know the areas to invest in for optimal performance.
Performance assessment is employed to determine who needs what training, and who will be promoted, demoted, retained, or fired. It also determines which section of the organization needs maintenance and upgrading. Investment decisions involve the thought process of selecting a logical choice from the available options.When trying to make a good decision, the decision maker must weigh the positives and negatives of each option, and consider all the alternatives. For effective decision making, a person must be able to forecast the outcome of each option as well, and based on all these items, determine which option is the best for that particular situation most importantly the previous performance will be a proper guide in the choice of where to invest (Child, 2002).
LIMITATION OF STUDY
Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).
Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.
1.8 DEFINITION OF TERMS
Performance: The accomplishment of a given task measured against preset known standards of accuracy, completeness, cost, and speed. In a contract, performance is deemed to be the fulfillment of an obligation, in a manner that releases the performer from all liabilities under the contract.
Organization: A social unit of people that is structured and managed to meet a need or to pursue collective goals. All organizations have a management structure that determines relationships between the different activities and the members, and subdivides and assigns roles, responsibilities, and authority to carry out different tasks. Organizations are open systems-they affect and are affected by their environment.
Investment: Money committed or property acquired for future income.
Decision:A choice made between alternative courses of action in a situation of uncertainty.
SME: Small and Medium Scale Enterprise
REFERENCES
Aldrich, H.E., 2009, Organisations and environments, Englewood Cliffs, Prentice Hall, New Jersey
Bourgeois, L.J., III, 2004, Strategic management and determinism, Academy of Management Review, 9, pp586-596
Child, J., 2002, Organisational structure, environment, and performance: the role of strategic choice, Sociology, 6, pp2-21
Dean, J.W. and Sharfman, M.P., 2006, Does decision process matter? A study of strategic decision-making effectiveness, Academy of Management Journal, April, volume 39, number 2, pp368-97
Hitt, M.A. and Tyler, B.B., 2001, Strategic decision models: Integrating different perspectives, Strategic Management Journal, 6, pp171-180
Miles, R.H., 2002, Coffin nails and corporate strategies, Englewood Cliffs, New Jersey, Prentice Hall
Pfeffer, J., and Salancik, G.R., 2008, The external control of organisations: A resource dependence perspective, Harper and Row, New York
📄 Pages: 55 🧠 Words: 6460 📚 Chapters: 5 🗂️️ For: PROJECT
👁️🗨️️️ Views: 336
