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Critical Success Factors Article |
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Performance Measurement: Understanding Critical Success Factors |
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Arthur F. Rothberg, Managing Director, CFO Edge, LLC |
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Chase Morrison, Managing Director, Resource Planning Solutions Corporation |
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Article Summary |
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Strategic planning and performance management are of significant importance to the survival of today’s businesses. From small businesses to multinational, Fortune 500 companies, these factors are critical to their operational success.
This article introduces a series that will outline a number of best practices for the implementation of strategic planning and performance management. The best practices will cover four primary initiatives: critical success factors, key performance indicators (KPIs), dashboards, and balanced scorecards.
This piece focuses on the first of these initiatives, critical success factors. Critical success factors are defined as a group of indispensible activities or elements that enable an organization to achieve its stated objectives, thereby ensuring the successful performance of both current and future operations.
The review includes the definition of critical success factors, why they are necessary, how they’re developed, and examples of critical success factors in action. Identification of critical success factors is a precursor to developing key performance indicators, the measurements that quantify objectives and support assessment.
Los Angeles CEOs and CFOs who feel they are unable to devote internal resources to the task can benefit from consulting with an outsourced provider of CFO services experienced in developing critical success factors, as well as other performance management strategies like key performance indicators, balanced scorecards, and dashboards.
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