Answer 1

Professionally run firms consistently place a strong emphasis on creating

performance management systems that are based on their own performance
management philosophies. train employees to deliver their best has always been the
guiding principle of all competently run organizations.
In essence, performance management philosophy upholds the values and principles
that firms who have adopted performance management systems have adopted.
Understanding the individual functions of the employees, their supervisors, and the
organization as a whole is feasible through the performance philosophy.
The most popular techniques for establishing the foundation for gauging
performance results are performance targets and standards. Managers can give
detailed feedback to explain the discrepancy between expected and actual
performance using these goals and criteria. To monitor the results of employees'
performance, it is desirable to specify the performance standards and objectives for
each job role.
Performance standards and objectives can be differentiated more precisely: while
standards are more closely related to job-task completion and can be tracked to the
performance of an individual, objectives are more in line with the overall
organizational performance, ultimately resulting in the accomplishment of business
goals. When they are SMART in addition to being documented and verified,
objectives and standards are both valuable.

Without definite goals, a team lacks direction. The marketing team of Jagruti electric
motors can get direction by setting smart goals the right way. The SMART
framework was developed to make it easier to set clear, well-thought-out, and
manageable goals. SMART goals in marketing are approaches for creating goals
that teams may use to develop practical marketing plans to support the long-term
goals of the firm, including tactics for sales and customer engagement.
S= Specific: The desired behaviours and outcomes must be specified in
performance objectives and standards. The aims and objectives must be understood
by the marketing team. Knowing what they must do and how they will do it is
understanding. Consequently, the objectives must be precisely stated and specified.
Here, there is no room for ambiguity or words that can be read in several different
ways. Be precise. Here is an illustration of a vague goal:
"Increase content performance this quarter by 15%."
The term "content" alone is not detailed enough. Instead, attempt:
"Increase MQL generation by 15% this quarter across all blog posts."
M= Measurable: To gauge the level of success, it must be quantifiable. It is
frequently advised to create quantitative measures like ratios, percentages, counts,
etc. for simplicity of measuring. However, some performance indicators are
challenging to quantify. Understanding the metrics we will track and how we will
judge the success or failure of our campaign is necessary for setting measurable
goals. Measuring success or failure is essential since it enables us to keep track of
our development, evaluate what is functioning effectively, and make adjustments as
necessary. As a result, we must establish benchmarks and key performance
indicators (KPIs) and make them appear to our staff.
A= Attainable: Setting performance criteria and targets must be reasonable, that is,
reachable or reachable given the available resources. Stretch goals are frequently
purposefully set by companies to put pressure on certain personnel. However, this
strategy may not always be the best one because underperforming staff may feel
overly burdened. Set a high standard for our staff, but make sure that our
expectations are reasonable and practical. Goals shouldn't be too simple or too
difficult to motivate the team, but they also shouldn't be too easy or too difficult to
discourage people from even attempting. Achieve a balance. Consider the
capabilities of our staff as well as any other competing priorities. It's best to have
everyone's opinion before deciding whether a goal can be achieved. We must also
consider other elements including the amount of time available, vacation time, and
the project budget.
R= Relevant: The unit, departmental, and overall organizational missions must be in
line with the personal goals, objectives, and standards of each employee. The
purposes are defined by the missions, and people get directions from the purposes.
Therefore, accomplishing business goals benefits from performance standards and
objectives that are in line with the mission.
T= Timely: It is important to specify the time frame or the period of time within which
the employees are expected to provide the desired results when choosing
performance objectives and standards. Since goals and objectives are yearly,
performance targets must likewise be yearly. Performance monitoring is carried out
at frequent intervals to make sure that performance goals are met, but this allows for
better tracking of results. Goals require a completion date. Without it, there is the
danger of staff lacking focus and possibly even slacking off because of a sense of
lack of urgency. Setting up a campaign schedule will allow monitoring progress
toward objectives. Deadlines must be sensible and realistic, just like the aim. Find
out from our team if they can meet the deadline. Our schedule should coincide with
the business's schedule as well.
Marketing teams may clarify their objectives, find areas for development, and
develop successful advertising campaigns with the aid of effective SMART goals.
You might boost your overall revenue and strengthen your relationships with
customers by implementing SMART goals in your marketing campaigns. To
determine whether this approach best meets your needs, it's critical to grasp how to
apply this technique to marketing.
These objectives will offer a well-organized framework for assisting the marketing
team of this start-up firm in determining the best course of action. SMART goals can
assist in determining the overarching goal of a team's marketing initiatives and help it
further define its brand identity.

Answer 2
Balanced scorecard: Kaplan and Norton created the balanced scorecard as a
strategic management tool (1992). The balanced scorecard lays out exactly what
should be measured by a business to balance its financial viewpoints. The balanced
scorecard is more accurately described as a management system than just a tool for
measuring how well-balanced an organization's financial outcomes are.
Organizations can fulfill their vision and strategy through balanced scorecards by
turning them into action plans. Organizations can create a strategy framework and
meet performance goals by converting the activities into a balanced scorecard. The
scorecard can also provide guidance for achieving performance objectives. The
balanced scorecard, according to Kaplan and Norton, accounts for the contributions
from four perspectives, including customers, finance, internal business processes,
and learning and growth, while maintaining the traditional financial measures and
assisting the organization in measuring its capacity to create future value.

“Forever young” need to build metrics based on the analysis and data collecting after
comprehending the four perspectives. These four perspectives where the company
needs to set one goal are given below-
1. The financial perspective: As was previously mentioned, Kaplan and Norton
did not eliminate the requirement for financial performance. Organizational
priority should continue to be given to financing and its associated financial
outcomes. The most essential performance indicators from a financial
 standpoint include things like employees' capacity to evaluate risk, justify cost-
benefit, and other such things. “Forever young must first determine the vision
and match its values and beliefs in order to create a balanced scorecard. It
must then put this vision into practice through their missions. The
organization's purpose is made clearer by its mission. Eventually, within the
parameters of the mission, goals are established, which then flow into detailed
strategies and action plans. These detailed action plans become the key
performance indicators (KPI), which become the organization's ultimate
performance goals. KPIs are converted into scorecards that measure
performance from all angles.

2. The customer perspective: The organization must first determine the vision
and match their values and beliefs in order to create a balanced scorecard. It
must then put this vision into practice through its missions. The organization's
purpose is made clearer by its mission. Eventually, within the parameters of
the mission, goals are established, which then flow into detailed strategies
and action plans. These detailed action plans become the key performance
indicators (KPI), which become the organization's ultimate performance goals.
KPIs are converted into scorecards that measure performance from all
angles.

3. The business perspective: Kaplan and Norton, two balanced scorecard

proponents, advise directing employees' performance toward internal
corporate procedures. Employees that are aware of internal business
processes are better able to comprehend the organization's business
practices, the degree to which its products and services meet consumer
needs, its goal, the strategic management process, etc. Theoretically, there
are two different types of business processes in organizations: support-
oriented and mission-centric. Through created metrics, it is possible to link an
employee's performance to internal business operations. When a person
helps to improve internal business procedures, which in turn raises the bar for
future performance, that employee has demonstrated excellence in
performance.

4. Learning and growth perspective: According to this viewpoint, businesses

must place a strong emphasis on employee development and training to
ensure their ongoing growth. Employees' performance can improve with
increased knowledge and expertise, which also helps the organization
become more competitive. It is crucial to regularly update employees'
knowledge and skills through training and development in the face of turbulent
market conditions as well as the rapid technological change that is currently
occurring. Because of this, every group of employees in the Forever young
organization must prioritize their own growth as well as that of their peers and
subordinates. Employees can advance themselves and their careers by
learning. Development is a narrower concept than growth. Growth lasts a
lifetime whereas development is transient. Employees can get one-time
performance results through development, but they can consistently deliver
higher performance results through learning-reinforced growth.

Forever young can also have the following benefits after maintaining a scorecard-
 1. It provides accurate measurement of realized strategy in relation to
organizational performance goals by coordinating key performance indicators
with the entire organization's strategy.
2. Because the balanced scorecard provides a comprehensive view of business
performance, it can also serve as an organizational health index.
3. It enforces a productive workplace culture since, regardless of the nature of
their work or hierarchy levels, all employees from all cross-sections must
participate in its development, communicate with one another, and
comprehend the organization's business imperatives and strategies.
4. It makes strategic feedback available and, in the process, offers precise and
correct inputs for upcoming decision-making.
5. Employees can evaluate their own performance and comprehend how their
efforts fit into the larger organizational strategies.
6. As appropriate information may be made easily accessible, it cuts down on
the time needed for information search.
7. The performance management method is made scientific and transparent by
it.
An organization's business actions should be in line with its strategy, resource
allocation, budgeting, and reporting in a cutthroat business environment. However, it
is more crucial to manage human resource (HR) management tasks wisely.
Managing employee performance is one of the most important HR tasks. In its purest
form, the balanced scorecard facilitates the strategic alignment of HR functions. The
balanced HR scorecard is now included in the scope of the balanced scorecard.

Answer 3(a)
Cost efficiency is the practice of reducing costs by improving a product or process.
The goal of doing this is to increase the bottom line of the company by lowering
procurement costs and increasing overall efficiency. Cost-effectiveness is a crucial
component of company strategy, even though it is not the be-all and end-all of
business. The key to the value that procurement offers firms is the capacity to
reduce costs and boost profitability through improving processes.
SMART for production executive is-
1. Reviewing marketing spending: When circumstances are rough, many small-
business owners frequently cut back on marketing and advertising. This may
result in lower sales, adding to the financial strain. Analyze your marketing
communications expenditures and determine the return on each one. Keep
your money where it is giving you the best return. If you need to reduce
spending, consider using free or low-cost alternatives to traditional media,
such as sales letters, phone calls, and social media.

2. Examine debt-service costs: If you don't budget for and keep track of your
debt-service expenses, they could snare you. Consider your annual interest
expenses, for instance, if you finance some of your purchases using a credit
card. Check to see if you may get new cards with better offers for balance
transfers and reduced rates. Some balance transfer deals allow you to carry
debt for 12 to 18 months without paying interest, which may save you
thousands of dollars that you could use to pay off another card and cut your
interest costs even further. If you plan to buy on credit, call suppliers who
need your business and negotiate reduced interest rates. If you have cash on
hand, you might want to use some of it to pay down interest-bearing debt.

3. Reduce utilities: You might be shocked at how much cash you can save on
your monthly electric, gas, and water bills without having to make many
sacrifices. Request a free audit of your building from your utility providers.
They might give advice or even low-cost or no-cost renovations that might
help you save thousands annually on reduced energy and water bills.

4. Evaluate your expenses: Any effort to cut costs should be carried out carefully
and strategically because doing so can have a cascading effect on the rest of
your business operations. Create a precise budget, separating your overhead
costs from your production costs, if you don't already have one. Production
costs are the expenses you expend to create your product, as opposed to
overhead costs, which include things like insurance, phones, and rent. You
may start considering which expenses you can minimize without
compromising the quality of your products, your brand, or your operations
once you are aware of all of your costs and how they relate to your
operations.

Answer 3(b)
Cost-cutting in transportation logistics has long been the top focus for businesses.
There are various strategies to increase supply chain efficiency, reduce
transportation costs, and make money for enterprises. Streamlining inventory levels,
creating better processes, enhancing connections between suppliers and third
parties, and other tactics can all be used to reduce logistical costs.
SMART goals for dispatch executive for cost-effectiveness is-
1. Not relying on single modes: Increasing your level of adaptability and flexibility
in your modes of transportation might significantly reduce losses in ways you
may not have anticipated. Air freight is typically substantially more expensive
than maritime freight. However, the extra time can ultimately lose you sales.
Try to compare the costs of different modes of transportation, but don't worry
too much if you need to switch. If you generally rely on single modes,
intermodal transport would be an additional option that you could not have
previously considered.

2. Considering warehouse services: You can keep products closer to your

clients to significantly save transport costs if you are delivering a lot of goods
from point A to point B, especially over a long distance. Prior to anything else,
you must comprehend the security implications. Be proactive with your
security and ensure that your warehouse is operating safely. Make every
effort to prevent costly injuries. Try to avoid paying any fines to the authorities.

3. Focusing on logistics cost reduction: The simplest and greatest supply chain
logistics cost-reduction advice is to collaborate with suppliers to cut expenses.
Suppliers will occasionally pay for certain direct logistics expenses. Try to
assemble a group of buyers (a buyer and their suppliers) to purchase the
transportation fuel and other logistics goods at a discount owing to buying in
bulk. Start inviting vendors to your facilities with a planned agenda. Analyzing
your products and offering suggestions for reducing logistical costs might be
one topic. In their area of competence, the supplier may be the foremost
authority. Suppliers may undoubtedly assist by staying engaged in a cost-
savings initiative that benefits both parties. Never compromise on quality while
maintaining a part's functionality and dramatically reducing component costs.

4. Use preventive measures: Preventive maintenance is used to save logistics

costs on almost any piece of equipment - emergency or breakdown
maintenance don't work. It can be costly in terms of working hours, customer
support, and tragic accidents (safety) such as when a forklift is killed while
unloading a container.
Source: Textbook, Google.