Performance (Definition)

Contexts	Management, PMS
Term	Performance
Definition	The degree to which an entity is accomplishing its goals. The efficiency and effectiveness of past actions.
Quotes	the execution of an action (…) something accomplished (…) the fulfillment of a claim, promise, or request Performance entry in https://open-measure.atlassian.net/wiki/spaces/BIB/pages/1410355 (accessed 22 Feb 2020) how well a person, machine, etc. does a piece of work or an activity (…) how successful an investment, company, etc. is and how much profit it makes Performance entry in https://open-measure.atlassian.net/wiki/spaces/BIB/pages/140707191 (accessed 22 Feb 2020) Organizations achieve their defined objectives – that is, they perform – by satisfying their stakeholders’ and their own wants and needs with greater efficiency and effectiveness than their competitors. The terms efficiency and effectiveness are used precisely in this context. Effectiveness refers to the extent to which stakeholder requirements are met, while efficiency is a measure of how economically the firm’s resources are utilized when providing a given level of stakeholder satisfaction. https://open-measure.atlassian.net/wiki/spaces/BIB/pages/140707228, p. xii
Sources	, § 5.1
Related Terms
See Also