Performance Reference Model (PRM)
Techopedia explains Performance Reference Model (PRM)The three purposes of PRM are to improve daily and strategic decision-making, to improve understanding and descriptions of inputs and outputs to align them for a clear “line-of-sight” to the desired results, and to identify opportunities for improved performance for a wide variety of traditional organizational structures and boundaries. Existing approaches used include the following: Balanced Scorecard: This is a report of a mixture of financial and non-financial measures compared to target values as a succinct summary capturing the most relevant information. Baldrige Criteria: This is a methodology for achieving business excellence. Value Measuring Methodology: This is a tool to aid balancing tangible and intangible values when making investment decisions; it also helps monitor the benefits. Program Logic Models: This describes how an intervention, possibly a project or program or policy, can logically produce specific results. The Value Chain: This references the value added by each activity a product passes through prior to delivery of the final product. The Theory of Constraints: This is a management philosophy to aid organizations achieve goals consistently by seeking a constraint (or many constraints) and thereby restructuring the organization around that one (or those) constraint(s). PRM also includes four measurement areas: Mission and Business Results, Customer Results, Processes and Activities, and Technology. Other reference models include Business Reference Model, Service Component Reference Model, Data Reference Model and Technical Reference Model.
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