Type: Definition Essays
Sample donated: Dixie Robertson
Last updated: August 14, 2019
Enterprise performance management (EPM) is a process and software system designed to help organizations (i.e., companies, government entities, educational institutions, and non-profits) link their strategies to their plans and execution.
EPM includes budgeting, planning, forecasting, modeling, consolidating results, reporting, analyzing performance. EPM also relates to Enterprise Resource Planning (ERP), which includes reviewing available enterprise resources and deciding how those assets are utilized to achieve certain business objectives. The business objectives related with ERP procedures and EPM are regularly comparative. For instance, the utilization of staffing groups, new innovations or other existing assets may enhance execution in a given arrangement of business forms. Those planning for EPM regularly survey execution measurements identified with esteem and cost.
For instance, EPM may include assessing overhead expenses and how those costs identify with execution objectives. Those associated with an EPM procedure additionally may survey return on investment (ROI). The greater part of this data is utilized to decide how to upgrade execution and make more benefit or incentive for the enterprise. It is important to have EPM life cycle as it empowers us to beat numerous practical constrains and empower an association to accomplish the objective.
It is important to define the criteria of the project and whereabouts of it and it should be planned according to the organization’s standard. Making a project design assumes a crucial part as it incorporates monetary and practical parts of the business. Financial plan of the project ought to be critically made, the financial plan of the project ought to be acknowledged by both association and by the customers.
Project ought to have possible assets to the group, prepare them in like manner demonstrate to them the understanding of the project and prepare them on how it could be accomplished. Ensure all the training sessions be recorded for further use To deal with a project effectively, an EPM framework must comprise of six or less life-cycle stages. The higher the number of life-cycle stages, there is an increase in the demand of the gate review meetings and the project managers, rather than focusing on dealing with the task, would be spending more time in preparing notes for the meetings. This procedure can prompt loss of time and postponed discussion review meetings.
So lesser the life-cycle stages, lesser will be the time spent on paperwork by project managers and subsequently he can invest more time on managing project which will bring about execution objectives, enhance productivity or augment business forms, which is extreme objective of EPM. https://www.techopedia.com/definition/29216/enterprise-performance-management-epmhttps://hostanalytics.com/blog/what-is-enterprise-performance-management-epm/