“Performance Management System", W4 Assignment help

User Generated

ZnlNatry1984

Business Finance

Description

Answer the following questions:

  • Why did Freeport-McMoRan need a performance management system? How might it have helped the company adjust its strategy?
  • Do you think a pen-and-paper performance management system could have been as effective as the web-based system Freeport-McMoRan adopted? Why or why not?

The following requirements must be met:

  • Write between 1,000 – 1,500 words using Microsoft Word in APA 6th edition style.
  • Use an appropriate number of references to support your position, and defend your arguments. The following are examples of primary and secondary sources that may be used, and non-credible and opinion based sources that may not be used.
    1. Primary sources such as government websites (United States Department of Labor - Bureau of Labor Statistics, United States Census Bureau, The World Bank), peer reviewed and scholarly journals in EBSCOhost (Grantham University Online Library) and Google Scholar.
    2. Secondary and credible sources such as CNN Money, The Wall Street Journal, trade journals, and publications in EBSCOhost (Grantham University Online Library).
    3. Non-credible and opinion based sources such as, Wikis, Yahoo Answers, eHow, blogs, etc. should not be used.
  • Cite all reference material (data, dates, graphs, quotes, paraphrased statements, information, etc.) in the paper and list each source on a reference page using APA style. An overview of APA 6th edition in-text citations, formatting, reference list, and style is provided here.

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Explanation & Answer

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Running Head: FREEPORT MCMORAN

Freeport McMoRan
Student’s Name
Institution’s Affiliation

FREEPORT MCMORAN
Introduction
Freeport McMoRan is the largest producer of copper, gold, and molybdenum in the United
States of America. The large size of the company and dramatic business changes over the years
came with challenges to this company thus making the need for a performance management
system to arise. This paper will discuss various factors that led to the need of a performance
management system in the Freeport McMoRan, how it helped the company to adjust its strategies
and opinions on how pen and paper management could have been effective in use as compared to
the web-based system that was adopted.
Body
Question 1.
Why Freeport-McMoRan needed a performance management system.
Performance management is the process by which the managers and the employees
cooperate so that they can plan, monitor and review how the employees meet their obliged
objectives and their overall achievement to the company. The Freeport-McMoRan needed a
performance system because of the following factors:
Planning purposes- the large size of the Freeport-McMoRan company made it difficult to
use the traditional methods for planning. The large number and scores of machines utilized in the
mines w...


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