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Assessment of Performance Measurement in - St Clements University

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these objectives <strong>in</strong> the desired time scale implements the action and<br />

assesses progress and results.<br />

<strong>St</strong>rategic Plann<strong>in</strong>g: The systematic and formal creation <strong>of</strong> strategies<br />

capable <strong>of</strong> mak<strong>in</strong>g a very significant contribution <strong>in</strong> large, multi activity<br />

organizations.<br />

<strong>St</strong>retch<strong>in</strong>g Resources: The creative use <strong>of</strong> resources, to add value for<br />

customers, through <strong>in</strong>novation and improved productivity.<br />

SWOT Analysis: An analysis <strong>of</strong> an organization’s strengths and weakness<br />

as along side the opportunities and threats present <strong>in</strong> the external<br />

environment.<br />

Synergy: The term used for the added value <strong>of</strong> additional benefits which<br />

ideally accrue from the l<strong>in</strong>kage or fusion <strong>of</strong> two bus<strong>in</strong>esses, or from<br />

<strong>in</strong>creased co-operation between either different parts <strong>of</strong> the same<br />

organization or between a company and its suppliers, distributors and<br />

customers. Internal co-operation may represent l<strong>in</strong>kages between either<br />

different division or functions.<br />

Tactics: This is the strategy that determ<strong>in</strong>es what major plans are to be<br />

undertaken and allocates resources to them.<br />

16

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