Efficiency is about doing more with less in terms of time, energy and materials. It means defining the successful formula with precision for each node of performance at anytime. Budgeting and planning are dreaded chores for most managers. Never-the-less, a company cannot thrive without a plan. Planning related processes are intended to answer two critical questions in managing the enterprise: Are internal resources being...

by Michael C. Jensen The Monitor Group and Harvard Business School e-mail: MJensen@hbs.edu Abstract This paper analyzes the counterproductive effects associated with using budgets or targets in an organisation’s performance measurement and compensation systems. Paying people on the basis of how their performance relates to a budget or target causes people to game the system and in doing so to destroy value in two main...

Corporate governance of Turkish companies, as in many developing economies, is dominated by major shareholders, many of whom represent founding families that may also have members in the ranks of senior management. On the one hand, such overlap of ownership and management can provide a level of alignment and accountability that is unusual in large, Western companies with a near-complete separation of ownership and management....

Levend Beriker Associates assists organizations make decisive improvements in their direction and performance by implementing advanced operational and financial management models.  Our purpose is to generate deep insight into what drives value creation and competitive advantage in our clients’ businesses and the economy as a whole. We see the essence of our work as circle of insight, impact, and trust. - We work...

Performance Management is often represented by three independently governed functions in medium large enterprises. Financial management and control unit owns the planning and and budgeting function, information technology units owns operational reporting and monitoring and the human resources department owns the compensation and reward function –...