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Performance Management Performance management is a process a business uses to achieve its targets and objectives effectively. It includes such processes as planning and targeting, strategy development, performance appraisals, etc. Performance management is important for a business because it helps the business to remain competitive, it helps to expand and help the business grow, it involves self-evaluation and other staff evaluation which helps improve the communication between staff and makes staff more aware of how well they are performing, training and development takes a significant role in performance management it has a major influence in promotions of employees and the future of every employee. Managers exercise their control by planning with objectives and targets, establishing the performance standards, monitoring the actual business' performance, comparing performance with targets and correcting mistakes and taking action. MBO has an important role in performance management, MBO is a process in which individual performance and organisational performance is being...

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