Performance Management & Control
It's a widely held view that 'if you're not measuring, you're not managing'. All organisations use measures of some kind to monitor their performance, but are the measures you use making a real difference to the way you drive performance? How do you recognise the right measures to use and what is the best way to go about constructing the most useful set? And what are the risks of getting it wrong?
Introduction:
Transport for London (TfL) was created in 2000 as the integrated body responsible for the Capital's transport system. TfL is responsible for all modes of transport in London and for a 580-km network of main roads and all of London's 4,600 traffic lights. Each weekday London's buses carry 6.3 million passengers on over 700 different routes with about 8,000 buses operated by 15 different companies.
If you were to advise Mayor of London, Boris Johnson, on the TfL,
what would be the features of Performance Management of the TfL
you would recommend to implement?
What elements of the TfL would you measure?
Please remember that TfL is a monopolistic organisation and ignore the fact that TfL also manages the London Congestion Charging Zone
You should prepare a report discussing this topic. You should use online and library resources as the assignment is based purely on secondary research. If relevant, please support your argumentation with examples from real life. You should carefully document your use of sources of information, applying Harvard referencing system. The report should give a reader a clear presentation of your understanding of key issues related to measuring performance, involving associated risks. You should clearly distinguish between performance measurement and performance management.
In your work you might consider looking at papers of the 2014 Nobel Prize Winner Prof. Jean Tirole as well as of Prof. Gary Becker, winner of the Prize in 1992.
Your report should not exceed 2,000 words (attachments and footnotes are not included).