The young boy asked the old man, “why a fast running horse is better than the slow running horse”? The old man said, “it has developed the habit to produce more power so that it can run up to ten times faster than the slow horse” The youngster said, “and what if the horse is running in the wrong direction”? The old man smiled and said, “then definitely it has the proportionate factor for wasting the efforts ten times quicker than the slower horse” The young man said, ” and what if other horses are following him too” The older man said, “off course it will mislead all those horses too!” “Then why all other horses follow the faster horse” “Because that attracts them but all that glitters is not gold sometimes”.
This post builds on the principles discussed in the article Calculating Optimum Cost/Time Project Schedule to calculate the optimum cost/time schedule for the Whitbread World Sailboat Race project. It demonstrates how to construct a priority matrix for the Whitbread World Sailboat Race project to determine whether each of the criteria (time, performance, cost) can be constrained, enhanced, or accepted. Based on this matrix, it then calculates the optimum cost/time scheduling to determine whether the project can be completed within 45 weeks and within the planned budget of 3,200,000$.
The purpose and usage of a performance appraisal have considerably expanded over the last years. Before 1960, a performance appraisal was used solely for administrative reasons (salary, promotion, and placement type decisions) (David and James 1993). Later, the view of a performance appraisal as a counseling/development tool and the provision and design of several conceptual frameworks for understanding this new vital role have dramatically proliferated. The purpose of this essay is to demonstrate the importance of this new role by first describing the performance appraisal system of Organization “A”, its training and development planning system, and the intended links between these two systems. The essay then critically analyzes these links and provides suggestions on strengthening them based on the nature of Organization “A” culture and environment for the sake of improving the developmental functionalities of Organization “A” performance appraisal system.