Performance Management Performance Management Performance Management

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To look into the performance measures for a hospital and also an

electrical goods retailer. From this I will look into a few companies

of each and write what sort of performance measures they use and if their

management priorities.

Management Coursework

Performance Management

For this assignment I have been assigned to look into the performance

measures for a hospital and also an electrical goods retailer. From

this I will look into a few companies of each and write what sort of

performance measures they use and if their management priorities

should lie elsewhere or not.

Hospitals

Performance measures for Finances

Finance is a major part of running a hospital. As much as any company

or hospital would like to make a profit and expand, it also doesn’t

want to be over funded. Government can take some of that money away to

fund other hospitals. Therefore running a hospital employs a different

management strategy to any other business with regards to finances.

Hampstead Royal Free Hospital is located in North London and it serves

about half a million patients a year. A good indicator for the

financial performance of the Royal Free hospital is Profitability. The

Royal Free employs 4500 people and has an annual turnover of £260

million. This shows us that Hampstead is not targeting too big an area

for patients (north Camden, south Barnet and west Haringey). But it

can also be looked in another way. If they have an annual turnover of

£260 million, maybe they should be serving an even bigger area, or

developing more specialised equipment etc… According to the NHS

ratings, The Royal Free has underachieved with regards to their

financial management. As a hospital they submit their financial

support annually but this was not in line with the targets within the

NHS plan. This could be down to the fact that they received too much

money with not putting too much back to the hospital. Market standing

and position is another but this is related to the ‘NHS plan’ through

the NHS ratings. It is related to the standings from the previous year

and the financial stability of the hospital as a whole. In the Royal

Free’s strategic framework and aims, nothing is mentioned with

finances. But I feel that some of their priorities should change. With

such a big turnover, I feel the Royal Free should constantly be

reinvesting more of ...

... middle of paper ...

...s financially

viable it is good for brand awareness and availability. ++

Bibliography

- Management Notes UCL lectures

- Business Studies notes Christ’s College 6th form

- Introduction to Management 3rd Edition by Richard Pettinger (chapter 3

and 4)

Internet Sites

- http://www.nhs.uk/england/default.aspx

- http://www.royalfree.org.uk/aboutus.asp?page=trustaims.htm

- http://www.argos.co.uk/static/StaticDisplay/includeName/AboutArgos.jsp.htm

- http://www.tesco.com/corporateinfo/

- http://dsgportal01.dixons.co.uk/wps/portal/dixonsURL

- http://www.royalfree.org.uk/aboutus.asp?page=siteinfo.htm

- http://www.nhs.uk/england/hospitals/showhospital.aspx?id=RV8E2 Edgware

Rating through NHS England

- http://www.nhs.uk/england/authoritiestrusts/acute/starrating.aspx?

orgcode=RAL&type=Acute%20Trust

Royal Free Rating (2 stars)

- http://www.nhs.uk/england/authoritiestrusts/acute/starrating.aspx?

orgcode=RVL&type=Acute%20Trust

Barnet General Hospital rating (0 stars)

- http://www.bcf.nhs.uk/aboutthetrust/index.asp Barnet General Hospital

- http://www.bcf.nhs.uk/aboutthetrust/facts.asp facts on Barnet General

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