2.0 LITERATURE REVIEW
Over the last two decades, Performance Information, its implementation and presentation to the end users which directly refers to the subject of performance measurement (PM) has gained increasing interest and recognition in the general management literature, leading Neely (1999), when referring to the many contributions on the subject, to talk about the Performance Measurement Revolution. He demonstrated that between 1994 and 1996 a mere 3615 articles on performance measurement were published. During that period, there has been a sustained attention for PM within the financial industry.
This section intends to make an expository on the PM literature by explicitly considering a variety of performance measurement systems (PMSs). We look at existing systems for measuring overall business performance, and look how they could be used in the financial industry in general and CENO international bank in particular. The researcher deliberately cast his net wider than the popular Business Balanced Scorecard and its many variations and adaptations. The research aims to contribute to practice by drawing out the strengths and weaknesses of different performance measurement systems for the financial services institutions, as well as discussing the main issues relating to the implementation of performance measurement systems.
In this chapter, first of all, performance management will be defined. Then, the evolution of PMSs will be described. This is followed by a discussion of the functions and elements of an effective PMS. Then, we present five existent PMSs: the Balanced Scorecard (Kaplan, Norton, 1992), the Tableau de Bord (Epstein, Manzoni, 1998), the Performance Prism (Neely and Adams, 2000), the Performance Pyramid (Lynch, Cross, 1991), and the Productivity Measurement and Enhancement System (Pritchard, 1990).
A review of 360 degree feedback was done as well as its drawbacks.