The things that the proponents of “management audits” talk about—integrity and creativity, for instance—are better left to the novelist.
The “bottom line” measures business performance rather than management performance. And the performance of a business today is largely a result of the performance of management in years past. Performance in management, therefore, means in large measure doing a good job of preparing today’s business for the future. The future of a business is largely formed by present-management performance in four areas:
- Performance in appropriating capital: We need to measure the return on investment against the return expected.
- Performance in people decisions: Neither what is expected ...
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