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The question says Evaluate the intoduction of VBM would affect the current Measure in the strageic performance report and reccomend with justification?
Do I need to write about the benefits of using Value-Based Management (VBM)? If yes, How should I answer the second part of the question, which asks for recommendations and justifications?
Evaluate = appraise, assess, estimate and value ie to judge something with respect to its worth or significance.
Evaluation must look at both positive and negative influences. Eg to evaluate a new IT system you would have to look at:
+Better information
+Better customer service
-Cost
-Chance of disruptionSo, if a company is considering implementing a VBN you would have to look at the potential benefits.
The recommendations would come after evaluation (eg if the evaluation produced mostly adverse news you would not recommend the proposal. Justification is bound up with this but attempts to achieve a fair balance between the effects. For example, in the IT system you would have to balance cost (hard $) against the benefits (Difficult to estimate $). Justification = your argument for either going for the proposal or rejecting it.
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