The success and sustainability of an organisation depends on performance of the organisation and how their objectives are carried out to its effect. Organisations are trying to manage performance of each employee, team and process to ensure that the goals are met in an efficient and effective manner consistently. Effective utilisation of performance
management system is critical to enhance organisational performance, so as to achieve a competitive position in global marketplace (Kovacic, 2007; Neely, 2005; Guler et al., 2002; Neill and Rose, 2006 and Franceschini et al., 2010). With rapid introduction of new technologies and changes in the manufacturing sector, the manufacturers are struggling to
measure and manage performance across their operations effectively. This need has given rise to the importance of a comprehensive performance management system, which would enable the manufacturers to improve all the facets of their operations and to attain competitive edge in the market. The purpose of this paper is to understand the various performance management system utilized by the manufacturing industries and its relevance to the pertaining changes in the economy.