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implement.

Afterthought, the employees should know how well they are doing and what they need to improve through performance evaluation. This will be possible by giving feedback daily, weekly, monthly or quarterly basis. So it can be control system for business.

Even though MBO is time consuming, complicated, lengthy, and expansive, this method motivates employees and make them aware of expected roles, responsibility and accountability and also facilitates employee with counselling and provide guidance.

Furthermore, one of the most famous method of performance management is Balance scorecard approach. This method is a theoretical framework for converting an organisation vision into set of performance indicators. There are four perspectives of this method. They are;

Financial
Customers
Internal business process
Learning and growth
According to Institute of Management Accounts (1998) traditional techniques to performance measurement fail due to many reasons. First traditional method fail to explain executives how to improve performance. Second method was unable to identify core issues driving current performance. Third method tend to be a retrospective rather than proactive. Due to theses traditional methods now the organizations implement performance management system. This helps the organization to organize an institutionalize strategy. It also provide attention for and measures the success of, reengineering or total quality management efforts. Moreover, it helps in cross function and process driven objectives for better coordination among key management process. Therefore an effective integrated performance management system helps the organizations to achieve competitive advantage through gaining and maintaining core competence of the organization.

For the performance management it is very important to consider the careful review and analysis of the relationships among Strategic objectives, Core business strategies, Critical success factor, and Key performance indicators. Also Potential source of information which help to identify the strategic objectives and critical success factors that are the foundation of an integrated business performance model are:

Vision and Mission Statement
Strategic objectives
Customer requirements
Compensation and reward system
Once the vision of the business is stated than the business create its mission statement and goals to achieve the vision of the business and try to meet the stakeholders need. To achieve the main goal of the business each department or functional goals are determined and in each function individual or operational objectives and goals are created. As a result individual performance management is vital for the business

There are few models for the performance management such as GROW model, OUTCOMES model.

GROW model was developed by Graham Alexander and John Whitmore. The GROW model G stand for the goal that talk about to the target or objective given to the team. R stand for reality refers to knowing of where you are now in relation to where your employee is in relation to the goals identified. O stand for options to move from reality to goals. W stand for way forward for the options chosen to be implemented.

Performance management is not only necessary for individuals. It is also very important