To examine the performance metrics of a hospital and also an electrical retailer. From there, I'll look at a few companies from each and write down what type of performance measures they use and their management priorities. Management Course Performance Management For this assignment, I was tasked with reviewing the performance metrics of a hospital and also an electrical appliance retailer. From there, I'll look at a few companies from each and write down what type of performance measures they use and whether or not their management priorities should lie elsewhere. HospitalsPerformance Measures for FinanceFinance is an important part of running a hospital. Even if a business or hospital wants to make a profit and grow, they also don't want to be overfunded. The government can withdraw some of this money to finance other hospitals. Therefore, running a hospital uses a different management strategy than any other business when it comes to finances. Hampstead Royal Free Hospital is located in north London and serves around half a million patients per year. A good indicator of the financial performance of the Royal Free Hospital is profitability. TheRoyal Free employs 4,500 people and has an annual turnover of £260 million. This shows us that Hampstead is not targeting too large an area for patients (north of Camden, south of Barnet and west of Haringey). But we can also consider it from another angle. If they have an annual turnover of £260 million, perhaps they should serve an even larger area, or develop more specialist equipment etc. According to NHSratings, the Royal Free has underperformed in terms of financial management. As a hospital they submit their financial support every year, but this was not in line with the aims of the NHS plan. This could be because they received too much money without giving too much back to the hospital. Location and market position is another, but this is linked to the “NHS plan” through the NHS ratings. This is linked to the previous year's ranking and the financial stability of the hospital as a whole. In the strategic framework and objectives of RoyalFree, nothing is mentioned regarding financial matters. But I think some of their priorities should change. With such a large turnover, I think Royal Free should constantly reinvest more...... middle of paper ...... because it's financially viable, it's good for awareness and availability of the brand. ++Bibliography- Management Notes UCL Courses- Business Studies Notes Christ's College 6th form- Introduction to Management 3rd Edition by Richard Pettinger (chapter 3 and 4) Websites- http://www.nhs.uk/england/default .aspx- http://www.royalfree.org.uk/aboutus.asp?page=trustaims.htm- http://www.argos.co.uk/static/StaticDisplay/includeName/AboutArgos.jsp.htm- http ://www.tesco.com/corporateinfo/- http://dsgportal01.dixons.co.uk/wps/portal/dixonsURL- http://www.royalfree.org.uk/aboutus.asp?page=siteinfo. htm- http: //www.nhs.uk/england/hospitals/showhospital.aspx?id=RV8E2 EdgwareRating via NHS England - http://www.nhs.uk/england/authoritiestrusts/acute/starrating.aspx?orgcode= RAL&type=Acute% 20TrustRoyal Free Rating (2 stars) - http://www.nhs.uk/england/authoritiestrusts/acute/starrating.aspx?orgcode=RVL&type=Acute%20TrustBarnet General Hospital (0 stars) - http:// www.bcf.nhs.uk/aboutthetrust/index.asp Barnet General Hospital - http://www.bcf.nhs.uk/aboutthetrust/facts.asp facts about Barnet General