Monitoring means constant tracking, taking indicators, fixing key parameters of the results of processes aimed at achieving a goal. It serves to track trends in these parameters and results in order to take them into account for control or forecasting. On its basis, an analysis is made and recommendations are made to improve the efficiency of management decisions.
Instructions
Step 1
Formulate the goals for which you need to do monitoring. For example, you are interested in the investment attractiveness of a territory. This means that you should know the dynamics of the volume of attracted investments for a certain period of time. Or you are tracking the fulfillment of a sales plan. In this case, you need to constantly receive data on the goods sold at some specific frequency. The data of such monitoring allows us to identify problems in a timely manner and make management decisions if necessary.
Step 2
Determine the list of parameters required for monitoring that will allow you to conduct a comparative analysis for different time periods. Consider the factor that the sources of your information must be reliable, the employees who provide it must be motivated to obtain an objective assessment. Monitoring should give you information to think about and figures for statistical analysis of the activities of the enterprise.
Step 3
Based on the monitoring results, make an analysis using the methods of mathematical statistics and economic and mathematical. Based on the results of the analysis, make adjustments to the goals and objectives. It is possible that as a result of such an analysis, you may receive irrefutable data on the impossibility of achieving these goals. You can quickly track new factors that appear during the implementation of long-term projects and take into account the reasons that prevent the achievement of these goals.
Step 4
Use methods to visualize monitoring results. This will allow you to visualize the entire dynamics of the change in parameters over time. To increase the reliability and representativeness of statistical samples, use data for sufficiently large time intervals to exclude the factor of randomness.
Step 5
Based on the results of the analysis, draw clear conclusions and begin the process of preparing management decisions and proposals to eliminate the reasons that impede the achievement of goals. Make adjustments to plans and forecasts for expected performance indicators.
