PERFORMANCE ASSESSMENT AND INVESTMENT DECISIONS OF SMALL AND MEDIUM SCALE ENTERPRISES IN NIGERIA. A CASE STUDY OF SOME SELECTED SMES IN IKEJA, LAGOS
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PERFORMANCE ASSESSMENT
AND INVESTMENT DECISIONS OF SMALL AND MEDIUM SCALE ENTERPRISES IN NIGERIA. A
CASE STUDY OF SOME SELECTED SMES IN IKEJA, LAGOS
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE
STUDY
Researchers all
over the world has advocated the need for manager or consultant to constantly
examines and evaluates an employee's work behavior and productivity by
comparing it with preset standards, document the results of the comparison, and
use the results to provide feedback to the employee to show where improvements
are needed and why (Miles, 2002). This therefore enables managers to know the
areas to invest in for optimal performance.
Performance assessment is employed to determine who needs
what training, and who will be promoted, demoted, retained, or fired. It also
determines which section of the organization needs maintenance and upgrading.
Investment decisions involve the thought process of selecting a logical choice
from the available options.When trying to make a good decision, the decision
maker must weigh the positives and negatives of each option, and consider all
the alternatives. For effective decision making, a person must be able to
forecast the outcome of each option as well, and based on all these items,
determine which option is the best for that particular situation most
importantly the previous performance will be a proper guide in the choice of
where to invest (Child, 2002).
Dean and Sharfman
(2006) observe, the following two assumptions must hold to prove a link between
investment decision process and performance assessment. Firstly, it must be assumed that investment
decision processes are related to choices determine by previous achievements;
or, more specifically, that the investment decision process was influencedby
the quest for better performance and productivity. Although this assumption appears intuitively
obvious, many academics have argued that the operating environment shapes
organizational and individual choices (for example, Aldrich, 2009; Pfeffer and
Salancik, 2008). Others, however, claim
that despite the existence of these external factors, managers retain a
substantial degree of control over choices (for example, Miles, 2002; Child,
2002). One argument made in favour of
this position by Dean and Sharfman (2006) is that some managers make very poor
choices with devastating consequences for their firms, while others in very
similar circumstances make much better choices (for example, Bourgeois, 2004). Such variation, the authors assert, could not
exist if performance assessment has been the driving force for such investment
decisions. Hence, Dean and Sharfman
(2006) conclude that it appears likely that viable outcomes are a product of
the decision process used. Leading on
from this, the second assumption is that choices relate to outcomes, and that
all outcomes are not equally good. Once
again there can be very little doubt that external forces also influence
decision effectiveness (Hitt and Tyler, 2001; Pfeffer and Salancik, 2008). However, Dean and Sharfman (2006) note that
it is unlikely that the influence of such forces as performance assessment
eliminates the impact of choice on decision effectiveness as it is hard to
imagine a decision in which all potential choices will be equally successful or
unsuccessful. The researcher seeks to examine the influence of performance
assessment on investment focusing on SMES in Nigeria.
1.2 STATEMENT OF THE
PROBLEM
Many empirical studies have investigated the existence of a
relationship between the performance evaluation or assessment and
investmentdecision. None have
concentrated on the use of decision analysis in the investment decision-making
processes of organisations. However,
several have explored the effects of comprehensiveness, rationality, formality
and consensus in the decision-making process on organisational performance.
Advocates of performance assessments maintain that every task
must have performance criteria forat least two reasons:
1. The criteria define
for performance and others the type of behavior or attributes of aproduct which
are expected, and
2. A well-defined
scoring system allows the managers, the employees, andothers to evaluate a
performance or product as objectively as possible. If performance criteria are
welldefined, another person acting independently will award an employee
essentially the same score.
Furthermore, well-written performance criteria will allow the
managers to be consistent in scoring overtime which will definitely reshape the
decision making process of the management. However, the researcher is examining
the relationship between performance assessment and decision making of SMES in
Nigeria.
1.3 OBJECTIVES OF THE
STUDY
The general objective of this study is to analyze the
relationship between performance assessment and investment decision of SMES in
Nigeria and the following the specific objectives:
1. To examine the
relationship between performance assessment and investment decision of SMES.
2. To investigate
strategies that can be adopted in conducting an effective performance
assessment.
3. To find out the
factors that can influence investment decisions.
1.4 RESEARCH
QUESTIONS
1. What is the
relationship between performance assessment and investment decision of SMES?
2. What are the
strategies that can be adopted in conducting an effective performance
assessment?
3. What are the
factors that can influence investment decisions?
1.5 HYPOTHESIS
HO: There is no significant relationship between performance
assessment and investment decision of SMES
HA: There is significant relationship between performance
assessment and investment decision of SMES
1.6 SIGNIFICANCE OF
THE STUDY
The following are the significance of this study:
1. This study will
educate the stakeholders and management of small and medium enterprises on the
need for performance assessment as a guide to investment related decision
making.
2. This research will
be a contribution to the body of literature in the area of the relationship
between performance assessment and investment decision, thereby constituting
the empirical literature for future research in the subject area.
1.7 SCOPE/LIMITATIONS
OF THE STUDY
This study on the relationship between performance assessment
and investment decision will cover some selected small and medium scale
enterprises in Ikeja, Lagos state of Nigeria by carefully examining the
influence of performance assessment on
investment decision in an organization with a view to attain the organizational
goal. The study will also cover an overview of the strategies that can be
adopted in conducting an effective performance assessment.
LIMITATION OF STUDY
Financial constraint- Insufficient fund tends to impede the
efficiency of the researcher in sourcing for the relevant materials, literature
or information and in the process of data collection (internet, questionnaire
and interview).
Time constraint- The researcher will simultaneously engage in
this study with other academic work. This consequently will cut down on the
time devoted for the research work.
1.8 DEFINITION OF
TERMS
Performance: The accomplishment of a given task measured
against preset known standards of accuracy, completeness, cost, and speed. In a
contract, performance is deemed to be the fulfillment of an obligation, in a
manner that releases the performer from all liabilities under the contract.
Organization: A social unit of people that is structured and
managed to meet a need or to pursue collective goals. All organizations have a
management structure that determines relationships between the different
activities and the members, and subdivides and assigns roles, responsibilities,
and authority to carry out different tasks. Organizations are open
systems--they affect and are affected by their environment.
Investment: Money committed or property acquired for future
income.
Decision:A choice made between alternative courses of action
in a situation of uncertainty.
SME: Small and Medium Scale Enterprise
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