The system, a first in Sri Lanka, is a performance measurement framework that adds strategic non-financial performance measures to traditional financial metrics to give managers and executives a more 'balanced' view of organizational performance.
Measuring and evaluating financial indicators, Customer requirements, Employee Learning and Growth and Internal Business Process are areas that need to be balanced and according to the Minister the new system will meet this requirement.
Ranawaka says the system would improve internal and external communications, and monitor organization performance against strategic goals.
"This will help us to add non-financial measures to financial measures which will reflect a more balanced perspective of the organization," he has noted.
"If it is properly implemented, it will be a strategic planning and management tool which will not only measure the individual performances against the organizational objectives but also will help identify areas that should be measured," he has added.
The system, widely used in business and industry, government, and nonprofit organizations worldwide, will help the senior managers to truly execute the strategies.
"What is imperative is, as professionals, we strive for the unfettered mind and the truth. As professionals we intend to defend the independent professional judgment against the subjective irrational opinion of the ordinary" the Minister has said.
According to Ranawaka, Sri Lanka is the only country in the Asian region that provides an uninterrupted 24 hour power supply. Neighouring India has a 6-7 hour power cut while Nepal experiences a 16 hour power cut, the Minister has said.
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