1. Access the GCU Library. Locate a current and reliable source of information on the performance management cycle. Discuss the components of the performance management cycle and the frequency each...

Performance Management Cycle 5
PERFORMANCE MANAGEMENT CYCLE
Table of contents
Performance management cycle    3
The components of the performance management cycle    3
Planning    3
Monitoring    3
Developing    3
Rating    3
Rewarding    3
Frequency of using the components annually    4
Allocation of the $5000 annual budget    4
References    5
Performance management cycle
It describes the five components that are essential for a company to achieve a competitive advantage. The concerned components include planning, monitoring, developing, rating, and rewarding. The process tends to set employee goals as per the strategic target of the company.
The components of the performance management cycle
There are five components in a performance management cycle.
Planning
To set the company expectations and make the employees understand their goals and roles the component planning plays a great role.
Monitoring
    In every effective organization, regular monitoring of projects and assignments is required. The feedback helps the employees to improve themselves (London & Smither, 2002).
Developing
    In this phase, the...