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Since the ongoing needs of managers force a number of management tools/techniques to become more strategic and to converge towards the same functions of performance management (PM)—that results in function-system overlap. An alternative lens is needed to provide a means to make constructive sense of the phenomenon, especially as the prior paradigm appears to become ever less informative. Central theme of this paper is to challenge prior choices and mindsets of scholars and managers who are dealing with a variety of PM systems. As a means to build dynamic strategy-management capabilities from PM function-system overlap, a three legged approach—perspectives, processes, and applications—is proposed.