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Improving operational efficiency begins with measuring it. Since operational efficiency is about the output to input ratio, it must be measured on both the input and output side. Quite often, company management is measuring primarily on the input side, e.g., the unit production cost or the man hours required to produce one unit.
KPI information boards. A performance indicator or key performance indicator (KPI) is a type of performance measurement. [1] KPIs evaluate the success of an organization or of a particular activity (such as projects, programs, products and other initiatives) in which it engages. [2]
Marketing Strategy: Improving marketing effectiveness can be achieved by employing a superior marketing strategy. By positioning the product or brand correctly, the product/brand will be more successful in the market than competitors’ products/brands.
Throughput Accounting reports what currently happens in business functions such as operations, distribution and marketing. It does not rely solely on GAAP's financial accounting reports (that still need to be verified by external auditors) and is thus relevant to current decisions made by management that affect the business now and in the future.
Operational Excellence (OE) is the systematic implementation of principles and tools designed to enhance organizational performance, and create a culture focused on continuous improvement. It is intended to enable employees to identify, deliver, and enhance the flow of value to customers.
It is the result of the efficiency of the entire production process formed of people, material, and machinery. Customer requirements determine the quality scope. Quality is a competitive advantage; poor quality often results in bad business. The U.S. business organizations in the 1970s focused more on cost and productivity.
Reengineering guidance and relationship of mission and work processes to information technology. Business process re-engineering (BPR) is a comprehensive approach to redesigning and optimizing organizational processes to improve efficiency, effectiveness, and adaptability.
This reflects the weak information efficiency model. 3. Full insurance efficiency. This ensures the continuous delivery of goods and services in all contingencies. 4. Functional/Operational efficiency. The products and services available at the financial markets are provided for the least cost and are directly useful to the participants.