Master this deck with 21 terms through effective study methods.
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A process map serves as a communication tool to illustrate the steps involved in a process, aiding stakeholders in understanding, developing, and improving business processes.
Internal and external feedback can be applied to a process map to identify areas for improvement, ensuring that the process is refined based on real-world insights and performance metrics.
Flowcharts, or process maps, visually represent the sequence of steps in a process, benefiting both the development team and those executing or managing the process by clarifying roles and responsibilities.
Block diagrams provide a high-level overview of business functions and processes, helping managers to understand the overall structure and flow of operations within the organization.
Performance metrics are systems of measurements used by organizations to assess their performance against goals, ensuring accountability and guiding decision-making.
A good performance metric should be measurable, easily understood, attainable, strategically oriented, easy to measure, provide value, and be resistant to manipulation.
SMART stands for Specific, Measurable, Attainable, Relevant, and Timely, indicating that effective metrics should encompass these attributes to ensure clarity and effectiveness.
The three key attributes of a measurement system are effectiveness, efficiency, and adaptability, which together ensure that the system meets organizational needs.
Organizations should consider stakeholders and goals, ensure good metrics, maintain simplicity and completeness, avoid redundancy, and promote continuous improvement and leadership in their metric design.
Key performance indicators (KPIs) are critical metrics that help organizations track progress towards their most important goals, providing a clear focus for performance management.
An executive dashboard is a computer-generated visual representation of a company's performance, accessible on any device, allowing executives to monitor key metrics and make informed decisions.
Managerial paralysis occurs when managers are overwhelmed by excessive data, leading to slowed decision-making processes and potential inaction.
Common measurement pitfalls include failure to utilize data effectively, blind reliance on institutional metrics, incomplete measurements, excessive metrics, and striving for unattainable perfection.
The SCOR Model is a measurement tool that enables supply chain partners to track performance and communicate progress, connecting activities from suppliers to customers.
The five primary supply chain processes are Plan, Source, Make, Deliver, and Return, which encompass the entire flow of goods and services from suppliers to customers.
Quality is defined as the ability of a product or service to meet or exceed customer expectations, which is crucial for customer satisfaction and business success.
A Pareto chart is a graphical tool that helps managers identify the most significant categories of problems, allowing them to focus on areas that will yield the greatest improvement.
The reliability formula for a product quantifies the likelihood that it will perform its intended function without failure over a specified period, often expressed as a probability.
Continuous improvement is vital in performance measurement as it encourages organizations to regularly assess and enhance their processes, ensuring they remain competitive and responsive to change.
Stakeholders play a crucial role in the development of performance metrics by providing insights into organizational goals, ensuring that metrics align with strategic objectives and stakeholder needs.
Organizations can ensure that their metrics provide value by regularly reviewing and updating them to reflect current goals, ensuring they are actionable and relevant to decision-making.