Balanced Scorecard When strategic planning becomes mundane, taken for granted, and not regularly reviewed, it is time to implement some changes so the plan can be fresh and be useful. Utilizing what is known as a “balanced scorecard” is a strategic planning and management system widely used in business, industry, government, and nonprofit … Read more
Financial ratios, metrics, KPIs, financial statements analysis, financial reporting, planning, performance, financial dashboard development and more financial resources: Traditional Costing vs. Activity Based Costing Traditional costing treats overhead using the amount of a certain cost driver, like the volume of work hours required to manufacture a product. Cost driver is actually a point that triggers … Read more
The decision or alternative might be a project, investment, organizational change and any business initiative. In addition the same approach can be used for evaluating cost and benefits for stakeholders such as customers. What is involved in the analysis? 1. Evaluation of the change in total cost with or without a certain alternative including all … Read more
The objective of any inventory management program or inventory system should be to minimize cost, maximize profit while being able to meet customer expectations (orders). Just like in any business discipline tracking, monitoring and measuring metrics is crucial for effective management. However the metrics you use will drive the performance because you’ll be focusing on … Read more
The share of wallet helps companies understand their share of the total customer purchases. For example, if you are a packaging products provider you would like to know how much of the customer packaging needs are satisfied from your company versus other packaging suppliers. In most cases the policies of your customers won’t change and … Read more
Segmentation based on Ownership (ex: Private, Government) Segmentation based on Industry Segmentation based on Location (ex: Region, City, Country, Zip Code) After identifying attractive target market and understanding the competitive forces in the marketplace, next is developing a successful market approach. It is very important for the business to offer something different and position … Read more
Business Communication Tips Verbal The most basic form of business communication is person to person, done verbally. Typically this begins with a representative of human resources asking an applicant basic questions. Once hired the employee has regular one-to-one dialogues with the employer and co-workers. At the point that the employee begins to disseminate and receive … Read more
Total Quality Management Guides, Resources, Software, SPC Control Charts and more quality tools and templates for quality professionals. Tips and Questions for your new Pilot QC Process Well, you have been developing the new quality control process and looking forward to implement it and see the expected results and improvements – however starting with a … Read more
