bussiness performance

Question 1

distinguish between effectiveness and efficiency in a business

Answer 1

effectiveness indicates the extent to which the business is achieving its set goals and objectives.
on the other hand efficiency assesses how the resources are being used by the business to achieve the set goals

Question 2

6 key performance indicators

Answer 2

1. number of sales
2. STAFF absenteeism
3. level of staff turnover
4. number of workplace accidents
5. number of customer complaints
6. level of wastage

Question 3

Define KPI

Answer 3

A Key Performance Indicator (KPI) is a measurable value that indicates how effectively your business is performing in a specific area.

Question 4

What is staff absenteeism?

Answer 4

Definition: the number of employees who fail to attend work on a given day when they are scheduled to do so.

This includes those taking sick or personal leave.

Question 5

level of staff turnover?

Answer 5

Definition: the rate at which employees are leaving the business and need to be replaced.

Question 6

number of customer complaints?

Answer 6

The number of times that customers have expressed dissatisfaction with a business, its goods and/or services.

Question 7

Number of workplace accidents

Answer 7

Definition – the number of unplanned events interrupting the workflow that may or may not include injury or property damage