Economic Benchmarking, Process Improvement, and Decision Making Flashcards
1
Q
What is ABM
A
Activity Based Management
2
Q
How do you change to activity based management
A
view finances based on activity (registration, scheduling, etc..), rather than general accountin terms (wages, supplies, utilities, etc..)
3
Q
why does ABM work
A
it allows you to see what each stage of the process within a department costs you, splitting up the general costs
4
Q
What is Benchmarking
A
a systematic process for measuring ones work process, perfomance, and outputs against relevant competitors and industry peers
5
Q
what are benefits of benchmarking
A
see what’s possible
provide deeper understanding
