Essay definitions- KPIs

Question 1

cost

KPI

Answer 1

minimisation of COGS and expenses within the operations process to achieve cost leadership.

Question 2

quality

KPI

Answer 2

the product matching what it is designed to do and expected by customers.

Question 3

dependability

KPI

Answer 3

how consistent and reliable a business’s products are.

Question 4

speed

KPI

Answer 4

how fast the transformation process is completed.

Question 5

speed: wait times

KPI

Answer 5

Total customer wait time to fulfill demand from order to service.

Question 6

Quality: quality of conformance

KPI

Answer 6

Focus on how well a product meets standards prescribed by the design and specifications.

Question 7

PSD

goal

Answer 7

developing and promoting differences between a business’ products, to those of its competitors.

Question 8

CL

goal

Answer 8

aiming to have the lowest costs and to be the most price-competitive in the market, whilst maximising profit.

Question 9

CA

goal

Answer 9

Business’ goods or services appear superior or more favourable relative to competitors.
* Product quality breadth and depth
* Value for money
* convenience