Other Strategies Flashcards
Revise business mission/objective
Management must be proactive and anticipate changes in the market place. Mission and/or objectives should be aligned with what is desired in the future
Allocate resources differently
Resources (employees, money, time, machinery, skills) should be allocated where they are most productive. Tasks that do not add value should be outsources or terminated
Benchmarking
Looking at what is the best practice in the industry. Involves measuring business current performance with the standard it should be achieving
Financial ratios
Indicators which show where problems may exist. Used to devise strategy/plan of action to improve functioning of business
Performance appraisals and self-evaluation
Tool used to evaluate and improve performance of employees
Total quality management
Process where everyone in business is committed to thinking about how all actions impact on quality of all task and overall customer satisfaction
Quality of product is determined by:
Inspections: process of examining appliances and vehicles
Sampling: statistical method where certain number of items are tested from entire production batch. [FOOD ITEMS]
