Initially created by Dr. Robert Kaplan and Dr. David Norton at Harvard Business School, the Balanced Scorecard has been used widely to measure business success. Historically, companies measured their success using only short-term financial measures like revenue, profit margins, etc. In addition to financial metrics, balanced scorecards add different non-financial performance indicators such as customer
Quality assurance managers play an integral role in ensuring that quality standards are met throughout the production process. They ensure that the product meets the customer’s expectations and complies with all relevant regulations. KEY Takeaways Quality assurance managers work closely with various groups within an organization. These include marketing, engineering, purchasing, human resource specialists, etc.Their
Process improvement is an integral part of manufacturing. It is also a critical component of quality control. Identifying problems early and correcting them before they become costly issues is the key to success. The origin of these tools can be traced back to the 15th century. This was when the monk named Benkei was said to
Fault Tree Analysis (FTA) is a method for identifying potential failure modes in systems or processes. The goal is to identify the conditions under which failures might occur and then design countermeasures to prevent them. FTA is a graphical method for analyzing system-wide failure modes. It uses boolean logic (AND/OR) to combine a series of low-order
The SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis technique helps identify a given business, organization, or project’s strengths, weaknesses, opportunities, and threats. There are many reasons why this technique is important to have as a part of the strategic planning of any project, product, or other objectives. Without doing a SWOT analysis of the business,
What is Total Quality Management (TQM)? Everything You Need to KnowTotal Quality Management (TQM) is an approach to achieve long-term success through continuous improvement.What is Total Quality Management?TQM and its variations have been around for a long time, dating all the way back to the original industrial revolution. It is a very broad term, as
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