Metrics
What is the definition of metrics?
Performance measures that are established for a process and the steps within it.
What is a systematic procedure that measures a firm's processes, services, and products against those of industry leaders?
Benchmarking
The most efficient method to produce a product is known as...?
Standardized Work
What is an example of a continuous improvement model?
PDCA, DMAIC, LEAN, Six Sigma, TQM
The balance sheet is important because it shows a company's assets and _____ at a specific point in time.
Liabilities
Which level of DMAIC involves metrics?
Measure
Benchmarking can be a valuable source for process ______.
Redesign
What is the rate at which products are made to meet customer demand?
Takt-Time
What is the Japanese word for continuous improvement?
Kaizen
True or False, Financial statements are used to evaluate a company's performance as well as determining strengths and weaknesses.
True
What do metrics tell the organization?
Where they have been, where they are heading, is something wrong, and when their target is reached.
True or False, a company would use benchmarking to better understand how outstanding companies do things so they can improve their own processes.
True
Performing tasks within Takt-Time is known as?
Precise Work Sequence
What is the main focus of LEAN?
To eliminate waste.
True of False, Asset-to-liabilities is one of the three performance ratios.
Is timeliness important with metrics? Why?
Yes, metrics will be the focus of meetings (weekly, monthly, yearly). Determining if you are reviewing metrics in a sufficient amount of time will tell if and when corrective measures need to be taken.
_______ benchmarking compares direct industry competitors.
Competitive
True or False, There are four key elements to standardized work.
False, there are three.
These three principles, customer satisfaction, employee involvement, and continuous improvement in performance, are from which continuous improvement concept?
TQM (Total Quality Management)
A high fixed-asset-turnover ratio indicates larger amounts of sales with a _____ of assets.
Smaller or lower
What is an example of a metric in continuous improvement?
ROI (Return on Investment), Quality, Safety.
Benchmarking is intended for (long-term or short-term) planning?
Long-term
Standardized work leads in the importance of employee involvement and ____-proofing.
Mistake
True or False, Continuous improvement can be "complete".
False. This is an ongoing effort to improve processes, along with reducing waste, and increasing quality.
A comparison of revenues to the number of employees is known as sales-per-______ ratio.
Employee