Monitoring, Control, and Improvement (HSC SSCE Business Studies): Flashcards
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Define monitoring in operations
Define monitoring in operations
Measuring actual vs. planned performance
What are KPIs?
What are KPIs?
Predetermined variables providing measurable evidence
Define control in operations
Define control in operations
Assessing KPIs vs. targets & taking corrective action
Define improvement in operations
Define improvement in operations
Systematic reduction of inefficiencies & waste
What is a bottleneck?
What is a bottleneck?
Aspect that slows overall processing speed
5 key areas for improvement
5 key areas for improvement
Time, process flows, quality, cost, efficiency
The monitoring-control-improvement cycle
The monitoring-control-improvement cycle
Continuous: monitor data→compare→improve→repeat
Examples of common KPIs
Examples of common KPIs
Lead times, defect rates, capacity rates, inventory turnover
Key purposes of monitoring
Key purposes of monitoring
Track performance, identify gaps, detect problems early
Impact of bottlenecks on operations
Impact of bottlenecks on operations
Limits capacity of entire system at slowest point