12 Performance Improvement Terms in Business
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Welcome to our guide on performance improvement terms in business! As a savvy business owner, it’s important to have a strong understanding of key concepts and strategies that can help improve the efficiency and effectiveness of your operations.
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Performance Improvement: The systematic process of detecting and analyzing performance problems, designing and developing interventions to address those problems, and implementing and evaluating the success of those interventions.
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Key Performance Indicator (KPI): A measurable value that demonstrates how effectively a company is achieving key business objectives.
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Benchmarking: The practice of comparing business processes and performance metrics to industry bests or best practices from other companies.
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Six Sigma: A set of techniques and tools for process improvement, focusing on identifying and removing the causes of defects and minimizing variability in manufacturing and business processes.
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Lean Management: A systematic method for waste minimization within a business operation without sacrificing productivity.
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Continuous Improvement (Kaizen): A long-term approach to work that systematically seeks to achieve small, incremental changes in processes in order to improve efficiency and quality.
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Balanced Scorecard: A strategic planning and management system used to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organizational performance against strategic goals.
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Change Management: The approach to transitioning individuals, teams, and organizations to a desired future state to achieve and sustain business outcomes.
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Total Quality Management (TQM): A management approach to long-term success through customer satisfaction, focusing on continuous improvement of products, services, and processes.
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Employee Engagement: The extent to which employees feel passionate about their jobs, are committed to the organization, and put discretionary effort into their work.
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Process Reengineering: The fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in critical measures of performance such as cost, quality, service, and speed.
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SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats): A strategic planning technique used to help identify strengths, weaknesses, opportunities, and threats related to business competition or project planning.
These terms are fundamental for any business looking to improve its operations, efficiency, and effectiveness in the marketplace.
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