Metrics Essay

A primary objective in measuring productivity is to improve operations either by using fewer inputs to produce the same output, or to produce:

A set of metrics is used to measure the performance of the organization, in case metric fails to meet a set standard, steps are taken to correct the deficiency. The volume of the patient is of great importance for a health care organization. A drop in patients volume results into loss of business and may force the organization to decrease operational cost, by cutting labor and inventory expenses. On the other hand, increase in a number of patients is a sign of growth and requires an addition of staff and expansion of services.

The Performance Measurement is a way to either measure or give a understandable value to what has been done compared to what was supposed to be done. It applies to all aspects in the working environment, such as procedures, critical activities and processes. In other words, first you set pre-defined goals and give away tasks and responsibilities to other workers, then at the deadline you can compare the achieved results to what the original goal was at the beginning. It is also useful to evaluate not only the final result, but even all the actions taken to get that particular results and the way the actions have been taken as well.

To evaluate the Performance in any organization would simply mean to understand the goals and objectives of the company and how the goals/ objectives are achieved are the means of measurement. Different organization will have different objectives. For some it would mean high revenue, managing resources, customer satisfaction, and strong governance, building

Customers complaints and feedbacks are very important to any organization it helps the individual organization to improve its product and services.It also helps to introduce something new in market.It could help the organization how to improve customer

The company can also use a unit within its own process, with exceptional performance levels, as a yardstick for other units. These types of practices can help the company formulate goals and targets for performance (Slack et al, 2008). It can also be achieved by methodically measuring internal services, products and processes against those employed by competitors. Thus, Custom Molds stands to learn a lot from other companies through benchmarking. It can also help the company identify key processes and bridge the disjunction between the company’s actual state and its expected state (Boxwell, 1994). It’s also an expert method for identifying the bottlenecks which have been plaguing Custom Molds. For instance, the company’s competitors might be able to get products to customers on time. If management were to investigate the flow of their own processes [Figure 1-Question 2], then they would realise that too much time is being wasted waiting on raw materials to be delivered before starting work. A possible solution might be to hold higher raw material inventory, so that preliminary processes can begin, while waiting for other materials to be delivered. This can help reduce lead time for orders. In this way, the benchmarking technique will present the company with new opportunities to evolve with the market. However, the process can be expensive and time consuming because it might

Measuring performance means when a business will measure the quality of the activities that are passing and the quality of the services provided to the customers by employees. It involves creating a simple, but effective, system for determining whether organizations meet objectives. It’s also a process of collecting and reporting information regarding the performance of an individual, group or organizations. It can

Quality Objectives - The quality objectives define measurable goals relative to the company's quality management system. Requirements on the quality objectives are in ISO 9001:2008 section 5.4.1.

To monitor the KPI of the business a monthly report is run which gives us the percentage of orders that were shipped and delivered to the customer within their 10 working day SLA,

In order to compare the different aggregate plans, there should be some performance measures in accordance with the objectives of decision maker. These measures would be used in order to define a plan as “better” than any other plan and they are grouped according to their relevancies in parts.

4.1 Performance Indicators are quantifiable measurements, agreed to beforehand, that reflect the critical success factors of an organization. They will differ depending on the organization.

In recent years, the importance management of supply chain has been a popular topic for a discussion and debates especially among the researchers, academician and practitioners. Still, the literature on supply chain management (SCM) especially in exploring the supply chain performance measurement is very limited. This limitation is due to the affected (in return) by many aspects of the firm’s environment and operations. The lack of investigation on understanding the supply chain measurement will affect the objectives and motivations of several supply chain concept even though there is a lot of literature on number of conceptual frameworks, discussion on characteristics, hierarchy and structure of performance measurement framework.

Measurement is the quantification of financial information in dollars or units. Accountants use these measurements to report information to internal and external users with the help of financial statements. The measurement of monetary properties in scale of numbers of monetary units enables the result to be used in a wide variety of contexts at any given time.

In 2000, the National Council of Teachers of Mathematics provided a definition of ‘Measurement’ as being a process by which a number is assigned to an attribute of an object or event (McDonald, 2013).

Managers should ensure that selected performance measurement system fits the unique requirements and business strategy of the firm. In general, primary economic activity of the company and its performance focus should dictate the selection of performance measurement model.