Metrics

In the business industry today companies do not have the option of cutting corners when it comes to quality, speed, flexibility and managing information as an asset. Businesses are born, growing or dieing off every day. If a company desires to grow it must ensure that all facets of its operations and processes updated, run efficiently and managed effectively. This paper will evaluate five best practices used to manage quality, speed, flexibility and manage information as an asset. The best practices

Whenever new metric are introduced, it is very important that everyone is communicated the updates quickly. The first line of communication should start with management. When training management on new metric, a reference guide or a point of contact should be given for additional support. The objectives of management should consist of grasping the concepts of new metrics, ability to explain the concept of new metrics, and ability to evaluate employees with new metrics.

1. The local Mastermind store sells innovative educational toys. Part of their service is giving advice to customers about the best toys for a particular age group, which requires having more customer service representatives in the store. During the month long Christmas buying season, it makes half of its $500,000 yearly sales. Its contribution margin on average is 40% and its fixed costs for the year are about $150,000. The owner believes that she could make even higher sales, if she had more customer service representatives on the floor during the peak season. She plans on hiring four more people for 200 hours each at $20 per hour. How much additional revenue does she have earn to the nearest dollar

When the United States separated from Britain they kept the original Imperial measurement system despite disregarding the previous government. Ever since America has used inches, feet, and yards as standard measurement. However, while the U.S. continued to use the imperial system other countries progressed. In 1799, after the french revolution, France converted to the metric system. Invented by Gabriel Monton in France 1670, the metric system uses common powers of ten to measure weight and lengths so that it could be conveniently used with decimals. Soon the metric system had spread from France to Britain and most of the world. Countries now use the metric system to measure length, area, volume, mass, force, pressure, energy, power, and temperature.

In the case of real-time analysis dashboards have become very popular over the past five years they provide a view of key metrics to allow management by exception. Where post transaction data is being analyzed, data warehousing provides the ideal methodology for enhanced forecasting from the data. This also allows the ability to look for improvements in the supply chain, operations, and marketing to adjust processes and refine a message for marketing as part of a continuous improvement program.

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,

Metrics are measurements that can be used to communicate values and priorities for the organization. Some of the metrics that we are examining for Riordan manufacturing include process capability, total cycle time, turnover rate, and review of their supply chain. Riordan uses the Six Sigma methodology as part of the lean manufacturing process.

I have truly enjoyed this course and the insight and perspective it has afforded me with regard to metrics and outcome measures. I have used data and outcome measures regularly throughout my career and particularity since I have been in leadership positions, but it was this course that helped me to understand the power behind the information. Through this course I have learned how outcome measures can be used to tell a story regarding performance, measure progress when changes are made and to elicit buy-in from interdisciplinary team members and administration when working to achieve a common goal. Outcome measures allow administrators and healthcare providers to discuss issues on common ground and in terms that both sides can understand. In my experience, physicians tend to be very data driven. By showing physicians the quantitative data that can be measured and evaluated enables the dialogue to occur that can help to align the organizational mission, vision and goals. This course also helped me to recognize the importance for qualitative data and metrics. I tend to be very focused on numbers and hence am drawn to quantitative data. I now see that assessing the qualitative data via techniques such as surveys and opinion polls can help to assess

The system also provides productivity information. It allows management to measure productivity by region, by plant. Managers are able to utilize the data to see which employees are the most productive. The CRM system tracks our suppliers, matching the orders placed, against deliverables. This assists the firm in identifying the premier suppliers. The suppliers are given a logon, and required to submit a quote for the goods that we need within 24 hours. The pricing they supply is automatically fed into our system, and is used in the calculation to see if the projected customer request is profitable based on that suppliers quote. The analysis is generated for the plants operation manager, and is helpful in the decision making process. The investment in technology pays for itself.

It is also common to measure supply chain efficiency by looking at inventory turnover as well as weeks of supply. Excessive inventory ties up funds as well increases inventory within the plant

Second, the classification in inventory management is still inaccurate. That results in some problems such as: the severe lack of some products which are in growing demand (1 inch valve series 230), the redundancy making storage expenses go up and the stagnancy in storage area (to products like gear driven rotary and monitor controller)

Does the source of data either internal or external shed light on the objectives? [11].

Metrics are measuring systems that give the quantity of a trend, dynamic or characteristic. Practitioners to explain share findings, and the securities of a market use the measurements. It involves measuring the new opportunities and the investments needed to realize them. Marketers quantify the value of products, customers, and distribution channels all under various pricing and promotional scenarios. Measurements and metrics are used to justify budgets based on returns and to drive organizational growth and innovation. Most commonly used metrics involve numerical counting and reporting (Romaniuk et.al. 78). For instance, tracking downloads, website visitors, number of people attending relevant events, and the types of activities relating to metrics. Marketing metrics focuses on measuring the aggregated effectiveness and efficiency of marketing organization. Specifically, metrics include marketing’s impact on share preference, rate of customer acquisitions, average order value, rate of new product and service adoptions, customer buying frequency share and volume of business, customer engagement, rate of growth compared to competition and market and many others.

Developing KPI: This stage focuses on using the ratios obtained in the previous stage and infusing them with business strategies, referred to as Key Performance Indicators (KPI).

Operational management processes in a firm involves overseeing, formulating and reformulation of the operations of a business. The processes are meant to ensure efficiency in administering resources whilst ensuring there is effective management of client’s specifications and or directions. This is achieved by adding value to the firm’s processes. Such achievements are experienced when a firm embarks in directing its physical and or technical functions towards enhancing its development, production and manufacturing. These should be pre-determined and controlled by market opportunities if a company is to reach its ultimate production levels. Their realisation adds up to ensuring the future of a firm, offering operational