Balanced Scorecard

The balanced scorecard is a strategic management system used to drive performance and accountability throughout the organization. The scorecard balances traditional performance measures with more forward-looking indicators in four key dimensions: Financial Integration/Operational Excellence Employees Customers Benefits include: Alignment of individual and corporate objectives Accountability throughout the organization Culture driven by performance Support of shareholder value creation [...]

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Best Practice

A best practice is a way or method of accomplishing a business function or process that is considered to be superior to all other known methods. “Best practice” is sometime bestowed by a governing body (such as a professional association) or by published research results. In general, a method or program gains such status by being: [...]

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Beta Distribution

The Beta Distribution is a continuous distribution that has both upper and lower finite bounds. Because many real situations can be bounded in this way, the Beta distribution can be used empirically to estimate the actual distribution before much data is available. Even when data is available, this distribution should fit most data in a reasonable fashion, although it may [...]

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The concept of discovering what is the best performance being achieved, whether in your company, by a competitor, or by an entirely different industry. Benchmarking is an improvement tool whereby a company measures its performance or process against other companies' best practices, determines how those companies achieved their performance levels, and uses the information to improve its own performance. Benchmarking [...]

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