by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is Just-In-Case Inventory Management?Just in case (JIC) is an inventory management strategy in which a company stores a large inventory to prevent running out of stock. It is most useful when a company forecasts a high demand for products or a scarcity of...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is the Balanced Scorecard?The Balanced Scorecard is a Performance Management System that seeks to measure the effectiveness of operations and provide feedback to organizations on how well the internal procedures of the business are affecting its performance.The...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is the Performance Prism?The Performance Prism (PP) is a performance management approach. It is a further development of the Balanced Scorecard performance management system. Basically, unlike the balanced scorecard, it employs a stakeholder approach to...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is Quality Assurance?Quality assurance is a management system designed to provide confidence that a product or service meets expected quality standards. Said confidence is relevant to managers and owners as well as third-party stakeholders, such as employees,...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is Business Process Redesign?Business process redesign concerns a complete overhaul of key business processes with the purpose of improving company performance measures. Processes might include production, manufacturing, sales, and customer service, etc. BPR...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is Process Value Analysis?Process Value Analysis (PVA) is the evaluation of a company processes or procedures to determine whether they provide adequate value to the customers. The objective is to make business activities more efficient in terms of value delivery...
