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Business Sac 1aunit4


What is the definition of effectiveness? The degree to which the business achieves its objectives
What is the definition of efficiency? How well a business uses resources to achieve objectives
What are the 9 KPI's? - Percentage of Market Share - Net Profit Figures - Rate of Productivity growth, - Number of Sales - Rates of Staff absenteeism - Level of Staff Turnover - Level of Wastage - Number of Customer Complaints - Number of Workplace accidents
What is benchmarking? Being able to compare results against the same form of standard.
What are the four attributes to KPIs? Relevant, Reliable, Comparable, Measurable.
What is the mnemonic device for the attributes ? Really Really Can Brilliantly Measure (B for benchmarking, links to Comparable)
What is Percentage of Market Share? A business's share of the total sales in an industry for a particular good or service, expressed as a percentage.
What is Net Profit fugures? The amount of money left over after expenses have been deducted from revenue earned.
What is Rate of Productivity Growth? The amount of outputs produced compares to the amount of inputs used and the rate in which it increases over time.
What is Number of Sales? The amount of goods or services sold in a specified period of time.
What is Rates of Staff Absenteeism? The number of employees that do not turn up to work when expected to be there.
What is Level of Staff Turnover? The rate in which people leave the business and need to be replaced.
What is Level of Wastage? The amount of resources and finished goods that are discarded during the production process.
What is Number of Customer Complaints? The amount of people that are dissatisfied with the business and/or its products and have notified the business of their dissatisfaction.
What is Number of Workplace Accidents? The amount of people injured or nearly injured at wok due to unplanned events.
What is Relevant? It must provide data and information required by the business to analyse its performance
What is Reliable? The data and information should come from trustworthy sources and be collected in an appropriate manner. It should not be anecdotal (personal opinion) comments.
What is Comparable? The data and information needs to be able to be compared to either an objective or period of time. e.g budgets, estimates or targets set by the business. RELATES TO BENCHMARKING.
What is Measurable? It can be measured in either quantitative or qualitative terms.
Created by: Mskan09
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