Unit 7.3- Analysing internal position: overall position Flashcards
What is big data?
large volume of data that compares a business on a day-to-day basis.
How can big data be used to measure operational performance?
Productivity of labour and capital used in production
Measures of quality
Capacity utilisation
What does productivity show a business?
The efficiency of how a business converts inputs into outputs (stakeholders)
Lower unit costs
How can quality be measured?
Repeat purchases - customer loyalty
Customer satisfaction - questionnaires or surveys
Measuring specific elements of operational performance
What is capacity utilisation?
Measurement of existing output compared with the maximum figure.
What things would HR be looking to track?
- Labour productivity
- Absenteeism rates
- Health and safety data
- Labour cost per unit of production
- Costs associated with employees, such as average
- wages and recruitment costs
- Labour turnover and retention
What is important about absenteeism and labour turnover?
- Lacks engagement and motivation
- Short term decline in productivity
- Recruitment and training costs
What is meant by core competencies?
The collective learning in the organisation, especially how to coordinate diverse production skills and integrate multiple streams of technologies.
Why are core competencies so important?
- Enable businesses to enhance performance
- Provides competitive advantage - market leadership
- Right amount of resources in the right area of its operations
- Adds value
- Market power
What could be the issue with core competencies?
- Outsourcing
- Outdated
What is Kaplan and norton’s scorecard?
To align business activities to the vision and strategy of the business, improve internal and external communications
What are the three components of Elkingtons triple bottom line?
Profit, people and planet.
What is the point of Elkingtons triple bottom line?
To measure a businesses performance.
