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Descriptions and Definitions of Quality Terms, Tools and Techniques
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Descriptions and Definitions of Quality Terms, Tools and Techniques |
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Business Fundamentals (BFs)Business Fundamentals are basic business measures that are used on a regular (often monthly) basis. They are typically 'health check' measures that are used to indicate whether the business is off-course in any area. A common chart used is a spreadsheet with 12 columns, one per month, plus one row per measure. Each month, the cells for that month are colored green (on track), orange (going off track) or red (significantly off track). Like the 'Balanced Scorecard' they are often cover more than just financial areas. With a process focus, they will be based on major processes. As with any measures, the way they are used is a matter of maturity. Blame and punishment for red measures leads to a 'sea of green' and appropriately inappropriate behavior. A more mature approach is that orange or red measures act as flags to trigger questions and at least informal investigations. Three reds in a row are more serious and merit an action plan. See also:Balanced Scorecard |
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