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Books > Professional & Technical > Mechanical engineering & materials > Mechanical engineering
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Measuring Performance for Business Results (Paperback, Softcover reprint of the original 1st ed. 1994)
Loot Price: R1,570
Discovery Miles 15 700
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Measuring Performance for Business Results (Paperback, Softcover reprint of the original 1st ed. 1994)
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Financial measures have traditionally been the cornerstone of the
perform ance measurement system. In recent years, there has been a
shift from treating financial figures as the foundation for
performance measurement to treating them as one among a broader set
of potential financial measures. Changes in cost structures and the
manufacturing and competi tive environment have been responsible
for the change of emphasis. In today's worldwide competitive
environment companies are compet ing in terms of product quality,
delivery, reliability, after-sales service and customer
satisfaction. None of these variables are measured by traditional
financial measures, despite the fact that they represent the major
goals of world-class manufacturing companies. By focusing mainly on
financial variables there is a danger that the performance
reporting system will motivate managers to focus exclusively on
cost reduction and short-term profitability and ignore many of the
critical factors that determine long-term business success. The key
to success, in today's global economy, is total customer
satisfaction. To achieve this, companies must develop performance
measures that drive employees to control processes that satisfy
customer expectations. In particular, performance measures should
provide process-level information that motivates employees to
achieve the responsiveness and flexibility that companies require
to compete on a global basis. Responsiveness is achieved by
building relationships that lead to satisfied customers, suppliers
and employees. Flexibility is achieved by reducing output variation
in proceSfes; for example, the reduction of lead times and delays
are both necessary for sustained competitive excellence and
long-term profitability."
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