This article will review the initiative of an outsourced internal audit function and the advantages it brings. Internal audit can be critical to the successful operation and growth of any organisation before the external audit team even begins to add their value. According to The Institute of Internal Auditors, internal auditing is an independent, [...]
When it comes to Competitive Intelligence, some methods can be used for comparing business models between organizations. This help firms "reference" the fundamental processes of the company with direct or indirect competitors, allowing a company to gain the upper hand in a marketplace. One of these methods is called Benchmarking Benchmarking Techniques are used by [...]
3 sigma control limits is used to check data from a process and if it is within statistical control. Thisis is done by checking if data points are within three standard deviations from the mean.When we talk of statistical control using 3 sigma control limits, we use the three sigma limits to set the control [...]
Key performance indicators for employees are some quantifiable measures which are used by the organizations to evaluate the success of an organization as well as employees. KPIs are crucial factors for the success of an organization. The purpose of using KPIs is to focus on tasks and processes determined by the management for making progress [...]
Lean manufacturing philosophy revolves around the elimination of waste in a manufacturing system. It not only deals with the removal of material waste, but it also reduces the wastage of labor and time. It is a system of determining which activities or process will add value by reducing certain other aspects of the manufacturing system. [...]
Tolerance is known for flexibility and giving, patience and self-sacrificing. Engineers also make the use of tolerance on dimensions in all of their building and construction projects. Engineers place tolerance on dimensions for the construction of more stable and sturdy projects such as huge towers, bridges, and roads. Buildings such as hospitals, malls skyways and [...]
Root cause analysis is a structured process which is useful in determining the underlying causes behind the certain problem. In other words, we can say that root cause analysis is the process of identifying underlying factors which can be termed as causes of an adverse event. These are contributing factors or causes of a system [...]
In recent times, mind mapping techniques for business have been used by organizations as an effective communication tool that improves brainstorming and planning sessions. It is a tool used to structure information, helping you to analyze better, understand, and generate fresh ideas. It is a tool that is very simple to use and implement. By [...]
The number one objective of any business should be to create a happy client base. This can help validate your business and ensure your customers remain loyal. Measuring customer satisfaction can be a difficult task for most companies as it is not a straightforward process. The great news is there are some tools and metrics [...]
Cp and Cpk are commonly referred to as capability indices and we will look at the difference between Cp and Cpk. They are both used to indicate the ability of a process to make a product that meets the specified requirement. They both compare the process spread to specification spread and are thus used [...]
