Balanced Scorecard Steps to Take During Implementation
What is a balanced Scorecard? The Balanced Scorecard is basically a strategic planning and reporting technique, that captures the objectives of an organization and divides them between four perspectives that hold equal significance. These include financial, customer, operational, and people perspective. In order to provide a clear course of [...]
What are the Characteristics of a Good Problem Solver?
We often face some problems in our life that need our utmost attention and problem-solving abilities to get out of them victoriously. Problem-solving is a skill that not many people have, but everyone needs. We need this skill in our daily lives, especially when we are in an office [...]
What Are the Key Objectives of a Good Internal Audit System?
What is Internal Audit System? A good internal quality audit system is a fundamental element of ISO 9001. In essence, it can be considered as a self-assessment or analysis to ensure internal procedures are being followed and compliance with ISO 9001 is maintained at all times. An organization’s management [...]
What Does a Histogram Show and Why Is the Information Useful?
What is a Histogram? In a set of data, how often each value is present is shown in a frequency distribution. Now in order to show frequency distributions, the most commonly used graph is a histogram which basically is a graphic or visual presentation of data. Despite the fact [...]
Fishbone as a Root Cause Analysis Diagram
Description Root cause analysis is often the progressive approach taken up by many organizations, willing not only to survive but to thrive at the same time. Identifying what the real issue is behind a problem holds the key to the success of an organization. Many organizations put together a [...]
What Is the Difference Between Internal Audit and Internal Control?
While working in an organization and being involved in business risk management or lean methodologies, you often come across similar terms that hold completely different meanings. Similarly, there is confusion between internal audit and internal control. Internal audit and internal control differ from each other to a very great [...]