About This Chapter
Business Analysis Overview - Chapter Summary
From business analysis methods to improvement strategies, this chapter will guide you through various processes used to evaluate business performance and to help develop effective business strategies. You will review systems, methods and analytical tools employed in the process of determining if businesses are meeting their goals, making profits and maintaining quality management standards.
You will learn how these tools and methods are applied in areas of supply chain performance, accounting, finance and business information systems. Once you have completed your study of this chapter, you should be able to do the following:
- Apply business analysis techniques to evaluate and change business processes
- Identify types of financial data and apply financial ratio analyses
- Discuss ways in which profitability, liquidity, efficiency and stability are measured
- Calculate key performance indicators in supply chain performance
- Define stocktakes and describe the impact they have on accounting records
- List the five principles of Total Quality Management and describe quality management systems
- Provide details and examples of performance goals
- Describe business strategies used in areas of information systems and profitability and liquidity improvement
- Understand and interpret bar graphs, pie charts and visual representations of data sets
In each lesson, you'll get expert instruction and detailed definitions and examples to ensure that you develop a full understanding of every concept. Access these video and text lessons at any time, on any device so that making a study schedule is easy and convenient. After each lesson, test what you have learned with a self-assessment quiz to determine your mastery of this material or to realize your need for further review.
1. What Is Business Analysis? - Process, Methods & Example
In this lesson, you will learn how companies use the concepts of business analysis to resolve problems and change business processes. We will also learn about specific methods and techniques that can be used when conducting a business analysis.
2. What Is Financial Data? - Definition & Concept
Financial data provides the fundamental building blocks for sound business analysis. In this lesson, you'll learn about some of the primary types of financial data used by managers, investors, and regulators in analyzing a company. A short quiz follows the lesson.
3. Defining and Applying Financial Ratio Analysis
In this lesson, we'll define financial ratios. You'll learn the three main categories of financial ratios, and we'll show an example of each. We'll also discuss an analysis of each example.
4. Measuring Supply Chain Performance: Key Performance Indicators
A big part of supply chain management is understanding how your company is performing. In this lesson, we'll discuss some key performance indicators for supply chain management, including what they are and how to calculate them.
5. Five Principles of Total Quality Management (TQM)
Total quality management (TQM) is achieved and becomes part of the overall organizational culture when the five principles - produce quality work the first time, focus on the customer, have a strategic approach to improvement, improve continuously and encourage mutual respect and teamwork - are practiced by all employees.
6. What Is Quality Management System? - Definition & Examples
Even if a company isn't concerned about producing a world-class product, quality still needs to be a primary goal. In this lesson, you'll learn about quality management systems - what they are, how they work, and why they are so important.
7. What are Performance Goals? - Definition & Examples
Learn what performance goals are and how they are vital to your job success. Find out the keys to setting effective SMART goals, and see a few examples of how these goals can be written.
8. Business Strategies: Market Advantages Provided by Information Systems
What business strategies might an information system use? We'll take a look at the concepts of business process modeling, process re-engineering, total quality management and competitive advantage and see how they relate to information systems.
9. Interpreting Graphical Representations
After watching this video lesson, you will be able to quickly and easily read and interpret any line and bar graph. You will be able to gather important information by just looking at one of these graphs.
10. Visual Representations of a Data Set: Shape, Symmetry & Skewness
Visual representations are a fantastic way of understanding and analyzing your data. Use this lesson to understand the characteristics of visual representations of data.
11. Understanding Bar Graphs and Pie Charts
In this lesson, we will examine two of the most widely used types of graphs: bar graphs and pie charts. These two graphs can provide the reader with a comparison of the different data that is displayed.
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Other chapters within the VCE Accounting: Exam Prep & Study Guide course
- Establishing a Small Business
- Funding for Small Businesses
- Budgeting in Business
- Overview of Service & Trading Businesses
- Price Setting Strategies for Business
- Financial Statements Overview
- Overview of Accounting Basics
- Overview of the Accounting Cycle
- Internal Control Use in Accounting
- Technology in Accounting
- Double-Entry Accounting Overview
- Journals in Accounting
- Accrual-Based Accounting System
- VCE Accounting Flashcards