About This Chapter
Business Process Improvement - Chapter Summary
Make the process of studying business process improvement fun with help from engaging lessons you can review at home or anywhere with an Internet connection. This chapter refreshes your knowledge of topics that include continuous quality improvement, activity-based management and periodic reporting. Once you've explored the lessons, you will be ready to:
- Define the value chain and economic value added
- Share details about the process model in business analysis
- Identify and describe tools businesses use to evaluate quality
- Explain the meaning of activity-based management (ABM) and continuous quality improvement
- List the components of best practice analysis in business
- Provide the definition of cost of quality
- Detail how to record business transactions in accounting
- Discuss periodic reporting and the time periodic principle
Expert instructors have compiled materials and developed quality lessons sure to enhance your comprehension of business process improvement. Navigate the lessons in any sequence and as many times as you desire. Before, during or after examining a lesson, assess your knowledge of its contents by taking accompanying multiple-choice quiz. Get an additional review of chapter concepts with help from the practice chapter exam.
1. What Is a Value Chain? - Definition, Analysis & Example
This lesson discusses what a value chain is and how it can help a business meet the needs of customers. It also provides an analysis of the effectiveness of the value chain actions.
2. Economic Value Added: Definition, Formula & Examples
Firms and investors use a number of financial metrics to measure profitability, effectiveness, and efficiency. In this lesson, we'll discuss one of the more complicated metrics, known as economic value added, or EVA.
3. Process Model in Business Analysis
The process of completing tasks is an extremely important part of doing business. In this lesson, we will discuss the business process model and how it can be used in business analysis.
4. Quality Tools: Process Flowcharts, Pareto Analysis & More
Companies need tools to evaluate quality throughout their business processes. In this lesson, you will learn about the seven quality tools and how they help support operations management goals.
5. Activity-Based Management (ABM): Definition & Examples
This lesson explains the concept of activity-based management and how it extends the use of activity-based costing. Learn how this costing method is used as a comprehensive management tool to reduce costs and improve processes and decision-making.
6. What is Continuous Quality Improvement? - Definition, Process & Methodologies
Continuous quality improvement (CQI) is a management philosophy used by organizations to better their processes. In this lesson, you will learn how continuous quality improvement is part of a group's culture, how it benefits an organization, and about one of the most popular methods of implementing CQI.
7. Cost of Quality: Definition & Examples
Think that saving a few dollars on production by buying inferior goods is a good idea? Think again. This lesson on cost of quality shows that poor quality often has many added costs.
8. Recording Business Transactions in Accounting
Recording a transaction is the first step in the accounting cycle. In this lesson, you will learn why transactions are recorded, where they are recorded, and how they are recorded.
9. Periodic Reporting & the Time Period Principle
Time plays a very important role in accounting and financial reporting. In this lesson, you will learn why time is important as we discuss periodic reporting and the time period principle.
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