About This Chapter
Performance Metrics & Process Variability Analysis - Chapter Summary and Learning Objectives
Metrics are the tools used by management as the window into how the organization is doing. Metrics can also determine the positive or negative value in changes to processes. Our instructors have developed short video lessons so you can learn about such things as:
- Metrics used to track production and customer satisfaction
- What variables to keep an eye on that can affect performance metrics
- Proper assignment of a valuation to inventory
- How variations can be subjected to statistical analysis
|Common Operational Performance Metrics||Evaluate operational performance metrics used to improve a company's performance.|
|Understanding Statistical Variability||Assess the variables that can add important significance to the statistics being monitored and reported.|
|Using Statistics to Measure & Analyze Process Variability in Business||Develop knowledge on how to apply statistics to variations in process.|
|Inventory Valuation Methods: Specific Identification, FIFO, LIFO & Weighted Average||Point out the most common methods of determining valuation of inventory.|
1. Common Operational Performance Metrics
This lesson reviews common operational metrics. Measures of production, service measures, and customer satisfaction are examined, showing how they can be used to improve a company's performance.
2. Understanding Statistical Variability
Summary statistics are great for providing an overview of your data, but sometimes you need to know more, like distribution. Understanding this variability will give you a clearer picture of all your data and how they relate to each other.
3. Using Statistics to Measure & Analyze Process Variability in Business
This lesson measures and analyzes variability in a business environment. We look at histograms and standard deviations as applied to a manufacturing process. Using these statistics, process variation is demonstrated with a formula and histogram.
4. Inventory Valuation Methods: Specific Identification, FIFO, LIFO & Weighted Average
This lesson introduces you to the cost flow assumption methods of specific identification: FIFO, LIFO, and weighted average. You will also learn how to compute inventory in a perpetual system using the methods of FIFO, LIFO, and weighted average.
5. Required Assignments Reminder
Sorry for the interruption to your course progress! We wanted to make sure you knew this course has a written assignment requirement in order to be completed. Read on to learn where to find these assignments and how to submit them.
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Other chapters within the Business 312: Advanced Operations Management course
- Introduction to Operations Management
- Business & Operations Processes
- Quality Management & Control
- Continuous Process Improvement
- Forecast & Demand Planning
- Supply Chain & Inventory Management
- Sustainability & Lean Management Systems
- Project Management for Operations
- Cost Analysis
- Managing Risk in Operations Management
- Required Assignments for Business 312
- Studying for Business 312