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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 implementation the organizational objectives cascade [...]
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 setting, because we have to [...]
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 can develop an independent audit [...]
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 that the similar information can [...]
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 separate team to investigate the [...]
Pareto chart is simply a basic quality tool to help identify frequent defects, complaints, or other factors as part of a data analysis study. It is a deceivingly simple concept which can have huge benefits when analysing data. The Pareto owns its existence to Vilfredo Pareto. The famed economist evidenced that 80% of the [...]
In our life, we often come across a point where we have to make a tough decision for ourselves such as starting a new chapter or embrace a change. At that point, we sometimes find ourselves helpless, clueless and with no solution to the problem. While assessing if and but’s of the situation, we [...]
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 extent. This article explains the [...]
Kaizen is continuous improvements where changes are required in organization’s processes. The approach could either be a one time implementation or a step by step change over time. One of the top benefits provide by Kaizen is that it is continuous and not a time limited process. Kaizen offers the opportunity of further optimization [...]
Whether you are student, businessman, worker or professional and whether in school, workplace or office, everyone will face problems in some shape or form. You will often be required to solve them as part of carrying out your task. Some of those problems are pretty much clear and straightforward to solve; however, that is [...]
