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What is a Management Dashboard?
The term Management Dashboard defines a wide range of data reporting and visualization tools or dashboards that allow using various performance & efficiency measures to report on an enterprise’s ability to organize and coordinate its activities in accordance with certain policies and in achievement of pre-determined objectives. What is a Management Dashboard?
 
 
 
 
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Money Management Action Plan

In this Money Management Action Plan you can read a range of tips and suggestions that will help you manage your money in an effective manner.

Money Management Action Plan
 
 
 
Home » Glossary » What is Process Efficiency?
What is Process Efficiency?   

What is Process Efficiency?



 
 

 Process Efficiency is the capability of human resources to carry out a certain process in the way that ensures minimized consumption of effort and energy. In simple words, it is a situation when a process is implemented in the right way. The purpose is to simplify implementation through getting more results with fewer resources used. Process efficiency lets obtain the greatest savings and performance through minimizing waste and optimizing resource consumption.

 Measurement of process efficiency is vital to successful project management. There is a common formula to calculate the efficiency of a typical process:

Actual Output

    -----------------------  x 100%,

Standard Output

where:

  • Actual output is the total amount of work the process actually delivers.
  • Standard output is determined by looking at historical performance data from the same or similar process.

As it appears from the formula, in order to increase efficiency of business processes an organization needs to focus on enhancing the actual output. It should also analyze current processes against past or completed processes to identify process faults and waste.

 There are three aspects a business organization needs to consider when improving the actual output:

  • Reduced wait time. A process produces a higher output if the length and number of breaks are minimized.
  • Minimized number of human resources involved. A process becomes more efficient and less dependent on the human factor when fewer employees are involved in performing the process.
  • Ratio of human-made effect to the total output. Ideally, a process is efficient when human resources have no effect to the process performance and output.

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