ABC analysis Based on Pareto analysis, grouping units usually according to the share of annual cost. Units having 80% annual cost are considered in the ‘A’ classification, units with the bottom 5% share are ‘C’ items and units with costs in between are in the ‘B’ category.
Activity based costing Analysing the cost of an operation at each processing step. In addition to measuring direct costs it covers bottlenecks, delays and other time-related activities to highlight areas of inefficiency in an operation.
Activity network diagram A network analysis technique to allow a team to find the most efficient path and realistic schedule of a project by showing graphically the completion time and sequence of each task.
Affinity diagram Used to generate a number of ideas by a team and then organise natural groupings among them to understand the essence of a problem.
Bar chart Also known as a Gantt chart, indicates scheduling activities. Horizontal bars show the various activities, with the length of the bar proportional to the duration of a particular activity.
Benchmarking Rating an organisation's products, processes and performances with other organisations in the same or another business. The objective is to identify the gaps with competitors and the areas for improvement.
Best practice Refers to any organisation that performs as well as or better than the competition in quality, timeliness, flexibility and innovation. Best practice should lead to world-class performance. ...