Best practices are industry-standard methods and procedures that are established as the most effective way to achieve a desired outcome. Consultants evaluate various firms to gather and share these practices.
Cycle Time refers to the length of time required from the placing of an order by a customer to the delivery of the product or service. It is a crucial metric, particularly significant in companies employing just-in-time techniques.
The internal business-process perspective is a part of the balanced scorecard framework, focusing on the internal operations that enable companies to deliver value to customers and shareholders. This perspective examines the efficiency and effectiveness of internal processes and seeks to improve them continually.
The management cycle refers to the established periods in which specific management operations occur, typically including processes such as planning, executing, monitoring, and closing projects or tasks.
The Theory of Constraints (TOC) is a management philosophy that focuses on identifying and managing the most critical limiting factor (constraint) that stands in the way of achieving a goal and then systematically improving that constraint until it is no longer the limiting factor.
