Balanced
Scorecard
A framework which translates a company's vision and strategy into a coherent set of
performance measures. Developed by Robert Kaplan and David Norton (published in the
Harvard Business Review in 1993), a balanced business scorecard helps businesses evaluate
how well they meet their strategic objectives. It typically has four to six components,
each with a series of submeasures. Each component highlights one aspect of the business.
The balanced scorecard includes measures of performance that are lagging (return on
capital, profit), medium-term indicators (like customer satisfaction indices) and leading
indicators (such as adoption rates for, or revenue from, new products).Batch
A definite quantity of some product or material produced under conditions that are
considered uniform.
Benchmarking
A continuous process of measurement of products, services and work processes, against
those recognised as leaders.
Benchmark Data
The results of an investigation to determine how competitors and/or best-in-class
companies achieve their level of performance.
Bias
A systematic error which contributes to the difference between a population mean of
measurements or test results and an accepted reference value.
Bill of Material
Total list of all components/materials required to manufacture the product.
Black Belt
A leadership structure for Six-sigma process improvement teams. Black Belts are
highly-regarded, technically-oriented product or line personnel who have an ability to
lead teams as well as to advise management.
Block Diagram
The block diagram is a simple pictorial representation of a system/sub-systems linked to
illustrate the relationships between components/subsystems. Click
here for more information.
Brainstorming
A method to get ideas from persons who are potential contributors. No criticism or
discussion of ideas is allowed until all the ideas are recorded. The ideas are critically
reviewed after the brainstorming session.
Bulk Materials
Are products that do not have the characteristics of formed parts when received, but which
become part of the product during the manufacturing process. |
