Overall Performance Improvement of an Small Scale Venture Using Critical Key Performance Indicators

2016 ◽  
Vol 27 ◽  
pp. 158-166 ◽  
Author(s):  
S. Nallusamy
Keyword(s):  
Inventory Management ◽  
Performance Indicators ◽  
Small Businesses ◽  
Key Performance Indicators ◽  
Small Scale ◽  
Inventory Theory ◽  
Inventory Policy ◽  
Total Inventory ◽  
Overall Performance ◽  
Operational Excellence

Inventory theory and supply chain management have become important to small businesses in order to improve an organization’s competitive strength and survival. The rapid growth of small businesses of late has seen them to face a challenge in managing their inventory effectively and efficiently. A study was carried out in F.E. (Private) limited a pioneer in distribution of electrical equipments based in Chennai, whose two major challenges were, stock-out and excess stock due to uncertainty in demand. The organization wanted to develop its performance and overall efficiency by considering a change in the inventory policy. The main aim of this research is to attain operational excellence through inventory management and measure its effectiveness using critical key performance indicators. A new inventory policy was developed to improve the inventory turns and measure its performance after implementing the new inventory policy. The results revealed that the implementation of new inventory policy helped to save over Rs. 2.25 lakhs per month in terms of total inventory carrying cost to the selected organization.

Fulfillment of Maintenance and Reliability Key Performance Indicators of Offshore Sites During Covid-19 Pandemic

2021 ◽  
Author(s):  
Huda Hussein ◽  
Shamsa Al Blooshi ◽  
Waled Saeed ◽  
Abdulla Al Salami ◽  
Masab Al Rais ◽  
...  
Keyword(s):  
Performance Indicators ◽  
Key Performance Indicators ◽  
Optimal Conditions ◽  
Preventative Maintenance ◽  
New Normal ◽  
Challenging Situation ◽  
Operational Excellence

Abstract This paper addresses the challenging situation that was faced by Maintenance Teams in Offshore Sites to maintain and ensure the optimal conditions of the plants, conducting Routine Preventative Maintenance (RPM) as planned, achieving Company and Operational Excellence KPIs in the midst of COVID-19 pandemic. A brief description of how the sites defined a new normal given the circumstances to ensure all work was met while tackling the numerous obstacles in order to keep operations running smoothly is iterated below.

An economic order interval-based simulation model for perishable products

2021 ◽  
Author(s):  
Roberto Montanari, ◽  
Eleonora Bottani ◽  
Andrea Volpi ◽  
Federico Solari ◽  
Giorgia Scozzesi
Keyword(s):  
Inventory Management ◽  
Economic Order ◽  
Perishable Products ◽  
Order Interval ◽  
Simulation Approach ◽  
Optimal Parameters ◽  
Inventory Policy ◽  
Total Inventory ◽  
Inventory Control Model ◽  
Realistic Data

The aim of this paper is to develop a model for reproducing an Economic Order Interval (EOI)-based inventory control model for perishable products. After a description of the model, a simulation approach is developed and used for determining the optimal parameters of the inventory policy, as well as the relationships between them and the numerical values that can minimize the total inventory management cost, thus making the system as efficient as possible. A numerical example, with realistic data, is proposed for showing the application of the model and its effectiveness for the identification of the optimal inventory policy parameters.

An investigation of key performance indicators for operational excellence towards sustainability in the leather products industry

2020 ◽  
Vol 29 (8) ◽  
pp. 3331-3351 ◽  
Author(s):  
Md. Abdul Moktadir ◽  
Ashish Dwivedi ◽  
Akib Rahman ◽  
Charbel Jose Chiappetta Jabbour ◽  
Sanjoy Kumar Paul ◽  
...  
Keyword(s):  
Performance Indicators ◽  
Key Performance Indicators ◽  
Operational Excellence

Key Performance Indicators of Small Business in Russia

2020 ◽  
Vol 2020 (4) ◽  
pp. 224-242
Author(s):  
Vasiliy Kuznetsov
Keyword(s):  
Small Business ◽  
Performance Indicators ◽  
Small Businesses ◽  
Private Investment ◽  
Key Performance Indicators ◽  
Financial Statement ◽  
Gradient Boosting ◽  
Data Set ◽  
Minimum Number ◽  
A Company

Lack of transparency predetermines the shortage of private investment in small business. Financial statement presents the only source of information which reflects the performance of a company but does not provide the investor with sufficient data for proper decision making. Therefore, it is mandatory to develop a set of key performance indicators that will assess the viability of a company and reduce investment risks. Specific nature of small business determines the need to use a minimum number of parameters. To develop the system, the author examines two groups of enterprises: with a bankruptcy claim and without it. The data set consists of financial statement indicators and economic indicators. The use of random forest methods and gradient boosting confirmed the existence of differentiating parameters between successful and unsuccessful businesses: short-term accounts payable, profitability ratio, revenue trend, equity to total assets, receivables index, gain and loss on sale. The established system offers high accuracy for company’s success/bankruptcy forecast. Applying the findings will ensure greater transparency and investment attractiveness of small businesses.

scholarly journals Key Performance Indicators for Adopting Sustainability Practices in Footwear Supply Chains

2021 ◽  
Vol 24 (1) ◽  
pp. 197-213
Author(s):  
Md. Abdul Moktadir ◽  
Yead Mahmud ◽  
Audrius Banaitis ◽  
Tusher Sarder ◽  
Mahabubur Rahman Khan
Keyword(s):  
Supply Chain ◽  
Supply Chains ◽  
Performance Indicators ◽  
Key Performance Indicators ◽  
Assessment Process ◽  
Knowledge Gap ◽  
Sustainable Practices ◽  
Footwear Industry ◽  
Sustainability Practices ◽  
Operational Excellence

The footwear industry has contributed notably to different countries’ economic development. Therefore, it needs to focus on operational excellence in order to achieve a sustainable level of development. Achieving sustainability in the footwear industry, however, is a complex task since various issues are involved in the footwear manufacturing process. Currently, in order to see how firms can sustain their place in the competitive global business environment, researchers and practitioners are giving special attention to operational excellence in the footwear manufacturing industry. Operational excellence is a business term that indicates the actual performance of an organization. To make the supply chain agile, resilient, and sustainable, it is imperative that firms incorporate sustainable practices in the footwear industry, and operational excellence can help in this regard. The sustainability of the footwear industry can be examined by using a set of key performance indicators (KPIs). Therefore, identifying and examining the KPIs for adopting sustainable practices in the footwear supply chain is a very important task. There is still a knowledge gap in research on the KPIs for attaining sustainability in the footwear industry. To fill in this knowledge gap, this study contributes to the existing literature by identifying and assessing the KPIs by using a novel multi-criteria decision-making (MCDM) method named the best-worst method (BWM). This study uses a previous study to identify some relevant KPIs, some of which were included in the assessment process based on footwear industry experts’ feedback. After finalizing the relevant KPIs, BWM was utilized to find the most important KPIs for adopting sustainability practices in the footwear industry’s supply chains. The findings of this study reveal that the KPIs “quality production”, “timely order processing” and “accuracy of moulding” received the first three positions in the rankings we performed. The results of this study will help practitioners, industry experts, and decision-makers to find out a pathway for easily adopting sustainability practices in the footwear supply chains.

Optimization Research of Construction Inventory Management on Site Based on Inventory Theory

2012 ◽  
Vol 209-211 ◽  
pp. 1321-1325
Author(s):  
Ai Juan Zou
Keyword(s):  
Inventory Management ◽  
Operations Research ◽  
Economic Benefit ◽  
Lead Time ◽  
Order Quantity ◽  
Inventory Theory ◽  
Procurement Management ◽  
Total Cost ◽  
Total Inventory ◽  
Project Procurement

Inventory management is to improve economic benefit of project procurement management by means of dominating order cycle and order quantity to minimize the stocks and total cost under the circumstance of normal construction.Firstly,inventory management involves material order,and contractors need to calculate parameters such as order cycle,order fee,order quantity,stocks fee,order lead time and safe stocks in order to make the total inventory fee minimized during construction.This article applies one branch of operations research--"inventory" to optimize the inventory management.

Optimalisasi Key Performance Indicators (KPI) Melalui Pendekatan Balance Scorecard Upaya Mengimplementasikan Performance Management System (PMS) Pada Perguruan Tinggi

CCIT Journal ◽  
2012 ◽  
Vol 6 (1) ◽  
pp. 17-34
Author(s):  
Untung Rahardja ◽  
Muhamad Yusup Eva ◽  
Rosyifa Rosyifa
Keyword(s):  
Performance Indicators ◽  
Management System ◽  
Educational Institution ◽  
Key Performance Indicators ◽  
Individual Performance ◽  
The State ◽  
Public Institution ◽  
Performance Measurement System ◽  
Educational Institutions ◽  
Successful Implementation

SQL Server Reporting Services is a way to analyze data, create reports using the indicators and gauges. Indicators are minimal gauges that convey the state of a single data value at a glance, and most are used to represent the state of Key Performance Indicators. Manage and harmonize the performance of an institution's educational institutions, especially universities with the performance of individuals or resources, no doubt is one of the essential elements for the success of an entity of the institution. Integrate the performance of an educational institution with individual performance is not an easy process, and therefore required a systematic approach to manage it. Implementation of a strategic management system based Balanced Scorecard can be used as a performance measurement system that will continuously monitor the successful implementation of the strategy of any public educational institution and measure the performance of its resources in a comprehensive and balanced, not the quantity but the emphasis is more concerned with the quality, so the performance of educational institutions at any time can be known clearly. Contribution of Key Performance Indicators to manage and harmonize the performance of any public institution is a solution in providing information to realize the extent of work that has set targets, identify and monitor measures of success, of course, with performance indicators show a clear, specific and measurable.

Strategic planning in grassland farming: Principles andapplications

1997 ◽  
pp. 191-197
Author(s):  
W.J. Parker ◽  
N.M. Shadbolt ◽  
D.I. Gray
Keyword(s):  
Strategic Planning ◽  
Performance Indicators ◽  
Cost Effective ◽  
Key Performance Indicators ◽  
Strategic Plans ◽  
Effective Manner ◽  
Farm Business ◽  
Pastoral Farming ◽  
Financial Environment

Three levels of planning can be distinguished in grassland farming: strategic, tactical and operational. The purpose of strategic planning is to achieve a sustainable long-term fit of the farm business with its physical, social and financial environment. In pastoral farming, this essentially means developing plans that maximise and best match pasture growth with animal demand, while generating sufficient income to maintain or enhance farm resources and improvements, and attain personal and financial goals. Strategic plans relate to the whole farm business and are focused on the means to achieve future needs. They should be routinely (at least annually) reviewed and monitored for effectiveness through key performance indicators (e.g., Economic Farm Surplus) that enable progress toward goals to be measured in a timely and cost-effective manner. Failure to link strategy with control is likely to result in unfulfilled plans. Keywords: management, performance

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