Balanced Scorecard
Balanced Scorecard
Kink (2008) defined that Balanced Scorecard is an analysis technique developed to translate a company’s mission and business strategy into specific, measurable and quantifiable aspects. It provides quantitative results through data collection to facilitate managers and executives to make long-term decisions. Company uses the balanced scorecard as a strategic planning and management tool which is widely used in various businesses and industries worldwide for the purpose to bridge the gap between business activities and corporate missions and objectives; oversight operational performance, improve communications, etc. While there are many advantages to using balanced scorecards to improve the overall company performance whereas It uses Key Performance Indicator (KPI) approach to measure a company, the success or failure of the approach is wholly dependent on the appropriateness of KPI setting. An ineffective balanced scorecard could shed no light and provide the wrong impression about a company.
Statistical Process Control
Company uses SPC to determine the conformity of production or service processes to ensure meeting the pre-defined specifications. It requires using a control charts to record products or services that are defective. It is particularly implemented in manufacturing process which statistically controlled for the deviations from the norm via random sampling to indicate whether performance has been changed. It allows a company to manage the quality of work-in-process, and it is considered as the first step toward total quality systems management. Nevertheless, like other quality tools, SPC also has its disadvantages, e.g. it emphasizes early detection and prevention of problems, which can be a benefit to the production of quality products. But it requires workers to have extra workloads to monitor and complete the control chart (Mehrafrooz &