Describe the Four Generic Performance Dimensions of Operations and Supply

question 59

Essay

Describe the four generic performance dimensions of operations and supply chain activities.

Identify and understand the four steps of the control process.

Explain the purpose of controlling and its significance in achieving organizational objectives.

Apply the concept of corrective action based on the comparison of actual performance against standards.

Differentiate between various performance comparison approaches (relative, engineering, historical).

---

Definitions:

Standard Error

A measure of the variability or dispersion of a sample statistic from the population parameter.

Confidence Interval

A set of values, obtained from sample data, that probably includes the value of an unspecified population parameter, given a certain confidence level.

Point Estimate

A solitary figure or statistical measure employed to approximate the worth of a population parameter.

Confidence Interval

A portfolio of values, extracted from sampling efforts, believed to encapsulate the undiscovered value of a population attribute.