INTRO TO BUS STATS
INTRO TO BUS STATS ISDS 2000
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This 3 page Class Notes was uploaded by Winston Dickens II on Tuesday October 13, 2015. The Class Notes belongs to ISDS 2000 at Louisiana State University taught by Joni Nunnery in Fall. Since its upload, it has received 19 views. For similar materials see /class/222496/isds-2000-louisiana-state-university in Info Systems & Decision Sciences at Louisiana State University.
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Date Created: 10/13/15
ISDS 2001 STUDY GUIDE for Final Exam Chapters 3 and 6 Objectives After completing Chapter 3 you should know 1 14 15 16 17 that BPM encompasses a core set of processes including nancial and operational planning consolidation and reporting modeling analysis and monitoring of KPIs linked to organizational strategy thatBPM helps organizations translate a uni ed set of objectives into plans monitor execution and deliver critical insight to improve nancial and operational performance thatBPM refers to the business processes methodologies metrics and technologies used by enterprises to measure monitor and manage business performance thatBPM is an enterprise wide strategy that seeks to prevent organizations from optimizinglocal business at the expense of overall corporate performance concentrates onenterprise wiale View that BPM BI Planning understand that the closedloop process the BPM cycle links strategy to execution in order to optimize business performance that the four steps of the closedlooped process are 1 Strategize 2 Plan 3 Monitor 4 Act and Adjust that Strategize asks the question Where Do We Want to G0 It requires setting goals and objectives thatPlan asks the question H ow Do We Get There It requires establishing initiatives and plans to achieve those goals thatMonitor asks the question H ow Are We Doing It requires monitoring actual performance against the goals and objectives thatAct and Adjust asks the question What Do We Need to D0 Differently It requires taking corrective action that using the BPM Cycle Figure 31 in the notes 1 Strategize uses mission values goals objectives incentives and strategy maps 2 Plan uses budgets plans forecasts models initiatives targets 3 Monitor uses performance dashboards reports analytical tools 4 Act and Adjust uses interpretations collaboration assessment decisions acting and adjusting and tracking thatthe basic tasks of the strategic planning process are 1 Conduct a current situation analysis 2 Determine the planning horizon 3 Conduct an environmental scan 4 Identify critical success factors CSF 5 Complete a gap analysis 6 Create a strategic vision 7 Develop a business strategy 8 Identify strategic objectives and goals the descriptions of each of the 8 basic tasks of the strategic planning process the de nition of strategy gap the difference between the current performance of an organization and the desired performance as described in the mission statements objectives and goals that the PLANNING requires operational and nancial planning and budgeting the de nition of operational plan know that an operational plan is like a project plan that is designed to ensure that an organization s strate is realized Know that the operational plan translates an organization s strategic objectives and goals into a set of welldefmed tactics actions steps to bring about expected results for some future time period 18 19 20 21 22 23 24 25 26 27 28 29 35 36 that operational planning can be 1 tacticcentric or 2 budgetcentric that best practice organizations use tacticcentric operational planning that an organization s strategic objectives and key metrics should server as topdown drivers management driven that a comprehensive framework for monitoring performance should address two key issues 1 what to monitor and 2 how to monitor that a cybernetic system has 1 inputs 2 a process for transforming inputs into outputs 3 a standard or benchmark for comparing to the outputs and 4 a feedback channel to allow information on variances between the outputs and the standard to be communicated and acted upon the pitfalls of variance analysis that the guiding principle of a best practice BPM program is first to eliminate unnecessary work and to focus on objectives that discoverydriven planning offers a systematic way to uncover problematic assumptions that otherwise remain unnoticed and unchallenged that the results of Hackett s benchmarking indicate that world class companies closely align strategic and tactical plans enabling functional areas to contribute more effectively to overall business goals that a performance measurement system is a system that assists managers in tracking the implementations of business strategy by comparing actual results against strategic goals andobj ectives performance measurement systemcan be used as a diagnostic control system that an effective performance measurement system shouldl align toplevel strategic objectives and bottomlevel initiatives 2 identify opportunities in a timely fashion 3 determine priorities and allocate resources based on those priorities that a Key Performance Indicator KPI represents a strategic objective and metric that measures performance against a goal know that KPI is industry jargon for type of measurement performance the distinguishing features of KPIs 1 Strategy 2 Targets 3 Ranges 4 Encodings 5 Time frames 6 Benchmarks that the most popular performance measurement system in use is some variant of the Balanced Scorecard BSC that good performance measures shouldl be focused on key factors 2 be a miX of past present and future 3 balance the needs of all stakeholders shareholders employees partners suppliers etc 4 start at the top and trickle down to the bottom 5 have targets that are based on research and reality rather than be arbitrary that BSC is a performance measurementand management methodology that helps translate an organization s financials customer internal process and learning and growth objectives and targets into a set of actionable initiatives that two widely used approaches that support BPM are l BSC and 2 Six Sigma that BSC is designed to overcome the limitations of systems that are only financially focused that BSC has a financial and non financial component and that the nonfinancial components are 1 customer 2 internal business processes and 3 learning and growth