Benchmarking Benchmarking is a way to compare a company’s performance or practises with those of other companies in the same industry or field. It is used in project management and other areas of business. The goal of comparing is to find ways that a company can improve its performance or ways of doing things by looking at…
Business Justification Analysis A Business Justification Analysis is a way to figure out if a business idea or project is possible, needed, and worth doing. It includes a careful look at the project’s expected benefits, costs, risks, and possible returns, as well as a look at other possible options. The most important parts of a business reasoning…
Payback Period The payback period is a financial term used in project management and investment research to measure how long it takes for an investment or project to earn back its starting cost or investment. In other words, it is the amount of time it takes for the money that comes in from the project to match…
Internal Rate of Return (IRR) The International Rate of Return (IRR) is a financial measure used to figure out the rate of return on a property that uses more than one currency. It looks at the value of money over time and the exchange rates between the country where the investment is made and the country where…
Return on Investment (ROI) Return on Investment (ROI) is a business term for a way to measure how profitable an investment is. It compares the amount of profit or return an investment makes to how much it cost to make the investment. ROI is used to figure out if a project or business is financially viable. It…
Net Present Value (NPV) Net Present Value (NPV) is a financial calculation that is used to figure out the current value of future cash flows after taking into account the time value of money. When calculating NPV, the original investment, projected cash flows over time, and needed rate of return or discount rate are all taken into…
Check Sheet A check sheet is an easy and useful way to keep track of and look at information. It is a form or table that is used to record and track data over time. It is often used in quality control and process improvement projects. The most important parts of a check sheet are: Data Collection…
Cost of Quality The Cost of Quality (COQ) is the amount of money it takes to make sure that a product or service is good enough for users. It is the amount of the money spent to avoid, find, and fix problems with goods or services, as well as the money lost because of those problems. COQ…
