CBP Project Management and Operations Flashcards

What is a Key Performance Indicator (KPI) in business operations?

Answer: A measurable value that demonstrates how effectively a company achieves key objectives

KPIs are quantifiable metrics used to evaluate the success of an organization or a specific activity in meeting its operational and strategic goals.

In process improvement, what does the PDCA cycle stand for?

Answer: Plan, Do, Check, Act

PDCA (Plan-Do-Check-Act), also known as the Deming Cycle, is a four-step iterative method for continuous improvement of processes and products.

What is the primary goal of supply chain management?

Answer: To coordinate the flow of goods, information, and finances from supplier to customer efficiently

Supply chain management oversees the entire flow of goods, data, and money — from raw materials to the end customer — to maximize efficiency, reduce costs, and satisfy customers.

What is 'benchmarking' in the context of business operations?

Answer: Comparing a company's processes and performance to industry best practices or competitors

Benchmarking involves measuring a company's processes, products, or services against those of industry leaders or best-in-class competitors to identify areas for improvement.

Which quality management concept focuses on defect prevention rather than defect detection?

Answer: Zero Defects

The Zero Defects concept, introduced by Philip Crosby, emphasizes building quality into the process from the start to prevent defects rather than inspecting for them after production.

What is the purpose of a project post-mortem (lessons learned) review?

Answer: To document successes and failures to improve future project performance

A project post-mortem review captures what went well and what didn't, creating documented lessons learned that can improve processes and outcomes for future projects.