Areas of business excellence, Project Management

Areas of Business Excellence

Typically, we think about business excellence in the terms of superiority, but in practice, it is frequently translated into features of the business; its products and services, its profitability, its customer relationships, or even its employee relationships. The generally acknowledged definition of business excellence is the utilisation of quality management principles and tools in business management;  it is the systematic progress of business performance based on the principles of customer focus, stakeholder value, and process management.

Business excellence, as explained by the European Foundation for Quality Management (EFQM), refers to -outstanding practices in managing the organisation and achieving results, all based on a set of eight fundamental concepts, these being -results orientation, customer focus, leadership and fidelity of  purpose, management by processes and facts, people development and involvement,    continuous learning, innovation and improvement; partnership development, and public responsibility.

In general, Nationalised bodies have developed business excellence models as a foundation for award programs. For majority of the bodies, with respect to the widespread agreement of the concepts of business excellence, the awards are themselves of secondary in importance, which they believe is the one that ultimately leads to improved national economic performance. By far, Self assessment is being done by the greater part of organizations who model them, through which improved opportunities are identified, areas of strength and thoughts to develop professed weakness.

Business Excellence is traditionally defined by tools, not the result of being brilliant. The assumption is that the acceptance of tools  will yield  good economic results for companies and economies. This is not necessarily a valid assumption.

Business  excellence  is  best  defined  by  its  result,  not  its  process.  The Malcolm Baldrige award now weighs more the 50% of its award criteria on business results, not product quality. Hence, business excellence can be described as excelling in the important dimensions of the business: financial performance, customer relationships, product / service value, and employee relationships, over time.

Posted Date: 9/29/2012 1:43:00 AM | Location : United States







Related Discussions:- Areas of business excellence, Assignment Help, Ask Question on Areas of business excellence, Get Answer, Expert's Help, Areas of business excellence Discussions

Write discussion on Areas of business excellence
Your posts are moderated
Related Questions
M a t r i x organisation A matrix organisation is a combination of functional and project organisation. A weak matrix organisation has most of the characteristics of a fun

Cost-reimbursable contracts  In cost-reimbursable contracts you pay the contractor the costs necessarily incurred in the construction plus a fee. The latter portion viz. the fe

IT Project Management Task #1, I need help with my course.

o Is the design understandable? o Is the design of appropriate complexity for the task undertaken and the skill of the developer? o Is the design consistent? o Is the design mainta

You have been asked to acquire charge of a system growth where the customer needs about fifty per cent of the functionality very immediately to meet a business opportunity but wher

Characteristics of Process Planning Since a process is required to manufacture a product it is necessary to plan the process. Process planning comes after it has

What is dummy activity in job operation of a project? Dummy Activity: All projects consist of a number of job operations or tasks that are termed as activities. An activi

What limitations should be considered in the beginning of a project? limitations of project: The central question into the follow-up phase concerns while and where the pro

T he seven forces and the body of knowledge A root cause is a basic causal factor, which if corrected or isolated will stop recurrence of a situation .There is honest disagree

Aggregate planning is an operational method that does an aggregate plan for the production procedure, in advance of 2 to 18 months, to provide an idea to management as to what amo