Within many organizations, especially those that are large or growing quickly, there is a tendency to lose sight of where the company is going. Departments and individuals develop tunnel vision and fail to see the larger picture. Often, business activities are maintained because 'that's the way they've always been done,' while company leaders lack a good grasp of what is truly critical to make their firms succeed.
This course will allow you to 'strip away the barnacles' on your company and identify its essential success factors. Once you learn this skill, you then can work to develop measures of performance for each factor. In this course, you'll gain valuable insights on how this is done by analyzing a variety of case studies from different industries. You'll also discover how to develop systems that alert you when performance in key areas is lacking. Finally, you'll learn a variety of tools and processes used in this approach, including target costing, an external funds-needed model, cost of capital models, and daily flash reporting.
Upon successful completion of this course, participants will be able to:
- Identify which activities are critical success factors and determine the risks that are associated with each.
- Identify how to manage risk factors that are an inherent part of each of the company's critical success factors.
- Cite how to implement processes and costing methods that support the product concept.
- Identify how to implement measurement methods that align with the way in which the company carries out its vision, mission, and strategy.
- Cite how to use analytical tools to identify trends and reveal issues that need to be addressed in order to maintain risk levels that are within the organization's risk appetite.
- Identify which performance measures assess critical success factors for an organization, and how they should be presented to management.
- Cite how to prepare timely and consistent information that is useful for management to analyze and apply in daily operations.
- Identify how to utilize techniques to manage costs and income, even during a recession.
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