A Review of Different Tools to Improve Business Performance

In the business world of today, competition has become the central issue. The markets are overfilled with different competitors, which gives the customers bigger purchasing power and ability to choose, That is why the companies have to fight for each client and struggle to do everything for their loyal customers to remain in this stance There are different tools for achieving this result, The discussion of one of the most effective tools for improving the company’s performance – different types of quality tools, is essential for an understanding of the possible benefits and threats of its application The scope of this research would be the one exact quality tool – Ishikawa chart or cause- and-effect diagram.

This method is based on the identification of various possible causes for different problems (effects) and helps to sort these causes into useful categories.

With the help of this tool, the company could improve the quality of their decisions and avoid the situations of wrong choices, which they could make, The business, which would be an example of this case would be the local coffee shop, which is selling different types of coffee drinks and snacks, which could be combined with them The company has come to the moment when they need to grow and emerge to improve their financial results They have an opportunity of moving to the building with far higher people turnover and better location, However, this location is in the totally different district of town so that they would lose all the loyal customers At the same time, the company could attract the bank loan and would be able to hold two locations under operation at the same time

The application of the cause—and-effect diagram in the case of the coffee company and the results of the possible changing of new location would be the following.

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The company’s top management could create the chart and analyze the possible effects of each of the possible decisions, which they would possibly commit. From one side of the problem, if the coffee shop moves to the new location, they will lose the brand value of their loyal customers, because they would not have any of them. From another angle, rejecting the idea of occupying the better location is unacceptable, accounting the fact that their business is going well and is prospering. The third variant of taking the short-term bank loan and occupying would be the best choice Taking into account all the facts mentioned above, it could be concluded that the cause and effect tool is an efficient quality tool for an organization.

It could help to conduct wise decisions and come to better results In the observed case with a coffee shop, the cause-and-effect diagram help to define the risks and opportunities of all the possible causes of moving to the new place. This tool is exceptionally effective for wise decision making in the organizations and everyday life, With the obtained information about the mentioned quality tool, I would be able to solve different issues and dilemmas of the organization or team, where I would be a memberi It would help the quality of my as well as organizational activity to remain on a certain level. Additionally, it provides a good framework for the decision-making process, which helps to clarify all the pros and cons of each of the decisions taken.

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A Review of Different Tools to Improve Business Performance. (2022, Jul 26). Retrieved from https://paperap.com/a-review-of-different-tools-to-improve-business-performance/

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