A constraint is any factor or element such as cost, schedule and scope that prevents a system from performing at the highest level possible in relation to its objective. There are many types of constraints that prohibit performance. Continuous Improvement strategies such as: Lean, Six Sigma and the Theory of Constraints are effective ways to reduce or remove constraints.
1. Cost/ Resources
2. Schedule/ Time
3. Scope/ Quality
5. Policy or Procedure
The balanced scorecard shows key metrics on a dashboard which provide key performance indicators and insight regarding four main areas of an organization: Financial, Customer, Internal Business Processes and Learning and Growth. The balanced scorecard is used in strategic planning and management in a wide variety of industries. For more in depth study of the balanced scorecard we recommend reading Dr. Robert Kaplan and Dr. David Norton's book titled The Balanced Scorecard: Translating Strategy into Action.
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