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Business performance management (BPM) (also known as corporate performance management (CPM) [2] enterprise performance management (EPM), [3] [4] organizational performance management, or performance management) is a management approach which encompasses a set of processes and analytical tools to ensure that an organization's activities and output are aligned with its goals.
Business analytics (BA) refers to the skills, technologies, and practices for iterative exploration and investigation of past business performance to gain insight and drive business planning. Business analytics focuses on developing new insights and understanding of business performance based on data and statistical methods .
Business intelligence (BI) consists of strategies, methodologies, and technologies used by enterprises for data analysis and management of business information. [1] Common functions of BI technologies include reporting, online analytical processing, analytics, dashboard development, data mining, process mining, complex event processing, business performance management, benchmarking, text ...
Data mining is a particular data analysis technique that focuses on statistical modeling and knowledge discovery for predictive rather than purely descriptive purposes, while business intelligence covers data analysis that relies heavily on aggregation, focusing mainly on business information. [4]
Business analysis is a professional discipline [1] focused on identifying business needs and determining solutions to business problems. [2] Solutions may include a software-systems development component, process improvements, or organizational changes, and may involve extensive analysis, strategic planning and policy development.
DMAIC or define, measure, analyze, improve and control [1] (pronounced dÉ™-MAY-ick) refers to a data-driven improvement cycle used for optimizing and stabilizing business processes and designs. The DMAIC improvement cycle is the core tool used to drive Six Sigma projects.
Establish process differences; Target future performance; Communicate; Adjust goal; Implement; Review and recalibrate; The following is an example of a typical benchmarking methodology: Identify problem areas: Because benchmarking can be applied to any business process or function, a range of research techniques may be required.
Performance measurement is the process of collecting, analyzing and/or reporting information regarding the performance of an individual, group, organization, system or component. [dubious – discuss] [1] Definitions of performance measurement tend to be predicated upon an assumption about why the performance is being measured. [2]