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is the capability of an enterprise to deliver products or services to its customers in the most cost-effective manner possible while still ensuring the high quality of its products, service and support.

An asset utilization ratio calculates the total revenue earned for every dollar of assets a company owns. … An increasing asset utilization means the company is being more efficient with each dollar of assets it has. This ratio is frequently used to compare a company’s efficiency over time.

The cost of labor is the sum of all wages paid to employees, as well as the cost of employee benefits and payroll taxes paid by an employer. The cost of labor is broken into direct and indirect (overhead) costs.

Production is a process of combining various material inputs and immaterial inputs in order to make something for consumption. It is the act of creating an output, a good or service which has value and contributes to the utility of individuals.

Simply put, customer churn occurs when customers or subscribers stop doing business with a company or service. … Customer churn impedes growth, so companies should have a defined method for calculating customer churn in a given period of time.

Employee benefits are defined as indirect, non-cash, or cash compensation paid to an employee above and beyond regular salary or wages. … Employee benefits such as health insurance, life insurance, paid vacation, and workplace perks are common offerings used to recruit and retain employees.

The proficiency in applying technological resources to assist in achieving ones business goals by improving production.

Workplace safety refers to the working environment at a company and encompasses all factors that impact the safety, health, and well-being of employees. This can include environmental hazards, unsafe working conditions or processes, drug and alcohol abuse, and workplace violence.

Accountability at work is essentially about ownership and initiative. This refers to employees stepping up, and doing what is best for the business. An employee who is accountable will take responsibility of results and outcomes – they won’t presume that this is purely the concern of management.

A labor union is an organization of workers acting together to negotiate their wages and working conditions with employers. … The dealings between labor unions and business management, both in the bargaining process and beyond it, are called union–management relations (or labor relations).