Loss represents the wastage of resources. The loss component of business is usually overlooked unless a Total Quality Management system is in place to raise awareness. Following is a list of resources, the ways that they can be wasted, and a summary of how a Profit Improvement Process (PIP) can impact losses.
Resources that can be conserved to save money and improve revenues include:
What PIP Does to Losses:
The Profit Improvement Process (PIP) identifies, quantifies, and prioritizes the areas of loss that your business is experiencing. Priorities are addressed to increase profits. Key points about loss management include:
Achieving World-Class Profit Improvement: See the world-class profit improvement processes. A must-have resource for any cost reduction practitioners.