What are the Four Key Measures of Performance?

The correct answer focuses on Accuracy, Cycle Time, Cost, and Customer Satisfaction as the Four Key Measures of Performance.

Accuracy is crucial because it indicates how closely an operation meets the established standards and requirements, directly impacting quality and reliability. Cycle time measures the time taken from the beginning to the end of a process, reflecting operational efficiency and the organization's ability to respond promptly to customer demands. Cost is a fundamental performance measure that assesses the financial resources expended versus the value created; managing costs effectively is vital for profitability and sustainability. Customer Satisfaction is pivotal as it gauges how well an organization's output meets or exceeds customer expectations, which is essential for retention, loyalty, and overall business success.

These measures provide a comprehensive view of performance, as they encompass operational efficiency (Cycle time and Cost), product quality (Accuracy), and market engagement (Customer Satisfaction), making them highly relevant for assessing operational performance in a business context.