Read Why do business professionals choose ready-to-use KPIs? to find out the answers to these questions:
Moving logically, steel making is the second step in the process of manufacturing steel from iron ore. In this, impurities such as sulfur, phosphorous are eliminated from the ore and alloy metals like manganese, nickel are added to it.
There are basically two kinds of steel making procedures recognized- Primary (uses new iron as the input) and Secondary (has scrap steel as the input).
This task requires immense investment of funds as huge equipments and instruments are needed. Also, a capable workforce has to be structured to utilize the devices to fullest.
Making sure that all these aspects are done justice with, a management strategy to calculate the steps and moves is a must. BSC (Balanced Scorecard) well fits the bill in such a scenario, being 'steel production' in this case. BSC has all the relevant and connected indicators to help in the evaluation task of any process.
By carefully coming up with set of metrics and indicators, one can gauge the manufacturing of steel for its success and bring in the needed improvements. On the whole, one can take the steel production attempts on 'success path'.
This is the actual scorecard with Steel Making Measures and performance indicators. The performance indicators include: process perspective, corrosion decline ratio, processes range, reduction in process costs, by-products usage index, properties perspective, hardness, ductility, yield stress, poisson ratio, employee perspective, % drop in accidents, number of training sessions held, number of health check-ups, labor turnover due to safety problems, growth perspective, volume enhancement ratio, % contribution to nations total steel production, expertise level, % rise in the operating revenues.
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"Before writing a single line, I formulated some guiding principles, one of them was: "If our clients ask, "How can I find a good KPI for..." - I want this book to provide a perfect answer."