Q: Process time measures how long it takes to complete the steps of creating a product or service. Other time metrics measure time spent adding value to a project, or how long it takes to respond to a customer's request. Metric calculations may include the percent on time delivery. Reducing process time is a proven strategy for better business. Doing so allows for greater production and delivers the product or service sooner. Consider furniture manufacturing. All things being equal, customers would rather receive their new couch or dining room set sooner rather than later. If you can reduce process time, you improve your chances for repeat orders and new business. Cost metrics assess the total cost of the production process. They also measure operational costs relative to production levels. Cost per transaction measures the cost to produce one unit. Cost savings measures reduction in costs per transaction. Labor savings measures a reduction in labor hours needed to produce the product or service. Cost reduction strategies become important to businesses when revenue starts to decline. For example, when Bank of America experienced a downturn in lending and trading revenue in 2011, they decided to reduce their workforce in order to continue delivering revenues to shareholders. Bank managers and consultants decided to use cost metrics to identify jobs to eliminate that could save the most money without compromising the organization. Quality metrics measure customer satisfaction. Customer satisfaction data can be gathered from surveys, registered complaints and other feedback. Quality metrics also assess whether the process creates value for the customer. They also look at the frequency of errors and the need for reworks. The defect rate looks at the percentage of mistakes. The percent complete and accurate rate measures how often no mistakes are made. The healthcare industry relies heavily on quality metrics. Quality improvement must be data-driven. Analysts look at financial and clinical data to identify variations in how health care is delivered by providers. They break down the process and find areas of waste or redundancy in order to create a process that delivers a high-quality clinical outcome. The cost reduction is not valuable unless it increases or maintains the current level of quality provided. The key in quality improvement is to increase efficiency without compromising effectiveness. Efficiency refers to the amount of resources necessary to deliver a product or service. Effectiveness refers to how well the objectives of the product or service have been achieved. Output metrics measure the quantity of products or services produced in a given time period. The production goal should align with customer demand. Output metrics also look at backlogs and excess inventory. These should be minimal. Finally, works in progress is measured. This determines the number of products or services in the pipeline. One strategy for increasing output in manufacturing is standardized work. For example, in the automobile industry, auto makers have a standard method for assembling cars. Manufacturers can standardize production processes with the goal of increasing output. Metrics can help to analyze how well a process improves the output for the manufacturer. If more products are produced in a given time with the new standardized process, then it is a success. This metric measures how many steps are in the production process. It also looks at how often the process is slowed by changing hands or requiring supervisory approval. The total number of process steps is calculated, along with the number of value-added process steps. These are the steps that make the product or service more valuable. Loop backs, or the number of times a product is sent back to correct errors, is also measured. Companies aim to reduce the complexity in their processes, organization, products and information systems in order to stimulate growth, reduce costs and increase returns. Measuring process complexity helps managers to identify where products or services fully meet customer needs at the lowest cost. It helps to reveal hidden costs in overly complicated processes. It allows companies to identify which products are most profitable, what customers really value and where process bottlenecks are getting in the way of efficiency.
A: Measure time. Measure costs. Measure quality. Measure output. Measure process complexity.

Q: The contract should contain a provision that explains how and where the sale of the property will be finalized. This information should include the time period within which the closing of the sale should occur. A common provision is for the sale to close within 60 days of the signing of the contract. Closings often occur at title company offices, but also may occur at an attorney's office or a bank. Another contract provision should set forth the payment of necessary costs of closing, which are allocated as agreed between the parties. One potential cost is for deed preparation and recording. A deed is the document that formally transfers ownership of the property from seller to buyer. In most states, a deed must be recorded with a certain local government office in order to be put into effect. The contract should also address the payment of closing costs, which can be paid by one party or both parties. There also should be a provision that addresses the payment for a title insurance policy. Title insurance ensures that the property is being transferred free of any liens, encumbrances, or claims to ownership by third parties. A typical FSBO contract provision that addresses closing costs is as follows: "Seller shall pay at closing all costs related to the release of any mortgage on the property, delinquent real estate taxes, and outstanding mechanic's liens." Another way to address different types of closing costs is as follows: "Buyer shall be responsible for the payment of any title insurance policy and survey performed of the property. Buyer also shall bear the costs of preparing and recording the deed and any mortgage secured by the property that is the subject of this agreement." While possession of the property does occur at closing in some cases, many contracts provide that possession of the property occurs at a later date following closing. For instance, a contract might provide for the buyer to take possession of the property 30 days after closing.
A:
Provide detailed closing information. Allocate closing costs. State the date of possession.