management (noun, man-age-ment, \ ˈmænɪdʒmənt \) by fact (noun, fact, \ fækt \)
Definition: is a crucial component of a company’s total quality management system in which all workers and managers collect and document information related to the operations they perform and later analyze that data to improve the decision-making process directly connected to their duties. Additionally, MBF is employed to identify problems and their sources, as well to find appropriate countermeasures to them. This system is primarily used to secure an organization’s continuous development and help it achieve its long-term aspirations.
In a Sentence:
- Working in a company that adheres to the management by fact approach is challenging, but it has its benefits. Thus, the employee’s records allow him to save time in the future by avoiding the mistakes already made.
- It takes some time and practice to implement a management by fact system correctly, but it’s the only way to secure the firm’s long-term financial success. Otherwise, it’s hard for a manager or employee to locate the area where changes are needed the most.
Synonyms and related words: management by results, total quality management, management by objectives, management by exception
