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Student Workbook
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BSBMGT608 Manage innovation and

continuous improvement
Part of a suite of support materials for the
BSB Business Services Training Package
1st Edition 2015
Acknowledgement
Innovation and Business Industry Skills Council (IBSA) would like to acknowledge
Impact Training and Development for their assistance with the development of this
resource.
Writer: Joanna Hull
Industry reviewer: Neale Pearce
Copyright and Trade Mark Statement
2015 Innovation and Business Industry Skills Council Ltd
All rights reserved. Apart from any use permitted under the Copyright Act 1968, no part of this publication may be
reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical,
photocopying, or otherwise, without written permission from the publisher, Innovation and Business Industry Skills
Council Ltd (IBSA).
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Use of this work for purposes other than those indicated above, requires the prior written permission of IBSA. Requests
should be addressed to the Product Development Manager, IBSA, Level 11, 176 Wellington Pde, East Melbourne VIC
3002, or email sales@ibsa.org.au.
Innovation and Business Skills Australia, IBSA and the IBSA logo are trademarks of IBSA.
Disclaimer
Care has been taken in the preparation of the material in this document, but, to the extent permitted by law, IBSA and
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person as a result of relying on the information contained in this document.
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if the breach relates to services: (i) re-supplying; or (ii) paying the cost of re-supplying, the services.
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(a)
Published by: Innovation and Business Industry

Skills Council Ltd
Level 11
176 Wellington Pde
East Melbourne VIC 3002
Phone: +61 3 9815 7000
Fax: +61 3 9815 7001
Email: reception@ibsa.org.au
www.ibsa.org.au
ISBN: 978-1-925379-22-8
Stock code: BSBMGT6081W
First published: September 2015

1st edition version: 1
Release date: September 2015
Table of contents
Introduction ...........................................................................................................................1
Features of the training program ...................................................................................1
Structure of the training program ...................................................................................1
Recommended reading ...................................................................................................1
Section 1 Review Programs, Systems and Processes ....................................................3
What skills will you need? ...............................................................................................3
Monitor and evaluate performance................................................................................4
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Monitor and evaluate sustainability ............................................................................ 12

Analyse systems and processes .................................................................................. 17
Performance measures and assessment tools .......................................................... 30
Performance reports .................................................................................................... 39

Identify trends ............................................................................................................... 45
Seek advice from specialists ....................................................................................... 49
Section summary .......................................................................................................... 52
Further reading ............................................................................................................. 52
Section checklist........................................................................................................... 52
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Section 2 Continuous Improvement ............................................................................. 53

What skills will you need? ............................................................................................ 53
Continuous improvement............................................................................................. 53
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Performance improvement strategies ........................................................................ 56
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Communicate performance improvement strategies ................................................ 59

Create a culture of innovation and continuous improvement .................................. 66
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Manage new ideas ....................................................................................................... 71

Accept failure and celebrate success ......................................................................... 77
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Assess ideas ................................................................................................................. 81

Gain approval for innovations...................................................................................... 87
Write reports ................................................................................................................. 88
Section summary .......................................................................................................... 89
Further reading ............................................................................................................. 89
Section checklist........................................................................................................... 90
Section 3 Implement Innovative Processes ................................................................. 91

What skills will you need? ............................................................................................ 92
Promote continuous improvement .............................................................................. 92
Manage change ............................................................................................................ 95
Plan transition............................................................................................................. 100
Plan contingencies ..................................................................................................... 104

Analyse failures .......................................................................................................... 107
Manage emerging challenges and opportunities ..................................................... 111
Evaluate continuous improvement systems and processes ................................... 112
Communicate costs and benefits of innovations and improvements .................... 114
Section summary ........................................................................................................ 116
Further reading ........................................................................................................... 116
Section checklist......................................................................................................... 116
Glossary............................................................................................................................ 117
Appendices....................................................................................................................... 119
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Appendix 1 Waste management hierarchy ........................................................... 119
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Appendix 2 Answers to selected learning activities ............................................. 120
Student Workbook
Introduction
Introduction
Features of the training program
The key features of this program are:
Student Workbook Self-paced learning activities to help you to understand key
concepts and terms. The Student Workbook is broken down into several sections.
Facilitator-led sessions Challenging and interesting learning activities that can be
completed in the classroom or by distance learning that will help you consolidate
and apply what you have learned in the Student Workbook.
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Assessment Tasks Summative assessments where you can apply your new skills
and knowledge to solve authentic workplace tasks and problems.
Innovation & Business Skills Australia has licensed the use of over 200 video vignettes
from the Channel 9 television program, Your Business Success. The videos have been
carefully selected and embedded into relevant learning and assessment resources in
order to assist education providers and students in the learning process.
Each video is accompanied by a learning activity. Videos can be found on IBSAs YouTube
channel at <http://www.youtube.com/ibsachannel>.
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Structure of the training program
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This training program introduces you to the concepts of how to manage innovation and
continuous improvement. Specifically, you will develop skills and knowledge in the
following topic areas:
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1. Review programs, systems and processes

2. Continuous improvement
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3. Implement innovative processes.
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Your facilitator may choose to combine or split sessions. For example, in some cases, this
training program may be delivered in two or three sessions, or in others, as many as eight
sessions.
Recommended reading
Some recommended reading for this unit includes:
Bridges, W., 2009, Managing transitions, 3rd edn, Da Capo Press, Philadelphia.
Business.gov, Environmental management systems, Business.gov, viewed August
2015, <http://www.business.gov.au/business-topics/businessplanning/environmental-management/Pages/environmental-managementsystems.aspx>.
BSBMGT608 Manage innovation and continuous improvement


Page 1 of 120
Introduction
Student Workbook
Harvard Business School Press, 2009, Innovators toolkit: Ten practical strategies to
help you develop and implement innovation, Harvard Business School Press,
Boston.
Kotter, J., 1996, Leading change, Harvard Business School Press, Boston.
Liker, J., 2004, The Toyota way: Fourteen management principles from the worlds
greatest manufacturer, McGraw Hill, New York.

Rath & Strong, 2006, Six sigma pocket guide, 2nd edn, Rath & Strong Inc.,
Massachusetts.
Ruffa, S., 2008, Going lean, Amacom, New York.
Slater, P., 2007, A new strategy for continuous improvement, Industrial Press Inc.,
New York.
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Toyota Australia, Toyota production system, viewed August 2015,
<http://www.toyota.com.au/toyota/company/operations/toyota-productionsystem>.
Please note that any URLs contained in the recommended reading, learning content and
learning activities of this publication were checked for currency during the production
process. Note, however, IBSA cannot vouch for the ongoing currency of URLs.
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Every endeavour has been made to provide a full reference for all web links. Where URLs
are not current we recommend using the reference information provided to search for the
source in your chosen search engine.

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Student Workbook
Section 1 Review Programs, Systems and Processes
Section 1 Review Programs, Systems

and Processes
This section covers the skills and knowledge required to review an organisations
programs, systems and processes in order to identify opportunities for improving
performance.
Scenario: Mammas Pies
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Paul and Tony are brothers who believed they could create a successful business by
opening a pie shop.
Tony opened his shop in the main street of the local town where he lived. He was
pleased with the performance of his shop. After six months, he had already achieved
the sales he had estimated for the first year of operation. Tonys success continued
and, after five years, Tony was the proud owner of a very successful retail pie outlet
selling an average of 100,000 pies a year. This was well beyond his expectations.
Paul moved two hours away to a coastal town to open his shop. He too was very
pleased with the success of his shop in the first six months and, by the end of his first
year of trade, was exceeding his sales targets. Five years later Paul is still enjoying the
success of his business, selling on average 100,000 pies per year.
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Tonys motto was if it ain't broke dont fix it, while Paul believed in looking at ways to
improve his business. Paul developed a series of performance indicators to track and
evaluate the performance of his store. He found that if he could reduce the production
time of his pies, he could produce more in a day and therefore sell more pies. He
investigated different options and decided to purchase a pie filling mixing machine that
could mix a larger quantity than his current machine and in a much shorter timeframe.
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After installing the machine, Paul is now producing 100 more pies per day. He is so
pleased with his investment as he has now grown his business from selling 100,000
pies per year to in excess of 140,000. Paul is now looking for where to implement his
next business improvement to make the business even more successful.
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Meanwhile, Tony is still selling 100,000 pies a year.
What skills will you need?

In order to work effectively as a manager, you must be able to:
establish strategies to monitor and evaluate performance and sustainability of key
systems and processes
undertake detailed analyses of supply chains, operational and product and service
delivery systems


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Student Workbook
identify performance measures, assessment tools and techniques and evaluate

their effectiveness
analyse performance reports and variance from plans for all key result areas of the
organisation
identify and analyse changing trends and opportunities relevant to the organisation
seek advice from specialists, where appropriate, to identify new technology and
electronic commerce opportunities.
Monitor and evaluate performance
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When you monitor performance you are comparing an organisations actual results
against planned performance.
Common performance measures are:
time
cost
quality
production
sales
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Each of these measures monitors and evaluates different components of an

organisation's performance. They can be used to monitor and compare actual
performance against planned performance to determine how the organisation is tracking,
and where improvements need to be made to bring performance back on track.
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Below are some examples of how these measures are applied in the workplace.
How long does it take to produce a unit?
How long does it take to process an order?
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Time
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How long does it take to serve a customer?

How much does it cost to produce a unit?
How much does it cost process an order?
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Cost
How much does it cost to serve each customer?

How many orders were processed correctly?
Quality
How many units passed quality inspections?

How many customers were satisfied with the service provided?

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How many units are being produced per hour?
Production
How many orders have been processed today?

How many customers have been served today?
Sales
What is the sales result for that product for the month?
What is the sales result for the department for the month?
Learning activity: Monitor performance
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What measures does your organisation, or an organisation you are familiar with, use to
monitor performance?
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How effective were these measures in monitoring the performance of the organisation?
Why monitor performance?

Monitoring performance ensures that you are aware of how your organisation is tracking.
It helps you to identify any corrective action you may need to take to bring the
performance back on track.
Some examples of corrective action include:
change your plan
implement contingency plans
increase or decrease resource levels


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bring in resources with different skills

change timelines
increase budget.
A good monitoring system provides you with the information you need to understand how
well your organisation is performing against targets and what changes are needed to
keep performance on track. It allows you to manage your business proactively rather than
spending your time reacting to and resolving a crisis. This can be a much more productive
and enjoyable way to work!
Step 1:
Decide what you will
monitor.
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Monitoring performance
Step 2:
Determine how you will
measure performance.
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Step 3:
Analyse results.
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Step 1: Decide what you will monitor
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expenses
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The first step in monitoring performance is deciding what it is that should be monitored.
To determine this, you should think about what is most important to your organisation.
For example:
quality
sales
customer satisfaction
productivity
employee engagement.
You also need to consider high risk areas that could cause substantial damage to the
organisation if something went wrong these should be included in your monitoring
program.
Step 2: Determine how you will measure performance

Once you have identified what is most important to your organisation, you need to
measure it. You should ensure each area has targets that you can measure against, and
that the data required to measure performance is easily accessible.
For example, in a call centre operation customer care might be important for
organisational success, which can be measured by the following.

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Time
Quality
Customer
satisfaction
How long does it take to answer a call?

How long does it take to resolve the customers query?
How many customer issues are resolved in the first call?
How many customers have to make a repeat call to resolve their issue?
How satisfied are customers with the service they receive?
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Learning activity: Lead vs. lag indicators
Use the internet to research lead and lag indicators and answer the questions below.
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1. What is a lead indicator?
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2. What is a lag indicator?
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3. How would you use lead and lag indicators to measure performance?


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4. What are the benefits of using lead indicators to measure performance?
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5. What are some of the challenges of using lead indicators to measure

performance?
Step 3: Analyse results
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Now that you have identified what needs to be monitored and how it will be measured,
you have to analyse the data produced. You will be analysing data to understand what is
actually happening, compared to what should be happening.

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Student Workbook
Example: B&A Toy Warehouse

Background information
B&A Toy Warehouse is a toy distributor operating in Melbourne for the last 15 years.
Their primary business function is distributing toys to retail outlets.
They employ the following people:
100 x warehouse employees who are responsible for packing customer orders.
30 x support office employees who are responsible for administration, finance,
human resources, buying and sales.

Strategic plan goals
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The organisations strategic goal is to become the number one toy distributor in
Victoria within the next three years.

Operational plan goals
The organisations department heads have developed the following operational
plan goals to support the achievement of the organisations strategic goals.

Goal
Warehouse
Exceed customer expectations via improving productivity by 10%

by 31 December 201X, resulting in decreased time between
customer order and receipt of goods.
Reduce organisational costs by 5% by 31 December 201X, to
allow for the most competitive price to be offered to customers.
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Finance
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Department
To implement a performance management program by 31

December 201X that promotes a customer-centric culture.
Sales
To increase market share through increasing sales by 10% by 31

December 201X.
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Promote the organisation as the number 1 toy distributor in

Victoria by reducing out-of-stocks by 10% by 31 December 201X.
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Buying
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Human
resources
Tony, the Warehouse Manager, knows that to achieve the operational plan goal he has
set; he is going to have to develop and implement strategies to monitor and evaluate
warehouse performance.
Tonys strategy to monitor and evaluate warehouse performance is follows:


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Step 1: Decide what to monitor

Tony has identified that in order to achieve his operational plan goal (to increase
productivity by 10%), he would need to monitor and evaluate the processing of
customer orders with regards to:
time
quality
cost
production.
Step 2: Determine how to measure performance

Once Tony listed the areas he would monitor and evaluate, he then identified the
measures he would use to determine performance.
How long does it take to process an order, from receipt of order to
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Time
when the customer receives the product?

Cost
How much does it cost to process an order?
Quality
What is the error rate?
Production
How many orders are processed per day?
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After identifying the performance measures, Tony evaluated performance by comparing

actual performance against the desired target level of performance. This allowed him to
determine areas that could be improved to assist the warehouse in achieving its
productivity goal.
Current
performance
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Area
80 minutes
Reduce the average order

processing time from 80
minutes to 72 minutes.
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Time
Performance target to achieve

10% productivity improvement
$200
Reduce the average cost to

process an order from $200 to
$180.
Quality
10%
Reduce order error rates from

10% to 1%.
50
Increase the average number

of orders processed per day
from 50 to 55.
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Average order processing time

Cost
Average cost per to process an

order
Error rate
Production
Average number of orders
processed per day

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Learning activity: Monitoring performance

Using the model, develop a strategy for monitoring performance in your current
organisation or a previous organisation.
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Step 1: Decide what you will monitor
Step 2: Determine how you will measure performance (at least three measures)
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Measure 3
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Measure 2
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Measure 1

Actual performance
Target performance


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Monitor and evaluate sustainability
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To this point, we have considered monitoring and evaluation in connection with the
traditional concerns of businesses, namely, performance with respect to some of the
following areas:
expenses
productivity
quality
sales
employee engagement, etc.
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Most of these performance areas are economic or financial in nature. The focus on these
areas is not surprising given the imperative for companies to attract and retain
customers, increase profit and generate value for shareholders and investors. Moreover,
directors of companies have a legal obligation under Section 181 of the Corporations Act
2001, for example, to act in the best interest of their company.
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Increasingly, however, businesses are recognising the need to consider the broader
impact of their operations on the community and environment. In addition to traditional
performance areas, businesses now focus on sustainability issues such as waste
reduction and the efficient use of resources.
Triple bottom line reporting
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Monitoring and reporting on sustainability is associated with the trend towards reporting
transparency and triple bottom line reporting. This type of reporting encompasses
reporting on environmental as well as social and economic measures of performance. 1
The trend towards triple bottom line reporting reveals the recognition of the need to
broaden the traditional notion of stakeholder. Previously, managers and company
directors were only expected to answer to those with direct financial interest in the
business and obey the law.
Group of 100 Incorporated, 2003, Sustainability: a guide to triple bottom line reporting, p. 7, available
online, viewed August 2015, <http://www.greenprof.org/wp-content/uploads/2009/12/Triple-BottomLine.pdf>.
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Today, businesses are expected to act in an environmentally responsible manner by a

range of stakeholders including:
the general public: the local, national and international community
customers, potential and actual
their own workforce, etc.
These stakeholders are increasingly sophisticated, environmentally aware and powerful.

They may be able to affect the business directly through purchasing or boycotting
products or services, or less directly, by publicly affecting the reputation of the business.
Additionally, organisations may feel pressure from their own employees to act in an
environmentally responsible manner.
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Lets explore the reasons why businesses would want to monitor sustainability, look at
sustainability target setting, and finally, turn to systematic approaches to environmental
management and applicable standards for monitoring and evaluating sustainability.
Why monitor sustainability?
There are several reasons why companies would want to monitor sustainability. Firstly,
the trend towards transparency and triple bottom line reporting has created a general
expectation on the part of the wider community that companies should report
environmental performance. As discussed previously, failing to meet this expectation
could result in a loss of corporate goodwill in the community and affect company morale.
Conversely, monitoring sustainability and signalling the intention to continuously improve
sustainability practices can build brand image, and motivate employees.
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Secondly, sustainability is not a wholly separate issue from the financial bottom line. A
company with a good environmental record may be able to leverage its reputation through
advertising to increase market share or charge a premium for products and services.
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Additionally, cost savings may result from reducing waste and increasing efficiency. For
example, reducing carbon emissions or reducing the use of materials generated through
carbon-intensive practices, could reduce costs under any future Commonwealth
emissions trading or carbon pricing scheme.
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Moreover, the idea of using resources efficiently and reducing waste is compatible with
existing quality assurance and continuous improvement systems such as lean
manufacturing or total quality management (TQM). This compatibility means that
existing performance improvement systems may be adapted to include sustainability
measures. Including such measures, in turn, may reinforce the existing performance
systems by increasing their relevance to todays workforce.
Performance targets, indicators and monitoring strategies

As with monitoring performance in general, it is crucially important to set performance
targets and ways to measure or indicate performance. For example you may wish to
reduce carbon emissions by 50%. You could indicate actual performance by the annual
tonnage of CO2 released.
In setting targets and performance indicators, you will need to consider company strategic
directions and capability.


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Consider the questions for performance indicators suggested by Group of 100 executives
for the purpose of triple bottom line reporting 2:
Does the indicator address stakeholder concerns?
Is the indicator aligned to company strategic objectives?
Will the indicator provide management with useful information to guide
decision-making?
Does the indicator adequately reflect performance?
Does the indicator help stakeholders to compare with competitors?
Does the organisation have the capacity to use and reproduce the data gathered?
What is the risk involved in making the measure open and public?
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Does the indicator measure a significant aspect of performance?
As with all performance monitoring, you need to ensure that your objectives and targets
are specific and measureable, so that you can effectively track the progress toward your
target over time. Your targets also need to be achievable, so that you can recognise
milestones and celebrate them.
You then need to create a strategy that outlines performance indicators and targets, your
intended monitoring activities, the opportunity and benefit for the organisation and
relationship other organisational strategic goals, policies, etc.
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Key performance indicators (KPIs) and performance targets are covered in more detail
later in this section on page 32.
Learning activity: Monitoring sustainability
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Consider your own organisation or an organisation you are familiar with.
Create several performance indicators and targets relevant to sustainability.
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Consider the Group of 100 questions above in relationship to your performance

indicators and targets. Evaluate your indicators and targets against the questions.
Improve your indicators and targets accordingly.
Develop a short sustainability monitoring strategy which includes:
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indicators and targets

monitoring activities, such as surveys, performance observations, comparison of
waste disposal charges with budget, etc.
benefits for business

reference to company policy and strategic direction.
Note: Refer to the waste management hierarchy in Appendix 1 for ideas on areas in
which to create waste reduction targets.
Group of 100 Incorporated, 2003, Sustainability: a guide to triple bottom line reporting, p. 27, available
online, viewed August 2015, <http://www.greenprof.org/wp-content/uploads/2009/12/Triple-BottomLine.pdf>.
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Environmental management systems (EMS)

An environmental management system is an important tool for the systematic monitoring
and evaluation of sustainability.
Sustainability Victoria defined an EMS as a tool for identifying environmental
opportunities and reducing environmental impacts and risks by making the management
of these part of day-to-day business operations. Environmental management systems
aim to, firstly, reduce or minimise the impact of business operations on the environment
and secondly, to help integrate management approaches to all aspects of performance
improvement, including reporting. 3
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As previously noted, environmental performance management is compatible with quality

assurance and continuous improvement systems such as lean manufacturing or total
quality management (TQM). An EMS should incorporate the elements of the Plan-DoCheck-Act (PDCA) cycle to facilitate continuous improvement with respect to
sustainability.
Lets take a look at the cycle with respect to an EMS. 4
Step
Description
1. Commit to and
develop policy
Senior management commits to EMS and environmental
sustainability improvement.
Develop environmental policy based on consultation with
all stakeholders.
Communicate policy to all employees at all levels of
Identify all operational areas with potential environmental
impact or risk.
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2. Plan
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management.
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Identify legal and other requirements.

Set EMS objectives, targets and performance indicators.
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Develop procedures and programs for achieving
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objectives and targets.
Delegate responsibilities for implementation of EMS.
3
Sustainability Victoria, 2001, Industry advisor toolkit: environmental management systems: a system for
improving performance, Sustainability Victoria, Melbourne, available online, viewed August 2011,
<http://www.sustainability.vic.gov.au/www/html/1825-publications---i-l.asp>.
improving performance, Sustainability Victoria, Melbourne, available online, viewed August 2011
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Implement the EMS.
3. Do
Communicate EMS objectives, targets and responsibilities
to employees.
Provide required resources.
Monitor and support EMS implementation.
Integrate reporting requirements with other organisation
activities.
Report performance to all levels of employees.
Periodically evaluate systems and management to
4. Check/review
improve EMS.
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Periodically evaluate objectives, targets and opportunities
for improving environmental performance.
Senior management evaluates performance and EMS.

Identify and review options for improvement of EMS.
Incorporate approved improvement options into EMS
5. Act/improve EMS
planning.
Re-implement improved aspects (Repeat steps 25).
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There are many potential benefits to establishing an EMS. Organisations with an effective
environmental management system, particularly one certified as ISO 14001:2004
compliant, could gain the following benefits: 5
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reduction or mitigation of environmental impacts and risks
identification of opportunities for improvement of environment al performance
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collection of environmental performance data

compliance with requirements of all stakeholders, including investor, customers,
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regulatory bodies, the community at large

reduced legal liability in the event of an environmental incident
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reduced financial risk from tighter environmental laws

reduced costs of costs of materials, waste disposal, water and energy
access to markets or continued access, particularly where clients insist on
suppliers being certified or demonstrating adoption of an EMS
increased value of business assets

improved staff morale
improved productivity
improved public relations with customers and communities.
improving performance, Sustainability Victoria, Melbourne, available online, viewed August 2011
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BSBMGT608 Manage innovation and

Part of a suite of support materials for the

BSB Business Services Training Package

1st Edition 2015

Published by: Innovation and Business Industry

First published: September 2015

Monitor and evaluate sustainability ............................................................................ 12

Performance reports .................................................................................................... 39

Section 2 Continuous Improvement ............................................................................. 53

Performance improvement strategies ........................................................................ 56

Communicate performance improvement strategies ................................................ 59

Manage new ideas ....................................................................................................... 71

Assess ideas ................................................................................................................. 81

Section 3 Implement Innovative Processes ................................................................. 91

Plan contingencies ..................................................................................................... 104

Appendix 1 Waste management hierarchy ........................................................... 119

Appendix 2 Answers to selected learning activities ............................................. 120

and knowledge to solve authentic workplace tasks and problems.

Structure of the training program

1. Review programs, systems and processes

3. Implement innovative processes.

BSBMGT608 Manage innovation and continuous improvement

1st edition version: 1

greatest manufacturer, McGraw Hill, New York.

Toyota Australia, Toyota production system, viewed August 2015,

1st edition version: 1

BSBMGT608 Manage innovation and continuous improvement

Section 1 Review Programs, Systems and Processes

Section 1 Review Programs, Systems

Meanwhile, Tony is still selling 100,000 pies a year.

What skills will you need?

BSBMGT608 Manage innovation and continuous improvement

1st edition version: 1

Section 1 Review Programs, Systems and Processes

identify performance measures, assessment tools and techniques and evaluate

Monitor and evaluate performance

Each of these measures monitors and evaluates different components of an

How long does it take to serve a customer?

How much does it cost to serve each customer?

How many units passed quality inspections?

1st edition version: 1

BSBMGT608 Manage innovation and continuous improvement

Section 1 Review Programs, Systems and Processes

How many units are being produced per hour?

How many orders have been processed today?

Learning activity: Monitor performance

Why monitor performance?

BSBMGT608 Manage innovation and continuous improvement

1st edition version: 1

Section 1 Review Programs, Systems and Processes

bring in resources with different skills

Step 1: Decide what you will monitor

Step 2: Determine how you will measure performance

1st edition version: 1

BSBMGT608 Manage innovation and continuous improvement

Section 1 Review Programs, Systems and Processes

How long does it take to answer a call?

How satisfied are customers with the service they receive?

Learning activity: Lead vs. lag indicators

1. What is a lead indicator?

2. What is a lag indicator?

BSBMGT608 Manage innovation and continuous improvement