Terms of a Precision Engineering Company for Re-Engineering Services

Whenever you need to consult a precision engineering company for the services of re engineering, you must have knowledge about the term used in that particular field to get the best knowledge about the company that how would it work with you for your cause and what strategy they it will adopt to accomplish the goals. Knowing these terms can also help you in your own management planning, even without the aid of a consultant.

In the recent world, there are a number of jargons being used and among many of them are specific to a field and could not be used for the other filed and sometimes the other company as well.

Some of the most important terms that you will need to remember while doing business with a precision engineering company for a business consultation are as under:

KPI (key performance indicators):

These are the goals that you have set for your business. One important thing to remember about setting KPI's is that they must be reasonable attainable and concrete.

Consulting agreement (A contract):

It is the written certification that you have entered an agreement with the consultant for his services. Both parties i.e. the hired re-engineering company and the hiring company has signatory on it for authenticity which shows that both have consensus on the points written in the agreement.

Bail-out clause:

The bail-out clause is an early termination of the contract in case the contractor is not satisfied with the precision engineering services for which it was hired. Clients often insist on adding the bail-out clause as a safety measure.

SWOT analysis (Short for strengths, weaknesses, opportunities and threats):
This is a method of studying how the company performs and is used to identify areas that needs further improvement.

Balanced score card:

The balanced scorecard is a measurement instrument used by consultants to determine the relative efficiency of various area of company management.

Benchmarking:

This is setting a baseline result for the company's goals and is used to keep track of the company's progress over time.

Retainer fee:

The retainer fee is the amount that a client agrees to pay to initially get and maintain the consultant in the project. Payment can be done either in a single amount, or divided into smaller amounts paid for in the duration of the consultant's service.