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Statistical Snapshot Auditing - The Pros and Cons of Forced Ranking Stores

Posted on 9/18/15 11:10 AM

What is it?

A statistical snap shot audit is an objective method to rank certain operational aspects of a store’s performance. It compares the store’s activities to company averages and scores the store based on being above, at, or below other store’s performance levels. So for example, a store with a $100 refund average would be ranked (and scored lower) than a store with a $50 refund average.

Why is it important?

Truly objective data can provide greater insight and be a better predictor of future and potential losses.

Long Story Short

A statistical snapshot is a form of Forced Ranking applied to stores. Although it is a true and important measure of a store’s performance compared to other locations, it doesn’t take into account important differences that occur due to store size, revenue, location, or staffing.

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Topics: store operations, store audits, Audits

5 Areas That Can Affect Your Store Audit Implementation Results

Posted on 8/14/15 10:25 AM

An audit can be an extremely valuable tool to indicate whether or not a store is operating according to expected standard guidelines and may indicate a potential shrink problem. One would think it’s easy to start auditing; create it, schedule it and gather results. There is more to audit implementation than you think. Here are 5 areas that you should be considering.

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Topics: store audits, Audits, audit development

Developing Effective Audit Programs

Posted on 6/4/14 2:05 PM

 

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Topics: store operations, loss prevention program, loss prevention, store audits, lp development, Outsourcing, train employees, educate