The Pareto principle, also known as the 80/20 rule, is a theory maintaining that 80 percent of the output from a given situation or system is determined by 20 percent if the input. The principle doesn’t stipulate that all cases will demonstrate that precise ratio, it refers to a normal distribution. More generally, the principle [...]
When it comes to Competitive Intelligence, some methods can be used for comparing business models between organizations. This help firms "reference" the fundamental processes of the company with direct or indirect competitors, allowing a company to gain the upper hand in a marketplace. One of these methods is called Benchmarking Benchmarking Techniques are used by [...]
3 sigma control limits is used to check data from a process and if it is within statistical control. Thisis is done by checking if data points are within three standard deviations from the mean.When we talk of statistical control using 3 sigma control limits, we use the three sigma limits to set the control [...]
Lean manufacturing philosophy revolves around the elimination of waste in a manufacturing system. It not only deals with the removal of material waste, but it also reduces the wastage of labor and time. It is a system of determining which activities or process will add value by reducing certain other aspects of the manufacturing system. [...]
In recent times, mind mapping techniques for business have been used by organizations as an effective communication tool that improves brainstorming and planning sessions. It is a tool used to structure information, helping you to analyze better, understand, and generate fresh ideas. It is a tool that is very simple to use and implement. By [...]
While the adoption of Toyota's Lean Manufacturing principles have introduced words and phrases such as "Kaizen" and 'the Seven Wastes" into everyday conversation, mention "Poka Yoke" and you will probably get blank looks. Yet using a Poka-Yoke principle is a powerful and proactive way of minimizing human error and reducing defect as a result. Poka [...]
Kaizen, or the management style of continuous improvement, is well known these days in businesses across the world. Originally it was used by Japanese companies or organisation in the manufacturing sector, but has since spread to businesses within various sectors and across business activities. Generally, kaizen is a philosophy which highlights the significance, of continuous [...]
Kanban and Scrum are two terminologies mostly used alternatively for each other. But fact is that there are some very vital difference between scrum and kanban Agile development methodologies. Scrum is a tool widely used to shape work into smaller, manageable parts that can be accomplished by a professional team within an assigned time period. [...]
