Continuous improvement initiatives are business initiatives that generate long-term results that are sustainable over time. The practice of continuous improvement initiatives was made formal by lean and it is now implemented by thousands of companies around the world. Companies who do not continually improve will be left behind. Here are 5 Continuous Business Improvement Initiatives [...]
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 [...]
It would be challenging for you to juggle a dozen balls at once. Keeping track of all balls and knowing when to catch each ball would be difficult. If you miss just one ball, it could spoil your whole performance. Project management is as same as juggling a dozen balls at once. Project managers are [...]
Gap analysis is the process of assessing the differences in performance between where you are and where you want to be or determine whether business requirements as for example ISO 9001 are being met and what steps are required to be taken in order to ensure compliance to the standard. The term gap refers [...]
In this modern era of technology, it is important to use accurate measuring devices to measure the physical quantities around us. Accurate measurements are facilitating several industries. From weather to medical, from the automotive industry to agriculture, accurate measurements are essential for decision making. These measurement devices are required to provide correct information. These devices [...]
Force field analysis is a specialized technique of weighing up the advantages and disadvantages of a project, to help decide whether any proposed change is worth implementing. The method was first developed by psychologist Kurt Lewin, a pioneer in the field of social psychology. Lewin’s intent was to create a tool that would allow [...]
This article will review the initiative of an outsourced internal audit function and the advantages it brings. Internal audit can be critical to the successful operation and growth of any organisation before the external audit team even begins to add their value. According to The Institute of Internal Auditors, internal auditing is an independent, [...]
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 [...]
Key performance indicators for employees are some quantifiable measures which are used by the organizations to evaluate the success of an organization as well as employees. KPIs are crucial factors for the success of an organization. The purpose of using KPIs is to focus on tasks and processes determined by the management for making progress [...]
