Pareto chart analysis is statistical methodology to prioritize any task from number of activities that may produce significant overall effect. It is also calls 80/20 rule – Mean focus on 20% prioritized works may give you 80% of the benefits. Actually there is even a mathematical expression for it, which known as the 80/20 rule. […]
A contingency plan is a designed planning for a potential circumstance. This planning document may contain potential risk and its management for exceptional level of risky events. The contingency plan can also include the alternative action plans for effectively implement the plans for significant future event. Actually the contingency plan is help to management &
The small business startup checklist outlines basic guidelines and points that helps you to refer and check out during implementation at stage of business startup. Typically, this comprehensive checklist may include various small business ideas, business planning, legal & government aspects, market analysis as well as financial requirements and management. Good business idea Whenever
Preventive maintenance is a regular and pre-planned program of maintenance, which is done regularly to check and repair all the equipment in the organization. Preventive maintenance refers to routine maintenance, in which equipment is checked and repaired at regular intervals (with or without wear and tear) that are scheduled in advance. This process is actually
Increasing the value of the enterprise while simultaneously honouring the social responsibility of the enterprise. : Successful executives are highly focused on one fundamental goal Increasing the value of the enterprise typically involves three steps shown in below image. First, executives determine a strategy that will increase the value of the enterprise. Secondly, they identify
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When any serious problems arise in your production areas, then we have been told here, what you should do to solve those problems. The aim should never be only to find and eliminate the problems, one should go to the root of those problems and find out their main reasons. And the solution to eliminate
Failure Modes and Effects Analysis (FMEA) is a procedure executed in operations management for analyzing the potential failure modes within a specific system and their severity or determining the effect of such failures on the system (Effects Analysis). Failure modes are the errors or defects – actual or potential – that occur in a design, process,
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Lean Six Sigma = Lean + 6 Sigma | Most of the businesses are expecting to improve operational efficiency, that will trigger an improvement in the quality of the product, and while reducing overall costs. But the question is how to improve operational efficiency? There are actually two approaches to improving operational efficiency, the first
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Poka-yoke in Japanese means ‘Mistake-proof’. A poka-yoke refers to any type of mechanism in Lean manufacture which helps an equipment operator to avoid (yokeru) mistakes (poka). Poka-yoke eliminates product defects through prevention, correction, or spotting human errors as and when they occur. Shiego Shingo adopted this concept and made it a part of the production
Value Stream Mapping is a Lean tool which is jotted down with paper and pencil. It is helpful in identifying the flow of information and material of a product or service which passes through the value stream. This value stream map of Lean is different from the process map of Six Sigma in the following
