Blog
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Project Charter Components: The Power of the One-Page Document
Also known as Project Summary, Project Initiation Document, and Project Definition Report. Variants include Project Statement of Work and Terms of Reference. Once a project opportunity has been identified, it must be translated from a conceptual idea into a well-written project charter. A project…
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Decision Balance Sheet
Sometimes when you are faced with an important decision, you spend a lot of time looking for a solution hoping to avoid making the wrong choice. One of the simplest ways to decide what to do is using the Decision Balance Sheet. It is…
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The Main Components of an Effective Visual Management System
Also known as Visual Control. Visual Workplace, and Visual Factory. Visual management is a business management approach that communicates important information in a visual and real-time manner. It is a system of labels, signs, markings, information displays, and visual guides instead of written instructions.…
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Exploring Variable Relationships with Scatter Diagram Analysis
Also known as Scatter Plot and Scattergram. Variants include Matrix Plot. Many situations require the investigating of potential relationships among two or more variables. For example, a line manager may wish to assess the correlation between the number of training hours and employee productivity.…
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SIPOC Analysis: An Important Step Toward Process Improvement
Also known as SIPOC mapping, COPIS and System Analysis. Variants include IPO. A SIPOC Map is a comprehensive overview of a business process. It provides a high-level summary and a big picture view of the key components of the process to understand the context…
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Achieving Business and Personal Goals with SWOT Analysis
Also known as Situational Analysis and TOWS. Variants include Porter’s Five Forces Analysis and 5C Analysis. SWOT analysis is a structured planning tool used to review and assess an organization’s current position and overall health. This analytical framework enables the organization to look deeply…
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A3 Problem Solving Template
A3 thinking is a logical and structured approach to problem solving adopted by Lean organizations around the world. It can be used for most kinds of problems and in any part of the business. This A3 template uses a four stages model that is…
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Exploring Histograms and Box Plots: Similarities and Differences
Histograms and box plots are graphical representations for the frequency of numeric data values. These visual tools serve the purpose of describing the data and exploring the central tendency and variability before using advanced statistical analysis techniques. In this article, we will further discuss the…
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Flowcharting: The Three Common Types of Flowcharts
Also known as Flow Diagram, Activity Flowchart, Process Diagram. Variants include Process Sequence Chart. A flowchart is a visual representation tool that illustrates the flow of a business process and the interconnections between its activities. It allows to break up any process into individual…
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Pareto Analysis: Identifying the Vital Few from the Trivial Many
Also known as The Law of the Vital Few and The 80/20 principle. The Pareto principle, also known as the 80/20 rule, is a guiding principle that helps to focus on the most important matters. It describes a phenomenon that a small number of…
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Improving Operations Through Observation and Gemba Walks
Also known as the Go See Technique, and Going to the Gemba. Variants include Management by Walking Around (MBWA). Many managers nowadays try to resolve work-related issues while they are sitting in their offices or conference rooms. Attempting to resolve problems in such way…
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Cost Benefit Analysis Template
Cost-benefit analysis is the process of calculating and comparing the costs and benefits before selecting an option or project. This cost benefit analysis template allows decision makers to select the solution or project that offers the greatest return against the cost of implementation. For…
