Theory of Constraints (TOC) views every business as having limits imposed upon them by things like time, resources, market conditions, etc., which constrain their ability to achieve more than they already have achieved. TOC uses a focused process to identify the limitation and reorganize. A chain is no stronger than the weakest link. Organizations need… Continue reading Theory of Constraints (TOC)
Define “job enrichment” and “job enlargement.” Job enrichment is a process in which an individual’s skills, knowledge, or abilities are increased through learning new things. It is also called vertical expansion. Job enrichment refers to making jobs more interesting so employees enjoy their work. It has been used for decades now. Job enlargement is a… Continue reading Job Enrichment vs. Job Enlargement
Negotiation involves two or more people talking together to reach an agreement. In this post on Negotiation Techniques, we will look at one of the most common negotiation models – the RADPAC Model. It’s often used in business because it provides a structured approach for achieving an agreed-upon outcome. The most important thing to remember… Continue reading RADPAC Model of Negotiation
At this year’s Digital Manufacturing Week, Ewan Lloyd-Baker spoke with Tom St John at The Manufacturer to explain more about the Seismic Succession Fund. Watch the full interview here Interview highlights Could you give us a bit of background on Seismic Venture Partners? We’re a family owned and family lead investment firm and we’ve set… Continue reading How is the Seismic Succession Fund helping manufacturing businesses?
Socratic questioning is a method of teaching in which the teacher asks questions and students answer. The teacher does not give answers but rather encourages discussion among the class members, often asking follow-up questions to encourage further explanation or clarification. Socrates developed the Socratic Method as an educational tool for his pupils in Athens. He… Continue reading Socratic Questioning
Does the Technology Readiness Levels framework (TRL) developed by NASA make sense for your product development situation? Let’s compare it to other development frameworks, including medical devices and consumer electronics, to see how the TRLs are related and helpful as milestones to focus on during the development process. What are the TRLs? The technology readiness… Continue reading Technology Readiness Levels: A Better Product Development Framework?
President Joe Biden said his administration’s work has begun to alleviate supply chain disruptions and that higher inflation is a “natural byproduct” of the global economy’s recovery from the pandemic. The president, who’s been assailed by his political opponents over rising prices, again sought to reassure Americans that store shelves will be full for the… Continue reading Biden Sees Progress in Supply Crisis Amid Faster Inflation
Richard Cabrera, executive vice president and head of middle-market banking with Umpqua Bank, details the permanent changes that businesses will be making in their inventory strategies as a result of COVID-19 and the subsequent supply chain meltdown. A “sea change” has taken place with regard to inventory policies in the wake of the pandemic, Cabrera… Continue reading Watch: How Will Supply Chains Cope With Inventory Disruption?
Critical thinking is an intellectual discipline that involves actively seeking out alternative points of view, evaluating them critically, and then making decisions based on the best available evidence. It involves using all available resources to solve a problem (as against a gut-feeling solution). It is the ability to think critically about problems and their solutions.… Continue reading What is Critical Thinking?
A manager is responsible for directing and coordinating activities within an organization. A leader is someone who inspires others by example. Manager: • Responsible for the overall performance of a group or department • Has authority to hire, fire, promote, demote, transfer, etc., employees • Sets goals and objectives for the team/department • Manages people… Continue reading Managers vs. Leaders