newsletter archive.
(Previously published under the title Extreme Profits
under ISSN 1925-8941)
Adding value, when value wavers
In operations management, we are taught that "value" or "value added" is the difference between the cost of inputs and the price of outputs. While this sounds simple, measuring value is not always so straightforward, especially when measuring intangibles.
Waiting away your time, idling for action
When was the last time you had to wait for something or someone? Do you remember how long you waited? If you waited for more than five minutes, you probably felt frustrated. If you waited for more than ten minutes, you may even have started getting angry about the wait. And what about those instances when you waited for hours for a service technician to show up?
While many of us have waited for products or services at least once in our lives, you may be surprised to know that there is a huge cost in waiting.
The 97 percent solution, braking waste
Edwards Deming, the father of the "quality movement," said that 97 percent of what happens to organizations is predictable and is caused by the "system," not the person. It is reasonable to presume, then, that an organization should be able to plan for and manage 97 percent of its operations.