Author: mfadmin

design for six sigma,”DFSS is used to design new processes(new products/services) and seeks to avoid manufacturing/service process problems by using advanced Voice of the Customer (VOC) techniques and proper systems engineering techniques to avoid process problems at the outset. It utilizes the DMADV methodology (Define, Measure, Analyze, Design

Management

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business improvement tools,”Process Maps/Value Stream Maps – used to depict and describe a processControl Charts – used to measure whether a process is in control (allows modest variation around a defined performance target)Defect Rates – used to determine the number deviations from expected performance (customer specifications) for a given process for a given number of opportunitiesSigma Level – deviations per opportunity (DPO) or per million opportunities (DPMO)

Management

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ten principles of risk management,”Risk Management starts at topRisk cannot be managed from an ivory towerAvoid relying on black boxesRisk management is strategy, and strategy is risk mgmt.Risk management is more than policy, it is cultureA risk aware culture requires a free-flow of informationWhat matters is the “”talk””, not the “”report””The path is the goalIt is possible to prepare for unknown risksAvoid the downside

Management

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why is innovation important,”Innovation is the genesis of many new businesses Mechanism for growth; add new products/services!On average, only 32% of company profits come from new productsInnovative firms generate 50% of profits from new products!Single best predictor for investment value: degree of innovativeness (study by Cooper)Innovative companies generate more money, more profits

Management

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what is innovation and how is it different from invention and creation,”Invention or creativity – the generation of a novel AND useful ideaInnovation – the act of implementing novel and useful ideas into value-creating new products, new services, or new processes How Innovation Happens – combine creative ideas with resources and competencies to create a useful, value-creating new product, new service

Management

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thomas edison..,”. Created world’s first R&D lab in Menlo Park and staffed with diverse experts, later moved to West Orange NJ (very cool museum there now)Had more than 1,000 patentsLots of contract work, close connections to customers and their problemsDuring his lifetime, Edison was involved in more than 150 businesses either as inventor, investor, licensee, licensor, senior manager, or board member. The tremendous success of Edison is attributable both to his skill in designing new technologies, and to willingness to experiment with different business models for creating super-value. His business empire was worth $21.6 billion in 1920.GREAT EXAMPLE of the difference between invention and innovation. He did NOT invent the light bulb, there were patents on versions of light bulb going way back to 1800. Here is HIS patent for the light bulb (next. Edison INNOVATED by creating a usable (long lasting and could be manufactured in mass), commercially viable light bulb

Management

Average Rating 0 out of 5 stars. 0 votes.You must log in to submit a review.thomas edison..,”. Created world’s first[…]

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