The STRATEGY Methodology is an 8 step methodology for the development and implementation of strategy. The 8 steps of the STRATEGY Methodology are:
Strategy is defined as a plan or method chosen to bring about a desired future. Such as; the achievement of a goal, objective, countermeasure or solution to a problem. In other words strategy reveals how you will inspire or marshal all of your resources to come together in an efficient and effective manner while working towards a defined mission or goal.
Scope Creep is a common challenge in project management. Scope Creep is sometimes referred to as Scope Slip. Scope Creep is any activity that was not part of the initial plan for a project. It often can be seen in activities, services or additional features that are not covered in a project quote, out of the initial timeline or characteristics that are not within tolerance. To prevent scope creep improvements must be monitored closely often on a very granular perspective so that the outputs do not exceed to the initial agreements and do not fall outside of timelines, project costs or quality.
Standard costing is a predetermined or estimated cost of performing a service, operation or producing goods. Standard costing takes into account the volume and rate of items or services to calculate costs. For more information on standard costing click on the link below.
The Sales and Operations or S&OP processes mission is to balance supply and demand at an aggregate level, to align operational planning with financial planning, and to link strategic planning with tactical/operational planning. It does this through a series of meetings which are designed to guide a group of individuals towards consensus of "ONE" plan. The plan ultimately lays out an agreement between demand and production and makes all parties aware of what needs to be done to influence any constraints so that the plan can be met. In the book Sales & Operations Planning: The How-To-Handbook, authors, Wallace and Stahl list the 5 step process:
Later in a book entitled Demand Management Best Practices, authors, Crum and Palmatier add two additional steps to the process:
Reference: APICS Certified Supply Chain Professional CSCP: Learning System. Chicago, IL.: APICS the Association for Operations Management, 2014. Print.
Safety stock is used to help meet or mitigate the risks associated with stockouts. Organizations often hold excessive inventory as a result of safety stock which in the most general sense is held to protect against uncertainties in supply and demand. Safety stock is sometimes referred to as fluctuation inventory.
A spaghetti diagram is a tool used to track the amount of movement or distance traveled by a worker or materials. You can then use your spaghetti diagram to analyze what you tracked and improve the flow. The name spaghetti diagram comes from the reference of laying spaghetti noodles out to show the flow of materials or workers.
The scatter diagram graphs pairs of numerical data, with one variable on each axis, to look for a relationship between them. If the variables are correlated, the points will fall along a line or curve. The better the correlation, the tighter the points will hug the line.
Reference: ASQ - Scatter Diagram
The ©STUDY activity was inspired by Mr. Taiichi Ohno's famous stand in the circle training method. Whether you're a consultant looking to add to your repertoire, an organization looking for a specific training method or an individual trying to develop their skill set in identifying waste, the ©STUDY activity is a perfect way to help employees:
The ©STUDY Activity is included in the 8 Forms of Waste Course, The Introduction to Lean Course and The Gemba Methodology Course.