Demand is an economic principle that describes a consumer's desire or willingness for a specific good or service. Holding all other factors constant, an increase in the price of a good or service will decrease demand, and vice versa. Demand can also be defined as a quantity of a commodity or service which is either wanted or needed.
The 5 core principles of a Lean Organization were first written about in a book entitled: Lean Thinking by James P. Womack and Daniel T. Jones. The 5 core principles are widely accepted as a means implementing and establishing a lean organization. The 5 core principles have been adapted from the 5 original principles that were defined by Dr. Womack and Daniel T. Jones:
A Kaizen blitz is a rapid improvement event. It is designed to make a fast improvement or impact to an opportunity or an issue. A blitz will usually take place over a 1 to 5 day period, but could be as quick as a few seconds. This gives teams an opportunity to make rapid, quick improvements. A kaizen blitz may follow the 4 steps outlined in the PDCA cycle:
A Gantt Chart is one of the most common tools used in project management. The Gantt Chart documents a schedule of activities for a team or individual to execute to. The left side of the chart typically documents the activities while the bars you see in the middle show a start date and the amount of time each activity will take. Gantt Charts made in Google Sheets are suitable for small to midsize projects, however large scale project plans typically use other forms of software such as Gantter.
A moving average is a statistical technique that can be used to get a better understanding of the trends within a (X) number of periods or a data set. It does this by gathering the average of a defined subset within a series of numbers.
Non-Value added activities are any activities that add no value to the product or the service. Non-value added activities do not transform the product, process or service, nobody is willing to pay for the activity or they are not performed correctly the first time through. Non-value added activities take up about 85% of the Value Stream in organizations. For more information on how to identify and remove non-value from your organization enroll in our course on waste.
Quantitative data is data that can be verified and quantified using numbers. Quantitative data is more defining than qualitative data which is often used as a description.
Virtual Organizations are an ordinary practice in today's day and age. A virtual organization can be both permanent or a temporary establishment. These organizational alliances vary and length. The different organizations that are forming a virtual alliance work together in an effort to align values and act as one single entity to external customers.