Tag: Prioritization

Lean Manufacturing Problem Solving Process Excellence

The Pareto Rule and Analysis: Understanding the 80/20 Principle

By consultant | by consultant

The Pareto rule, also known as the 80/20 principle, is useful for analyzing and improving a wide range of systems, processes, and products. This principle states that 80% of the effects come from 20% of the causes. This concept can be applied in various areas, including business, finance, and personal life. In business, the Pareto rule is often used to identify the key drivers of revenue, costs, and customer complaints. Organizations can prioritize their efforts…

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Project Management

Project Risk Management

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Project Risk Management is the process of identifying, assessing, and mitigating potential risks that could impact the success of a project. Project risk management aims to minimize the negative impact of risks and maximize opportunities for project success. Here is a sample project risk management plan: Here is a sample project risk management plan template: By following this risk management plan, the project team can proactively identify and manage potential risks, increasing the chances of…

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Process Excellence

What does SMART stand for?

By consultant | by consultant

SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound. It is an acronym often used to guide setting goals, objectives or targets. It is a tool that helps to ensure that the objectives set are clear, realistic and attainable. Following the SMART criteria can help ensure that the goals set are clear, realistic and attainable, which will increase the chances of success.

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