The way to alleviate the constraint of low market demand for products. Method is to reverse engineer customer value to discover what product features will create the unrefusable offer that will generate sales. From “It’s Not Luck“.
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Inventory
ContentsOther Definitions Inventory is all the money that the system has invested in purchasing things which it intends to sell.” (chapter 8 The Goal) Other Definitions Inventory - Stock on hand; often divided between raw materials inventory, work-in-process , and finished goods inventory. (Lean Construction Institute Glossary) Inventory - “Inventory is both an asset and a liability. Too much inventory consumes Full Article…
Heuristic
ContentsOther Definitions A procedure used to provide solutions to decision problems but which are not guaranteed as best or optimal because they often depend on good judgment in the first place. Literally, leading toward discovery, finding out. (Wideman Comparative Glossary of Common Project Management Terms v2.1) Other Definitions Heuristic – A rule of thumb, simplification, or Full Article…
Hawthorne Effect
Initial improvement in a process of production caused by the obtrusive observation of that process. The effect was first noticed in the Hawthorne plant of Western Electric. Production increased not as a consequence of actual changes in working conditions introduced by the plant’s management but because management demonstrated interest in such improvements
Hammock
An aggregate or summary activity. All related activities are tied as one summary activity and reported at the summary level. A hammock groups activities, milestones, or other hammocks together for reporting . Most PM software calculates the duration of a hammock from the early and late dates of the activities to which it is link Full Article…
Gannt Chart
ContentsOther Definitions A tool developed in the late 1940s to visualize the sequencing of tasks on a project. Other Definitions Gannt Chart – A chart using time lines and other symbols that illustrates multiple, time-based activities or projects on a horizontal time scale.(Wideman Comparative Glossary of Common Project Management Terms v2.1) Gannt Chart – A Gantt chart Full Article…
Functional Silo
A functional silo arises when each business function acts more as an independent entity versus a component of a much larger system in spite of the fact that numerous activities and data needs overlap. In many cases, it seems as if there is little or no integration or interest from one function with regards to Full Article…
Forward Pass
Calculating the earliest start dates moving from left to right along a network. (see also Backward Pass) (Wideman Comparative Glossary of Common Project Management Terms v2.1)
Float
ContentsOther Definitions The difference between the time available for performing a task and the time required to complete it. If the total float for a task equals zero, then that task is on the critical path (Wideman Comparative Glossary of Common Project Management Terms v2.1) Other Definitions Float - Available time for activity execution less time Full Article…