Working capital is influenced by a complex system consisting of external and internal factors as well as strategic decisions. External drivers are composed of economy, cost of capital, regulations and market position. Strategic decisions include geographies of customers and suppliers, customer mix and vertical integration. Tactical factors are policies, processes and metrics, systems and tools and also the degree of execution of the former.
Given today’s need for HR professionals to be strategic business partners, to be a ‘Voice of Conscience’ to the CEO as well as champion for the employees. Those with background in proven management methodologies and tools have a great advantage. HR Professionals who can present their business case for HR strategies and interventions with a compelling return on investment, supported by rock-solid data, will be well respected and regarded.
Linear regression is one of the most commonly used hypothesis tests in Lean Six Sigma work. Linear regression offers the statistics for testing whether two or more sets of continuous data correlate with each other, i.e. whether one drives another one.…
Three methods for dissolving a powder in water show a different time (in minutes) it takes until the powder dissolves fully. The results are summarised in Figure 1.
There is an assumption that the population means of the three methods Method 1, Method 2 and Method 3 are not all equal (i.e., at least one method is different from the others). How can we test this?…
In some situations, Six Sigma practitioners find a Y that is discrete and Xs that are continuous. How can a regression equation be developed in these cases? Black Belt training indicated that the correct technique is something called logistic regression or binary regression. But this tool is often not well understood.…
The two-sample t-test is one of the most commonly used hypothesis tests in Data Analytics or Lean Six Sigma work. The two-sample t-test offers the statistics for comparing average of two groups and identify whether the groups are really significantly different or if the difference is due instead to random chance.…
Measurement error is unavoidable. There will always be some measurement variation that is due to the measurement system itself.
Most problematic measurement system issues come from measuring attribute data in terms that rely on human judgment such as good/bad, pass/fail, etc. This is because it is very difficult for all testers to apply the same operational definition of what is “good” and what is “bad.”…
Not continuous improvement nor innovation have to start with massive initiatives. To the contrary, it needs to be part of the DNA of an organisation if you want to ensure that your aforementioned initiative is successful and lasting. …
Our business simulation is intended to show the business impact of improving and even redesigning a rather simple business process – the effect of Business Process Re-engineering (BPR). Basic yet powerful tools come to play. Process KPIs as well as customer satisfaction and customer KPIs are a gauge for the degree of improvement. We have been running this simulation nearly a hundred times with teams from different industries.…
When Uwe asked me whether I would like to go to Gemba in order to help understand the client’s process we have been studying, I looked it up on Google. To my surprise, Gemba is not a secluded, unknown part of Singapore. Gemba (现场) is a Japanese word that means “the real place”. Japanese detectives use Gemba to point to the crime scene.
In a coaching or mentoring relationship, finding the right moment for performing the coaching is critical. Often, coaching attempts go wrong because the moment is just not right. But, how do you know whether it is a good time for coaching? Just ask yourself whether you have the right essentials for coaching someone.…
Some twenty years ago, just after I was hired by General Electric Capital and tasked to implement something as strange to a bank as continuous improvement in their newly acquired, yet dusty German banking environment, life was not walk in the park anymore. Gaining the skills for the new job with the help of the outstanding GE Capital people development engine was challenging but rewarding. But I never learned about Management by Walking About (MBWA).
When I joined General Electric Capital many years ago, I asked them why they would hire an engineer with no prior banking knowledge. The answer was quite a pleasant surprise: “We have enough people who understand banking. Unfortunately, we do not have those with a process mind-set.”
Now I know, banking is a productivity gold mine.…
Waiting for the next “great innovative product idea” may never get you one step closer to a higher level of customer satisfaction, more revenue and consistent business growth. Instilling an innovative mind-set facilitated by some simple creativity tools that are supported by empowerment does. Innovate – every day.…
Strategic workforce planning is the process of matching workforce demand and supply over a foreseeable time period. Organisations conduct workforce planning that builds upon quantitative activities such as headcount planning and workforce analytics, and use these data as part of qualitative decisions to support and implement organisational strategies.
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