Warehouse Management Infographic
Month: April 2021
Project Management Methodologies
These are different project management methodologies. The diagram depicts methodolies including waterfall, agile, lean and others.
These project management methodologies will help your project to be on time, within budget and within scope.
DMAIC tools for each phase
DMAIC Phase Tools Used: Define – Define project goals and customer deliverables, develop Problem Statement, Goals and Benefits; Identify Process Owner and Team Members; Define Resources; Develop Project Plan and Key Milestones
By using Lean Six Sigma DMAIC approach, companies bring proven tools and techniques to decrease variation, reduce defects and make operations more efficient. The Lean Six Sigma methodology uses the acronym DMAIC, which stands for Define, Measure, Analyze, Improve and Control.
RACI example
A RACI matrix template helps identify who is responsible for what in the project or a process.
RACI stands for Responsible, Accountable, Consulted and Informed. It is great tool to help identify who is who in the zoo as they say and what are their responibilities.
How data can be misleading data errors
Data can be misleading and so can be visual representations of the data. For examples graphs, can often be created so that they mislead statistics.
Someone still needs to interpret data and the same piece of data can be interpreted in different ways. For example, if something takes a long time to complete, you may say that the current process in broken and needs fixing or you can say the process is working as intended but requires more resources. Same data point, may trigger different decisions and can be misleading. One decision, is changing the process, the other is investing more resources into it.
Financial Statement Analysis Ratios
Financial Ratio Analysis diagram below presents key ratios used in the analysis of company’s financials. These financial ratios are mathematical comparisons of various components of the financial statements. These comparissons help investors and company management understand how well a business is doing overall and in relation to competitors.
What is Ratio Analysis? Ratio analysis is a mathematical approach in which various financial ratios of an organization are taken from the financial statements and are analysed to understand company’s financial and operational performance.
RACI Responsibility Matrix
The Four Roles in RACI Matrix are Responsible, Accountable, Consulted and Informed. Each stakeholder has their own responsibilities.
There should always be at least one person responsible for each activity in a process or a project, otherwise you will get in situations where it becomes chaotic.
SIPOC example
SIPOC is a high level process map and is explained here with a SIPOC diagram sample. Learn how to create SIPOC for your project in 7 simple steps.
SIPOC stands for Suppliers, Inputs, Process, Outputs and Customers.
Employee Retention tips to prevent attrition
Employee retention strategies to significantly reduce attrition rate are shown on the below diagram. The process of employee retention starts earlier than employee onboarding. A lot of companies, have a pre-placement questionnaire for the interviewees that helps identify the best fit. This will help down the line withe employee retention.
To minimize employee attrition it is important to be aware of the root causes of Employee Attrition. These include mismatch of job of the person. Lack of investment in to employee in terms of training. Poor culture and management, indadequate pay.
Lean vs Six Sigma
What is the difference between Lean and Six Sigma. Is it really one vs. the other or it is a combination.
One is more process focused and the other more data driven. But really it is a combination.
