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Problem Solving Tools

What Are Problem-Solving Tools? The term “problem-solving tool” refers to strategies that can be used to identify the root cause of a particular problem and the best possible solutions. To address a problem at work, you must first define your...

Andon: Definition, How It Works, and Why the Cord Isn’t the Point

Andon is a visual management signal, traditionally a cord, button, or light, that lets any worker alert the team the moment a problem appears, so it gets addressed before it spreads further down the line. Most explanations stop at describing the red, yellow, and green...

Payback Period

Corporate finance is an intricate domain revolving around capital budgeting, which is essential for making strategic financial decisions. Among the various methods used to evaluate investments, the payback (PB) period stands out due to its simplicity and...

Matrix Diagram

What is a Matrix Diagram? A matrix diagram can be used to display and analyze the relationships between multiple data sets. Matrix diagrams, also known as matrix charts or matrix graphs, provide an excellent visual representation of complex information which...

Feigenbaum, Armand V.

Dr. Armand V. Feigenbaum Dr. Armand Feigenbaum was the founder of the concept of “Total Quality Control”. He founded General Systems Company in 1968. In 2008, President Bush presented Dr. Feigenbaum with the National Medal of Technology and Innovation...
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