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Value stream mapping is a technique to identify and eliminate process waste. It is a special type of flow chart that uses symbols called “lean language” to describe and improve inventory and information flow. It helps us provide customers with the best value through a complete value creation process and minimize waste
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Brainstorming is a group creativity technique by which efforts are made to find a conclusion for a specific problem by gathering a list of ideas spontaneously new ideas and possibilities. It’s a classic method widely used in business activities such as problem-solving, failure analysis, new product ideas, sales increasing, product improvements, etc.
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A Five Forces analysis can help companies assess industry attractiveness, how trends will affect industry competition, which industries a company should compete in — and how companies can position themselves for success.
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PDCA is considered one of the most popular frameworks for continuous improvement of business processes. PDCA (plan do check action), also known as Deming cycle, is the simplest framework for process improvement. Basically, it’s a series of feedback cycles of continuous improvement — you decide how it works, figure out how to improve it, eventually make changes, and keep repeating the cycle. I believe PDCA is the simplest and most effective way to help you improve your workflow.
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SWOT matrix is a planning tool, whereas TOWS matrix is an action tool. In SWOT analysis you identify all the Strengths, Weaknesses, Opportunities, and Threats in point form. After that you think of each point as a singular perspective. Whereas, TOWS matrix identifies the relationships between these factors and selecting strategies on their bases. Strengths and weaknesses are abstract concepts that can be hard to think about without any sort of context.
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Business Model Canvas is a strategic and business management template for developing new or documenting existing business models. It is a visual chart with elements describing a firm’s or product’s value proposition, infrastructure, customers, and finances.
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