Question: Defining in your own words 6 concepts, two from each of the Chapters in the below table; Explaining the context in which each concept applies;
Defining in your own words 6 concepts, two from each of the Chapters in the below table;
Explaining the context in which each concept applies;
Applying it to a specific business or personal example.
Illustration of above three steps using: Evidence-based management
Definition A decision making approach in which data or facts pertaining to the issue are analyzed before making a final decision.
Context This can be applied by any company small or big. For example, before launching a new product or service, the company will use a sample to test the market, collect evidence of how the product is performing and analyze it before deciding to go into full scale manufacture.
Personal/Application On a personal level I can use evidence-based management when I am about to make a major or even minor decision about my career or purchase of a product or service. To do that I would gather as much information as possible about the alternatives I have before me and use those fact to inform my decision. For a career choice, for example I would create a LinkedIn profile and use it to track companies I am interested in by reading reviews about the company and even interviewing employees at the company. For personal purchase, I would track the product reviews on the product website and use it to decide whether or not I should purchase it.
| Chapter | Concepts | Definition | Context | Personal Example |
| 10. Quality management and six sigma | 1. Six key concepts of six sigma |
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| 2. The cost of quality |
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| 3. Globally recognized quality standards |
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| 11. Inventory management | 1. Uses of and cost of inventory |
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| 2. Inventory control systems |
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| 3.Inventory management using the Preto concept |
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| 12. Lean supply chains | 1. Lean production in supply chains |
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| 2. Value stream mapping |
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| 3. Lean in services |
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