by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
What is Innovation Management?Innovation management concerns all activities and processes related to innovation within the organization. Innovation is the process of bringing into existence something novel and unique. It generally involves developing and/or...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
What is the Winterling Crisis Matrix?The Interlink Crisis Matrix, or simply crisis matrix, designed by Klaus Winterling, is an analytical tool that categorizes risk along two parameters: Probability of Occurrence – The matrix identifies three levels of...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
What is Crisis Management?Crisis management, a facet or risk management, is a process-based approach to addressing highly unfavorable situations arising within an organization. It involves developing a strategy and plan for addressing the cause and consequences of an...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is Value Stream Mapping? Value stream mapping, also known as value stream analysis, is a method for analyzing the value delivery process in a business. More specifically, it is primarily used to create a graphical or visual representation of the value chain in a...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is a Process Map?A process map is a depiction of the specific processes and activities within an organization. Generally, it is used to document how these activities and processes are happening. It demonstrates account roles, responsibilities, and standards. It...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
What is Inductive Reasoning?Inductive reasoning concerns drawing or reaching a generalized conclusion based upon observation or awareness of specific instances. It necessarily involves assumptions concerning facts or behavior based upon the probabilities derived from...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
What is Deductive Reasoning?Deduction means to deduce from. More specifically, it means inferring things and possibly arriving at a conclusion based upon generally are universally accepted premises (statements or facts). More simply put, you draw a conclusion about a...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
What is Design Thinking?Design thinking is the cognitive process associated with new concept development. It looks at problems collaboratively to garner a deeper understanding. The objective of design thinking is to address difficult problems through: Framing Problems...
by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior
What are Quality Circles?Quality circles are a Japanese quality management process developed by Kaoru Ishikawa. This approach serves quality control, process improvement, and motivational functions. The approach calls for the creation of small groups of 5-11 members...
by TheBusinessProfessor | Feb 23, 2025 | Operations, Project, & Supply Chain Management
What is the Five S Method of Business Process Management?The 5S Method is an approach to creating efficiency in workplace processes and activities. It is primarily used as part of business process management. The 5S model is integrated into various lean operation...
