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A continual improvement process, also often called a continuous improvement process (abbreviated as CIP or CI), is an ongoing effort to improve products, services, or processes. [1] These efforts can seek " incremental " improvement over time or "breakthrough" improvement all at once. [ 2 ]
Pareto efficiency does not require a totally equitable distribution of wealth, which is another aspect that draws in criticism. [31] An economy in which a wealthy few hold the vast majority of resources can be Pareto-efficient. A simple example is the distribution of a pie among three people.
Examples of point kaizen include a shop inspection by a supervisor who finds broken materials or other small issues, and then asks the owner of the shop to perform a quick kaizen to rectify those issues, or a line worker who notices a potential improvement in efficiency by placing the materials needed in another order or closer to the ...
Performance is a measure of the results achieved. Performance efficiency is the ratio between effort expended and results achieved. The difference between current performance and the theoretical performance limit is the performance improvement zone. Another way to think of performance improvement is to see it as improvement in four potential areas:
For example, a voluntary exchange that creates pollution would be a Kaldor–Hicks improvement if the buyers and sellers are still willing to carry out the transaction even if they have to fully compensate the victims of the pollution. Kaldor–Hicks does not require compensation actually be paid, merely that the possibility for compensation ...
Productivity-improving technologies date back to antiquity, with rather slow progress until the late Middle Ages. Important examples of early to medieval European technology include the water wheel, the horse collar, the spinning wheel, the three-field system (after 1500 the four-field system—see crop rotation) and the blast furnace.
Reengineering guidance and relationship of mission and work processes to information technology. Business process re-engineering (BPR) is a comprehensive approach to redesigning and optimizing organizational processes to improve efficiency, effectiveness, and adaptability.
In microeconomics, economic efficiency, depending on the context, is usually one of the following two related concepts: [1] Allocative or Pareto efficiency : any changes made to assist one person would harm another.