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What Are Economies Of Scale? The theory of economies of scale was proposed by Adam Smith. The theory posits that if economies of scale can be obtained, a country can attain economic growth. Economies of scale are when a company enjoys a reduction in its average cost of production because of an increase in
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What Is Root Cause Analysis? Root cause analysis is a step-by-step process for determining why a problem happened and developing solutions to address the issue. RCA believes that rather than treating symptoms, it is preferable to solve problems by determining what created the problem in the first place. Consider the problems we experience on a
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Kaizen has been applied in Japan since the conclusion of the second world war by both huge international corporations and small local businesses. Kaizen’s Japanese philosophy is both simple and effective in enhancing productivity, increasing efficiency, and maintaining a clean atmosphere and discipline in the workplace. Many businesses have implemented the Kaizen concept to improve
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‘I am an Electrical Engineer’. One man tells his friend. ‘I love my profession but I hate my job with the company I work with. I hate my boss, he is a difficult person. And I don’t like my co-workers either. I am tired of going to the office every day. I am frustrated.’ ‘How
I Hate My Job! Is it Time to Quit, Switch Careers, or Stay? Read More »
What Is Servant Leadership? Servant leadership takes an inverted approach to leadership. It prioritizes employees, with the leader at the bottom. The goal of the servant leader is to assist the employees or team members in their personal development. They think that by assisting individuals in achieving their full potential, the organisation will achieve its
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In 2008, Femi Otedola, a businessman, had two choices: “commit suicide or weather the storm…” After an avalanche of failures hit his oil firm, Otedola was heavily in debt to the tune of $1.2 billion. “I decided to weather the storm. I just knew it was a phase I had to go through. You see,
Resilience: Definition, Examples and How You Can Develop It today! Read More »
  What is Change Management? Change management is an organized technique that business leaders utilize to effect an improvement in work processes in an organisation. It employs a structured process because people need to transition into new behaviors, which are oftentimes difficult.  Change management is important for businesses and organisations because every organisation is
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What Does It Mean To Be People Smart? People smart skills are categorized under soft skills and it means that you are good at interpersonal relationships or have good social/people skills. It’s manifest when a person is influential, a great communicator, carries everyone along as a team leader and/or is a good team player. If
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