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If you improve them you will improve the whole system. Below is a short movie showing how it works in practice: Critical chain. This is the application of the theory of constraints to projects. In short, it says that people will always fight for long comfortable deadlines. Once they will get the long deadlines accepted since they are lazy as hell, they will start working on their task at the very end Parkinson Laws and most likely they will fail their deadlines. The critical chain suggests that there is a way out of this loop.
Below are more details on this beautiful simple method: Lean Manufacturing. Another useful set of actions from production apart from the theory of constraints is Lean Manufacturing. The waste can be i. Have a look at a detailed overview of lean manufacturing techniques that I recommend using. Cost-Benefit Analysis.
During most consulting projects you will be conducting a countless number of cost-benefit analyses. In this sort of analysis, you have to estimate the benefits of your proposed solution and compare them with the implied costs, as well as Capex, and Working capital requirements. Usually, you will use the NPV to decide whether something makes sense or not. You can use scenario analysis or you check ALL the potential options and see which is optimal.
This sort of exercise used to be very difficult but now with even Excel, you can do very sophisticated simulations. Once you get the results from the situation for potential options you can simply pick the best one. In Feasibility Analyses, you want to check whether something is possible or not or what are limitations that you have to consider. In feasibility analyses, you are given the goal you have to achieve.
Now you need either to find the limitation or alternative ways to reach that goal. This is a very powerful method that you use not only for checking where to put your factory or office but also whether some strategic decision makes sense do we have enough people, place, and customers, etc. This sort of analysis is a must if you have to choose a long-term solution with many parameters to be considered.
Sensitivity analysis. Once you come up with an optimal solution you want to see how sensitive it is to small changes in underlying assumptions. The solution can be pretty stable…. This sort of analysis you will be doing all the time: when picking the best place for your factory, when deciding whether to enter a market or not, which investment strategy is the best etc.
Decomposition Analysis. Decomposition analysis shows you what the components, driving forces behind certain phenomena are. Thanks to this sort of analysis you can say what are the reasons behind a very complicated thing.
Decomposition analysis enables you to analyze why your sales went up weather, price, better selling process, etc. Top-down communication. Management Consultants have a specific way of talking, presenting the whole story. They actually start with results and not what they have done to achieve them. This method is the favorite tool used by Elon Musk. It boils down to looking at the main drivers and basic principles that are influencing the thing you want to change.
In a sense, you disregard current solutions and you try to build the new solution from scratch. If you want to learn in practice how to use each and every method check my course Management Consulting Techniques, Tools and Frameworks where you will find examples showing you how to use those techniques in practice as always a lot of examples in Excel.
Stay tuned for more….. Like this: Like Loading There are many ways to grow your business, and your choice of how to do so will depend on many individual internal and external factors. You may want to maximize…. Facebook 0 Twitter 0 Linkedin 0 Email 0 0 X. What is a business strategy framework?
To sustain profitability and a competitive position you want to balance the power in your favor. Benefits of using a business strategy framework A business framework can be used to analyze and guide decisions for your client and for your own business. Download our Frameworks Guide and Worksheets today!
Related Posts. When you create an online profile as a self-employed professional, it is important to put your best foot forward and show prospective clients who you are and what you have to offer. Business Management For Independent Professionals.
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