It pays to stand on the shoulders of giants, those who have come before and exposed eternal truths. You get to see further, you have a reference point to test your own understanding and insight and it gives you the confidence to continue, even when you are not sure of the ground you’re standing on.
One of my all-time favourite authors, Joseph Campbell, when asked for a definition of mythology, gave the devastatingly simple response: ‘Other people’s religion’. He did go on to talk to the three basic functions of myth: to achieve psychological reconciliation with consciousness, life and death; to bind an individual into society’s norms; and to learn
Think of a production system and you’ll probably conjure up some kind of assembly line. Whether you imagine humans or machines doing the work, this mental model feels wedded to manufacturing. It needn’t be—production principles are universal. An airline’s check-in desk is part of a production line. So is the hospital’s procedure for admitting patients.
The real cost of any decision is what you forego by making that choice. In economics, the cost of a decision based on the cost of the next best option is called the opportunity cost. At its most poetic, Henry David Thoreau put it thus: ‘the price of anything is the amount of life you
All improvement is change, but not all change is improvement. Organisations typically change because they want to improve their competitive advantage. How do we give ourselves the best possible chance of success? Change resides in the domain of projects and project management. We most often think of the word project as a noun. But treat
Whatever you think about the free enterprise system, making more money now and in the future is a cornerstone for those for-profit companies who participate in it. Let’s look at how TOC can fundamentally shift management thinking and achieve ever better returns on shareholder funds. By using the systems-based measurements of Constraint Accounting, you will
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