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Anexas is a consulting organization based in Denmark with wide presence in India and offices in UAE, Kingdom of Saudi Arabia, Singapore and Canada. Anexas group comprises of Anexas Denmark in Europe, Anexas FZE in UAE, Anexas Consultancy Pvt ltd in India and Anexas Consulting in Middle East.

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Risk Management

Akshith Dayanand 20-May-2020

Risk Management

It’s a management tool used to identify the potential risks associated in a business process in advance, assessing them and taking preventive measures to minimize or eradicate the risk.

These can be financial uncertainty, accidents, legal liabilities and natural disaster, data related & security threats.

Every organisation has the risk of inherent and unexpected events that can result in losses or may lead to permanently close the business if not handled properly. By implementing the risk management plans which helps in establishing the procedures to avoid potential risks and minimizes their impact on the organization.

Benefits of Risk Management

A safe & secured environment is created

Protects human lives & assets from potential risks

More stabilized business processes

Safeguards Company & environment

Risk Management Strategies

Establish context: A criteria should be established to evaluate the risk and framework of analysis is to be defined

Risk Identification: Potential risks that can influence any project or process in a company in a negative direction are identified & defined.

Risk Analysis: After identifying the risks a clear analysis is done to understand the risk in detail and its influence on the goals of the organisation.

Risk Evaluation: The analysed risks are evaluated based on the likelihood of occurrences and other aspects based on which the organisation decides on the level of risk acceptance.

Risk Mitigation: Based on the severity of the risks a plan is developed which includes risk mitigation, risk prevention & contingency plans.

Risk Monitoring: Continuously monitor and track new and existing risks & update.

Communication: All the shareholders should be included at all levels of risk management.

Risk Management Approaches:

Risk Avoidance: Wherever possible avoid the costly risks & consequences of a risk event.

Risk Reduction: By reducing the scope of projects or processes we can reduce the amount of risk we can take.

Risk Sharing: Risks sometimes can be shared internally or externally like to a business partner or a vendor.

Risk Retaining: It is worth retaining some risks where in the associated profits are higher than the risks.

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PROJECT LEADERS

Akshith Dayanand 20-May-2020

PROJECT LEADERS

Project Leaders are responsible for Project exercises and assume a urgent job in guaranteeing every part in a group are contributing and increasing the value of the task. This would expect you to be comfortable with group the executives, information compromise and time-following.

So as to be all the more firmly included, however, you ought to be good to go up your sleeves and do a portion of the more mind boggling, time or undesirable undertakings yourself. In addition to the fact that it reminds groups to be at their best during the undertaking's run-time yet additionally lets them contact you rapidly on the off chance that they're stuck or falling behind. Here are a couple of zones that avow your own fit when you assume the job of an undertaking head for your business-

Credit to a project’s success goes to them the most amount as their project teams, given how influential they're in bringing out diverse skills in time and building a supportive network internally. variety of the project leadership skills you’ll need to advance professionally would include –

1. Inspiring and motivating: While there are several leadership styles, the proper project leader is one who demonstrates his/her readiness to feature value to the project. it would be as basic as managing resources across multiple projects to identifying ways to boost employee performance.

2. Negotiation: A skill best seen during the bidding stage; negotiation skills not only win you feasible contracts but also allows you to speak with different stakeholders during a language they understand.

3. Communication: Most of the time spent by Project leader will be in conversations with clients, team members and client bodies. Not only will it assist you align roles to the company vision but also will enable you to establish work from your team’s perspective. 

4. Future-proofing talent: Digital intervention are governing the its usage and future skills. As cited by PMI’s 2019 Pulse survey, a critical component of the project management technology quotient (PMTQ) is to acknowledge and recruit for the abilities needed to drive AI-themed applications.

 5. Create a system thinking circle of influence: Good Networkers will develop the relationship with the inter departmental business ties. This way, you stay informed of resources with the correct cultural mindsets, ableness and skills, which are available handy within the longer term once you bought to search out the correct person for a replacement opportunity.

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SMART Goals

Akshith Dayanand 19-May-2020

SMART Goals

Goal setting helps us build the career you deserve. Goals are aspect of every life which gives you the right direction & focus for reaching the objectives. By this one can optimally utilize all the resources to excel without which it is difficult to reach the goals.

A SMART goal helps you to guide a goal setting. SMART is an acronym for

  • Specific
  • Measurable
  • Achievable
  • Realistic
  • Timely

Specific: Clear well defined & unambiguous

Measurable: The progress towards achievement of goal is to be measured by specific criteria

Achievable: Possible to achieve

Realistic: Possible, realistic & within reach

Timely: The goals are to be achieved with in a time frame.

Specific: Goals which are specific are simple & easy to achieve. This can be accomplished by 5W method.

Who is responsible for the goal?

What has to be accomplished?

Where the goal has to be achieved?

When the goal should be achieved?

Why the goal should be achieved?

Measurable: A criteria should be determined for measuring the progress of the goal without which you cannot track to reach your goal. To reach a goal check:

How to identify if I have reached the goal?

How can I measure?

Achievable: The smart goal should be attainable using this we have to find the ways to reach the goal. The goals should be well defined to achieve it. Ask yourself does all the resources are available to achieve it, has it been achieved before.

Realistic: The smart goal should be realistic to be achieved with the available resources. The goals are realistic when you feel it is possible to achieve. Is it within reach with the given time & and resources.

Timely: The smart goals should be time bound within limits. The goal without time limits will lack motivation to achieve the goals. Verify if your goals have a time deadline.

 

 

 

 

 

 

 

 

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Design of Experiments:

Akshith Dayanand 19-May-2020

Design of Experiments:

Six Sigma strives to forestall process variation because variation hinders a process’s ability to reliably and consistently deliver high-quality products or services. the look of Experiments (DOE) method allows quality teams to together investigate multiple potential causes of process variation. DOE is additionally is additionally called Designed Experiments or Experimental Design and begins by identifying the key factors that would cause process variance. The Designed Experiments tool contains three elements. for instance, if the DOE were used on the method of creating a pizza the weather would come with the following:

  • Factors – These are inputs to the method. Factors are studied as either controllable or uncontrollable variables. Factors within the pizza example include the oven, dough, sauce, and toppings.

Levels – These are the potential settings of every factor. the degree within the pizza making process are the temperature of the oven, the cooking time and therefore the amount of sauce and toppings used.

Response – this can be the output of the experiment. DOE strives for a measurable output that's influenced by the factors and their differing levels. The response or output from the instance is how the pizza tastes.

Select the Factors

There are often variety of inputs in an exceedingly process that may affect the output. The factors that are most relevant to the tip result are those most vital to DOE. These factors are often selected by the project team in an exceedingly brainstorming session. In ordinary resources where time and budget are finite, the team should limit the experiment to 6 or 7 key factors. These factors are controlled by setting them at different levels for every run.

Set the Levels

Once the factors are selected, the team must determine the settings at which these factors are going to be run the experiment. the instance of cooking a pizza demonstrates that some factors are measured in numbers, like oven temperature and cooking time. Some factors are qualitative like which toppings are used; they're measured in categories and are converted into coded units for rectilinear regression analysis. The more levels that are identified for every factor the more trials are going to be required to check these levels. to make sure that an optimal number of levels are selected, specialise in a variety of interest. This range includes settings utilized in the traditional course of operations and also may include settings of more extreme scenarios. The greater the difference in factor levels the simpler it becomes to live variance.

Evaluate the Response

The response is that the outcome of the experiment. Outcomes are most helpful in improving the method after they are often measured in quantitative terms instead of in qualitative attributes. A response that's quantifiable makes the experiment similar temperament to the extra scrutiny of simple regression techniques. Design of Experiments allows inputs to be changed to work out how they affect responses. rather than testing one factor at a time while holding others constant, DOE reveals how interconnected factors respond over a large range of values, without requiring the testing of all possible values directly. This helps the project team understand the method way more rapidly.

 

 

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SWOT ANALYSIS

Akshith Dayanand 19-May-2020

SWOT ANALYSIS

 SWOT Analysis helps to understand the internal and external factors associated with organisation. Strategic Planning for the development of the organisation are build with the help of SWOT Analysis.

SWOT stands for Strength, Weakness, Opportunities and Threat. For any improvement of an organisation and to move towards the achievement of vision, mission, goals SWOT helps to frame the strategy for the development.

Strength

 Strength describes the positive factors the company in which it excels and also it shows the where we stand separate from our competitors. Some factors like assets, technologies, process, skills, knowledge, equipment’s, etc are identified and show our uniqueness from competitors. Strength is an internal factor.

Weakness

Weakness describes the negative factors   which stops the company in performing at its best. It should be written honestly so that we can take necessary actions to improve on those weakness. Some of the factors like debts, improvement required process, gaps in the team, less capital, old equipment’s etc. Why there is a lack in those factors will be examined and minimised. Weakness is an internal factor

 

Opportunities

Opportunities are the possible external factors and chances that contribute for the success of the organisation. Any changes in the government policies related to tax and any policies which brings positive changes in organisation. Possibilities of increasing trends in the market for our product. Any nearby events where the organisation can take advantage to receive benefit.

 

Threat

Threats are the external factor in the environment which have dangerous outcome to the organisation. The negative affect to the organisation from outside. Some of the factors includes competitors, increased money demand from suppliers, new technologies evolving, market trends, etc.

 

Once an organisation determines SWOT, they should develop strategies to overcome the negatives and benefits from the positives.

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Value Stream Mapping

Akshith Dayanand 19-May-2020

Value Stream Mapping

This is a process of visualizing all the steps in detail in your work process. It is the sequence of flow of goods & information through the process i.e. capturing all the steps necessary to deliver value  from start to finish.

As per lean concept the term value is anything that customer is ready to pay for, but whenever we map a value stream, there are certain steps that may not directly add value to the customer but support to ensure that good products are delivered to the customer.

Why should we create Value Stream Mapping

The main purpose of value stream mapping is to identify the scope for improvement by visualizing the useful (value adding) & wasteful steps. Once you identify, evaluate the same we can analyse how does it add value to the customer. This helps in what changes are required in the process for improvement.

Analysis of Value Stream Mapping.

1) Identify the product for the study and improvement. Form a team for doing the analysis; if necessary train the employees in value stream mapping.

2) Determine the problem for value stream mapping of the product from the customer prospective. Understand the customer needs to enhance the value to overcome the competition on price reduction or delays in production leading to supplier change etc.

3) Define the scope of the problem, the limits of beginning & the end of the study.

4) Go around the shop floor to understand the process steps and gather the information required to produce the final product.
5) Study the flow of work & information that adds value to the customer or not.

6) Collect the process data & evaluate the performance. Ex: Cycle time, breakdown time, number of employees etc.

7) Evaluate if each of the process step is valuable, capable, adequate & flexible.

8) Inventory is the main cause of concern & overproduction which in turn leads to focus more on this area.

9) Capture all the process steps for lead times & process times. We can identify the inefficiencies and nonvalue adding items in our production.

10) Use all the collected data to find the waste.

11) Now create a Value stream map which can be used for effective communication and to guide the work

12) By using the value stream map consistently monitor the results and the process can be continually improved.

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Hypothesis Testing

Akshith Dayanand 16-May-2020

Hypothesis Testing

You may know all the statistics within the world, but if you jump straight from those statistics to the incorrect conclusion, you'll find yourself making a multi-million dollar error. That’s where hypothesis testing comes in. It associate tried-and-tested analysis tools, real-world data, and a framework that allows us to check our assumptions and beliefs. This way, we are visiting say how likely something is to be true or not within a given standard of accuracy.

When using hypothesis testing, we create:

A null hypothesis (H0): the thought that the experimental results are because of chance alone; nothing (from 6M) determined our results.
An alternative hypothesis (Ha): we expect to hunt out a selected outcome.
These hypotheses should be mutually exclusive: if one is true, the opposite is fake.

Once we've our null and alternative hypotheses, we test them with a sample of a full population, check our results, and are available up with a conclusion supported those results.

Note: A NULL hypothesis isn't accepted; we simply fail to reject it. We are always testing the NULL.

Basic Hypothesis Testing Process
The basic hypothesis testing process consists of 5 steps:

Identify the question
Determine the importance
Choose the test
Interpret the results
Make a call.
Read more about the hypothesis testing process.

Hypothesis Testing Terminology
There is many specialist terminology utilized within the arena of hypothesis testing. We’ve collated a listing of the foremost common terms and their meanings, for straightforward lookup. See the hypothesis testing terminology list.

Tailed Hypothesis Tests
Hypothesis tests are commonly spoken in line with their ‘tails’, or the critical regions that exist within them. There are 3 basic types: right-tailed, left-tailed, and two-tailed. Read more about tailed hypothesis tests.

Errors in Hypothesis Testing
When we discuss a mistake within the context of hypothesis testing, the word contains a awfully specific meaning: it refers to incorrectly either rejecting or accepting a hypothesis. Read more about errors in hypothesis testing.

P-Values
P-values are calculated values that we use to figure out how statistically significant our test results are, and so the way probable it's that we’ll make a mistake. Read more about p-values.

Types of Hypothesis Tests
1 aspect of hypothesis testing which will confuse the new student or candidates is specifically which test – out of an outsized number of attainable tests – is correct to use. We run through the kinds of hypothesis tests, and provides a quick explanation of what all is typically used for. Read more about styles of hypothesis tests.

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SWOT ANALYSIS

Akshith Dayanand 16-May-2020

SWOT ANALYSIS

 SWOT Analysis helps to understand the internal and external factors associated with organisation. Strategic Planning for the development of the organisation are build with the help of SWOT Analysis.

SWOT stands for Strength, Weakness, Opportunities and Threat. For any improvement of an organisation and to move towards the achievement of vision, mission, goals SWOT helps to frame the strategy for the development.

Strength

 Strength describes the positive factors the company in which it excels and also it shows the where we stand separate from our competitors. Some factors like assets, technologies, process, skills, knowledge, equipment’s, etc are identified and show our uniqueness from competitors. Strength is an internal factor.

Weakness

Weakness describes the negative factors   which stops the company in performing at its best. It should be written honestly so that we can take necessary actions to improve on those weakness. Some of the factors like debts, improvement required process, gaps in the team, less capital, old equipment’s etc. Why there is a lack in those factors will be examined and minimised. Weakness is an internal factor

Opportunities

Opportunities are the possible external factors and chances that contribute for the success of the organisation. Any changes in the government policies related to tax and any policies which brings positive changes in organisation. Possibilities of increasing trends in the market for our product. Any nearby events where the organisation can take advantage to receive benefit.

Threat

Threats are the external factor in the environment which have dangerous outcome to the organisation. The negative affect to the organisation from outside. Some of the factors includes competitors, increased money demand from suppliers, new technologies evolving, market trends, etc.

Once an organisation determines SWOT, they should develop strategies to overcome the negatives and benefits from the positives.

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Gemba

Akshith Dayanand 15-May-2020

Gemba

The meaning of Gemba in Japanese is “the real place” which is the place where the real work happens, where one can observe and analyse it.

It is developed by Taiichi Ohno. This concept allows executives to interact with the employees on the shop floor to build relationships upon mutual trust.

The three main important tools of Gemba are:

  • Go and see: The leaders and managers at all levels to walk around the shop floor regularly to identify the waste in a process.
  • Ask why: The objective of the Gemba walk is to understand the process in detail and identify the key problematic areas through effective communication. You can use 5 why technique to identify the root causes.
  • Respect the people: Avoid blaming the people or pointing fingers. Coordinate with the employees find the problems and understand them deeply.

Seven steps to follow during the Gemba plan before you go to the shop floor to achieve your goals and objectives.

  • Pick a theme and this will help in focussing on efforts to yield good results.

           Ex:  Productivity improvement, reduction of rework percentage, enhancing safety..etc.

  • The team should be aware that the Gemba walk is a continuous improvement process, creating a comfort zone for the employees to collaborate easily.
  • Focus on Processes: The purpose of Gemba is to observe, understand and improve process but not to blame others.
  • With the value stream you will be able to identify the areas of potential improvements by eliminating the waste in the process.
  • During a Gemba walk record all the observations & do not make instant suggestions. Once you collect all the information & analyse using PDCA cycle will help us in giving the better solutions to the problems.
  • Involve one or two employees from different departments who are less familiar with the process under study that will have a different point of view and can identify the problems and can suggest solutions from out of the box thinking.
  • Whenever there is no significant findings during the Gemba walk, share all your observations & learnings, keep the team informed about the changes and need for the change.

Prepare a checklist before entering the shop floor focussing on objectives & goals. The checklist should include questions to better understand the process.

Advantages:

  • Builds better relationship with all the employees in the shop floor who create value.
  • Enhances continuous improvement by identifying problems & taking actions on time.
  • Improved communication across the organization about the long-term goals & Target’s

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QUALITY IMPROVEMENT:

Akshith Dayanand 15-May-2020

QUALITY IMPROVEMENT:

Quality improvement is a proactive way of modifying the process or designing the process in order to deliver the product or service with efficiency. It is structured approach by accessing the functional and operational areas. Understanding the requirement of customer and the process actual performance we measure our key performance indicator.

Still there will be random and non-random variations in the process which makes the process to attain new average. Hence it is very important to check for the chronic common cause variation in order to improve the process.

 Edward Deming – the great quality guru said that “right data with right person in right format at right time “which implies that quality improvement I completely data driven Quality Improvement focusses toward the process and not on the people.

Deming believed that most of the problems happening in an organisation are due to process and systems and not fault of the employees. Correct the process so that the new person will not commit the same mistake. Nowadays all the organizations are focusses towards the quality improvement to save time, money, resource and mainly minimize the defects in the product or service.

Process improvement is continuous approach. Many quality improvement methodologies are available like Six sigma, PDCA, PDSA, Lean, etc.

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