Decision Tree Analysis Example - Calculate Expected Monetary Value (EMV)
I had to make a decision. I noted the pros and cons of each possibility. That was not enough! My leadership asked me to calculate the dollars gained …
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Project Management
Showing guides and explainers filed under Project Management.
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Successful Strategies for Implementing Six Sigma in Government
Six Sigma is not something that is common in the government sector. Find out what are some of the hurdles that make starting up Six Sigma in the …
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How to Calculate Expected Monetary Value (EMV) with Examples
How do you quantitatively prioritize a risk? Would you prioritize the risks with the highest probability of occurrence or the risks with the greatest …
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The Role of Statistics in Process Improvement Projects: Lean Six Sigma and Statistics
Let’s review the role statistics plays in decision making during a Lean Six Sigma project. It’s vital to know how to apply statistics …
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How to Respond to Negative Risks in Project Risk Management Strategies
Soccer commentator: “Helen’s got the ball. She dribbles past a few players. She’s headed straight for Jessica – the star defender. Jessica tackles…oh …
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Business Process Management System, Part 1: Vision Statement, Mission Statement, and Operating Values
The first component of your Business Process Management System (BPMS), creating your vision and mission statements and clarifying your guiding values, …
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Conducting Effective Design Reviews and Action Item Lists in the Auto Industry
Design reviews and their effective operation are critical to the automotive industry. A car is a very complex product. Even those that have been …
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Forming and Leading Project Teams in the Automotive Industry
Project management has become an essential part of almost every industry. In the automotive industry, the emphasis on project management did not …
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How Failure Mode and Effects Analysis (FMEA) is Used in the Auto Industry
FMEA stands for Failure Modes and Effects Analysis. It is a tool that is used to analyze all of the potential failure modes within a component, …
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Microsoft Project vs. Open Workbench - What Are the Real Differences?
Open Workbench is often described as a free alternative to MS Project. In this article, the similarities and differences of the two applications are …
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