Concepts of Throughput Accounting and Theory of Constraints

Financial Management

Kaizen – Understanding the Japanese Business Philosophy of Continuous Improvement

Operations Management

Role of Leaders in Shaping Organizational Culture

Management Principles

Organizational Culture – Development and Importance

Management Principles

Five Important Organizational Cultural Models

Management Principles

Risk Management in the Motor Insurance Sector

Insurance serves as a fundamental tool for safeguarding against unforeseen events, ensuring financial stability and peace of mind. In India, the rapid evolution of a digitally driven financial ecosystem has added layers of complexity to the insurance landscape. Within this framework, risk management plays a crucial role in identifying, evaluating, and mitigating potential threats, particularly in motor insurance.  Consider a scenario where a fire damages both a warehouse and any nearby vehicles. A comprehensive motor insurance and effective risk management can significantly reduce financial losses in such cases. This blog explores the importance of risk management in the motor insurance sector and how it strengthens overall protection. What is Risk Management in the Motor Insurance Sector? Insurance allows you to protect your valuable assets, like cars or bikes, by offering financial assistance in times of need. So, in a way, auto insurance helps you manage potential risks, which otherwise could Continue reading

Abey Francis

A Beginner’s Guide to Data Mining

Data Mining in the simplest terms, is a process of simplifying large data to generate valuable information or decluttering large amount of data to only extract useful information. Though the word “Data Mining” was not uttered until in 1980’s, when the term was trademarked by HNC to protect their product “DataBase Mining Workstation”, the concept of data mining was already established by Thomas Bayes in 1763. When Bayes published a theorem called Bayes theorem of looking at relationship between the current and prior probabilities. With the invention of computers, the theorem became a step stone to data mining as it allowed to understand reality based on the probabilities that are estimated. 1980’s was also the era which used algorithms to learn about relationships and what they mean by studying the data. Data Mining is a process that involves three elements, studying the relationship of the data, using machine to mimic Continue reading

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Change in Quantity Supplied Vs. Change in Supply

There is a difference between a change in supply and a change in quantity supplied. The differences are explained below. A Change in Quantity Supplied Change in quantity supplied can be explained as the movement long a stationary supply curve while holding other factors constant. This movement is drawn from the law of supply, which states that there is a positive relationship between price and supply while holding other factors constant. Thus, if the price moves up along the y-axis, the quantity supplied will move to the right along the x-axis. A change in quantity supplied is caused by price movements. This relationship is shown in the graph below. An increase in price from P1 to P2 will cause an upward movement on the supply curve, as shown by the arrow. This will cause the quantity supplied to increase from Q1 to Q2. Change in Supply Change in supply is Continue reading

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Case Study: IT Infrastructure Library (ITIL) Adoption by Disney

The Walt Disney Company is an internationally famous corporation that operates in the domains of media and entertainment. Having grown from a small cartoon studio, the company now operates in more than 40 countries around the world and includes such major departments as studios, parks, and experiences, and consumer products. The division of Theme Parks and Resorts is one of the busiest branches of the corporation, with 13 parks, over 40 resorts, and more than 118 million visitors each year. To succeed in such an environment, the Disney company adopted the best practices of IT service management as outlined in the Information Technology Infrastructure Library (ITIL). Informational Technology Infrastructure Library or ITIL is a group of practices designed to align IT services with the goals and vision of the business. It was originally developed in the 1980s and since then received regular revisions to suit the changes in technology and Continue reading

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The Pareto Principle Explained (The 80/20 Rule)

What is the Pareto Principle? Vilfredo Federico Damaso Pareto was an Italian economist, he discovered that in any situation twenty percent of the inputs/activities are responsible for eighty percent of the outputs/results. In 1906, he discovered that 80% of the land in Italy was owned by only 20% of the people. Later he recognized that same lop-sided relationship applied to other things as well. Pareto first discovered this law in his own garden. He noticed that twenty percent of his pea pods, created eighty percent of the peas, as an economist he then drew parallels to Italy’s economy, discovering that eighty percent of the land belonged to twenty percent of the population. Pareto’s Principle basically states that a small number of reasons are responsible for a large percentage of the effect; this ratio is usually 20% of the cause to 80% of the effect, or 20:80. However, this principle was Continue reading

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What To Look for in a High-Impact Keynote Speaker

Finding the right keynote speaker for your event can be the difference between a good conference and a great one. A high-impact speaker not only energizes and inspires your audience but can also impart valuable insights and perspectives. Therefore, selecting someone who is well-equipped to transform the event into an enriching experience is crucial. To help you make an informed decision, we will explore key qualities to consider in a prospective speaker. Keep reading to ensure your next event leaves a lasting impression. Understanding the Speaker’s Audience Engagement Strategy A keynote speaker’s job is to engage with the audience, not just to disseminate information. A deep understanding of how a speaker plans to connect with your attendees is fundamental. Inquire about their strategies for interaction; do they incorporate Q&A sessions, live polls, or storytelling to maintain audience interest? The crux of audience engagement often lies in the speaker’s ability to read Continue reading

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