Time-Based Management: An approach that recognises the importance of time and seeks to reduce the level of 'unproductive' time within an organisation. This leads to quicker response times, faster new product development, and reduction in waste, culminating in greater efficiency.
Critical Path Analysis
Network Analysis: A method of planning business operations in order to identify the most efficient way of completing an integrated task or project. The main form of network analysis is critical path analysis.
Critical Path Analysis: The process of planning the sequence of activities in a project in order to discover the most efficient and quickest way of completing it.
Critical Path: The sequence of activities in a project that must be completed within a designated time in order to prevent any delay in the overall completion of the project.
Critical Activity: An activity on the critical path.
Float Time: The amount of time that non-critical activities within a project can be delayed without affecting the deadline for completion of the project as a whole.
Total Float For An Activity: The number of days that an activity can be delayed without delaying the project, measured by the formula:
Total float time for an activity= LFT-EST- duraion of the activity.
Lean Production: Production based on the range of waste-saving measures inspired by Japanese manufacturing companies.
Just In Time: A Japanese philosophy that organises operations so that items of stock (inventory) arrive just at the time they are needed for production or sale. The ultimate aim is to eliminate the need for stock, although in practice this is not always ideal.
Kaizen (or Continuous Improvement): A policy of implementing small, incremental changes in order to achieve better quality and/or greater efficiency. These changes are invariably suggested by employees and emanate from a corporate culture that encourages employees to identify potential improvements.