Topic: Business (Page 4)

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πŸ”— Ishikawa diagram

πŸ”— Business πŸ”— Engineering

Ishikawa diagrams (also called fishbone diagrams, herringbone diagrams, cause-and-effect diagrams, or Fishikawa) are causal diagrams created by Kaoru Ishikawa that show the causes of a specific event.

Common uses of the Ishikawa diagram are product design and quality defect prevention to identify potential factors causing an overall effect. Each cause or reason for imperfection is a source of variation. Causes are usually grouped into major categories to identify and classify these sources of variation.

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πŸ”— Hawthorne Effect

πŸ”— Mass surveillance πŸ”— Business πŸ”— Psychology πŸ”— Sociology

The Hawthorne effect is a type of human behavior reactivity in which individuals modify an aspect of their behavior in response to their awareness of being observed. The effect was discovered in the context of research conducted at the Hawthorne Western Electric plant; however, some scholars feel the descriptions are apocryphal.

The original research involved workers who made electrical relays at the Hawthorne Works, a Western Electric plant in Cicero, Illinois. Between 1924 and 1927, the lighting study was conducted. Workers experienced a series of lighting changes in which productivity was said to increase with almost any change in the lighting. This turned out not to be true. In the study that was associated with Elton Mayo, which ran from 1928 to 1932, a series of changes in work structure were implemented (e.g., changes in rest periods) in a group of five women. However, this was a methodologically poor, uncontrolled study that did not permit any firm conclusions to be drawn.

One of the later interpretations by Landsberger suggested that the novelty of being research subjects and the increased attention from such could lead to temporary increases in workers' productivity. This interpretation was dubbed "the Hawthorne effect".

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πŸ”— Theory X and Theory Y management

πŸ”— Business πŸ”— Psychology

Theory X and Theory Y are theories of human work motivation and management. They were created by Douglas McGregor while he was working at the MIT Sloan School of Management in the 1950s, and developed further in the 1960s. McGregor's work was rooted in motivation theory alongside the works of Abraham Maslow, who created the hierarchy of needs. The two theories proposed by McGregor describe contrasting models of workforce motivation applied by managers in human resource management, organizational behavior, organizational communication and organizational development. Theory X explains the importance of heightened supervision, external rewards, and penalties, while Theory Y highlights the motivating role of job satisfaction and encourages workers to approach tasks without direct supervision. Management use of Theory X and Theory Y can affect employee motivation and productivity in different ways, and managers may choose to implement strategies from both theories into their practices.

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πŸ”— Keynesian beauty contest

πŸ”— Business πŸ”— Game theory

A Keynesian beauty contest is a concept developed by John Maynard Keynes and introduced in Chapter 12 of his work, The General Theory of Employment, Interest and Money (1936), to explain price fluctuations in equity markets.

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πŸ”— Cobra Effect

πŸ”— Business πŸ”— Politics

The cobra effect occurs when an attempted solution to a problem makes the problem worse, as a type of unintended consequence. The term is used to illustrate the causes of incorrect stimulation in economy and politics.

The term cobra effect originated in an anecdote that describes an occurrence in the time of British rule of colonial India. The British government was concerned about the number of venomous cobras in Delhi. The government therefore offered a bounty for every dead cobra. Initially this was a successful strategy as large numbers of snakes were killed for the reward. Eventually, however, enterprising people began to breed cobras for the income. When the government became aware of this, the reward program was scrapped, causing the cobra breeders to set the now-worthless snakes free. As a result, the wild cobra population further increased.

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πŸ”— Fundamental Attribution Error

πŸ”— Philosophy πŸ”— Philosophy/Logic πŸ”— Business πŸ”— Politics πŸ”— Psychology

In social psychology, fundamental attribution error (FAE), also known as correspondence bias or attribution effect, is the tendency for people to under-emphasize situational explanations for an individual's observed behavior while over-emphasizing dispositional and personality-based explanations for their behavior. This effect has been described as "the tendency to believe that what people do reflects who they are".

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πŸ”— Virtual queue

πŸ”— Telecommunications πŸ”— Systems πŸ”— Business πŸ”— Systems/Operations research

Virtual queuing is a concept used in inbound call centers. Call centers use an Automatic Call Distributor (ACD) to distribute incoming calls to specific resources (agents) in the center. ACDs hold queued calls in First In, First Out order until agents become available. From the caller’s perspective, without virtual queuing they have only two choices: wait until an agent resource becomes available, or abandon (hang up) and try again later. From the call center’s perspective, a long queue results in many abandoned calls, repeat attempts, and customer dissatisfaction.

Virtual queuing systems allow customers to receive callbacks instead of waiting in an ACD queue. This solution is analogous to the β€œfast lane” option (e.g. Disney's FASTPASS) used at amusement parks, which often have long queues to ride the various coasters and attractions. A computerized system allows park visitors to secure their place in a β€œvirtual queue” rather than waiting in a physical queue.

In the brick-and-mortar retail and business world, virtual queuing for large organizations similar to the FASTPASS and Six Flags' Flash Pass, have been in use successfully since 1999 and 2001 respectively. For small businesses, the virtual queue management solutions come in two types: (a) based on SMS text notification and (b) apps on smartphones and tablet devices, with in-app notification and remote queue status views.

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πŸ”— The Volfefe Index

πŸ”— Finance & Investment πŸ”— Economics πŸ”— Business πŸ”— Psychology

The Volfefe Index is a stock market index of volatility in market sentiment for US Treasury bonds caused by tweets by President Donald Trump.

Bloomberg News observed Volfefe was created due to the statistical significance of Trump tweets on bond prices. ABC News Online posited Volfefe could help analyze interest rate risk in the face of "unpredictable" activity on social media by Trump.

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πŸ”— Robert's Rules of Order

πŸ”— Business πŸ”— Parliamentary Procedure

Robert's Rules of Order, often simply referred to as Robert's Rules, is a manual of parliamentary procedure by U.S. Army officer Henry Martyn Robert. "The object of Rules of Order is to assist an assembly to accomplish the work for which it was designed [...] Where there is no law [...] there is the least of real liberty". The term "Robert's Rules of Order" is also used more generically to refer to any of the more recent editions, by various editors and authors, based on any of Robert's original editions, and the term is used more generically in the United States to refer to parliamentary procedure.

Robert's manual was first published in 1876 as an adaptation of the rules and practice of the United States Congress to the needs of non-legislative societies. Robert's Rules is the most widely used manual of parliamentary procedure in the United States. It governs the meetings of a diverse range of organizationsβ€”including church groups, county commissions, homeowners associations, nonprofit associations, professional societies, school boards, and trade unionsβ€”that have adopted it as their parliamentary authority. Robert published four editions of the manual before his death in 1923, the last being the thoroughly revised and expanded Fourth Edition published as Robert's Rules of Order Revised in May 1915.

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