Business

Definition: The Dialectic Decisions Method is a technique used to overcome the problem in the group-decision making, wherein the group members quickly agree to one alternative proposal and might overlook more promising solutions than the chosen one. Thus, it ensures a full consideration of alternatives. The reason behind such a quick converge on a single alternative may be, … [Read more...] about Dialectic Decisions Method

Definition: The Brainstorming is a technique to stimulate creative ideas and solutions through a group discussion. Simply, a process wherein a group attempts to find a solution for the specific problem by aggregating all the spontaneous opinions or suggestions given by each group member individually is called as brainstorming. In a brainstorming session, a group of 10-15 … [Read more...] about Brainstorming

Definition: The Delphi Technique refers to the systematic forecasting method used to gather opinions of the panel of experts on the problem being encountered, through the questionnaires, often sent through mail. In other words, a set of opinions pertaining to a specific problem, obtained in writing usually through questionnaires from several experts in the specific field is … [Read more...] about Delphi Technique

Definition: The Nominal Group Technique is a form of brainstorming, wherein a structured meeting is held among the group members where they are required to find solutions to the problem identified for the discussion. In other words, a systematic and an organized group meeting held among the members to facilitate decision making by properly identifying the problems and … [Read more...] about Nominal Group Technique

Definition: The Soft Landing is the economic condition, when the economy shifts from the rapid growth period to low growth or even flattens, but avoids the recession. In other words, the soft landing describes the rate of economic growth, such that, the economy must grow high enough to avoid the recession and must be slowed down enough to prevent high inflation. The soft … [Read more...] about Soft Landing

Definition: The Hard Landing is the economic condition, wherein the economy moves sharply from the high growth period to the low growth due to the change in the monetary policy. In other words, the sudden shift in the economy from the period of expansion to recession is called hard landing. Often government intervenes to curb the expansion period that may lead to the … [Read more...] about Hard Landing

Definition: The Critical Path Method or CPM is a network analysis technique concerned with planning and controlling of complex, but routine projects. Simply, Critical path method is generally used for the projects whose time duration is known with certainty and also the amount of resources required for the completion of the project is assumed to be known. First of all, the … [Read more...] about Critical Path Method

Definition: The PERT (Program Evaluation Review Technique) is a technique used in the planning and controlling of large scale projects. Simply, PERT is the statistical tool used to represent the set of activities (task), required to be performed for the completion of the project. PERT is a planning and controlling tool for the management that provides the complete roadmap of … [Read more...] about PERT (Program Evaluation Review Technique)

Definition: Queue Structure is the crucial element of a queuing system, as it shows the queue discipline, which means the order in which the customers are picked from the queue for the service. Simply, the way the customer is selected from the waiting line for service is shown by the queue structure. The customers can be chosen from the queue in one of the following … [Read more...] about Queue Structure

Definition: The Service System is another element in the general queuing structure, that talks about two aspects: Structure of the service system and speed of service. The queuing system refers to the process wherein the customer enters into the queue, wait to avail the service and finally leaves the system after getting the service. The aspects of service system are … [Read more...] about Service System