Most of us who work in a data-related field are familiar with the universal themes and controversy surrounding Freakonomics. Freakonomics, the brainchild of two economists who use economic principles to explain and explore just about every aspect of society, was introduced to us in the mid-2000s as a book, and then made into a documentary. It … Read moreFreakonomics, Big Data and Thinking Beyond Assumptions
I picked up a pack of vitamins today and noticed the batch number “020616” and use by “SEP 20” on the label. This is something I consume, so I rely on it being fit to consume. The company that produced it does their best to ensure that it is fit to consume. However, if something … Read moreTraceability – knowing where it came from and where it went
Recently I was looking at different ways of calculating safety stock and one of the calculations I looked at used “average lead time”. It occurred to me that lead time is used a lot in supply chain calculations. So, what does it really mean, and should it be recalculated after every delivery? The simple definition … Read moreWhat should lead time mean?
Setting Key Performance Indicators (KPIs) is sometimes seen as an art, because many companies find it hard to decide on what to measure and while others have several KPIs, they may not be the right ones. Many years ago, I worked with a warehouse manager who needed help with one of his KPIs. His company … Read moreBeware of focussing on the KPI and not the objective