Audits can be classified as first-party, second-party, and third-party audits based on the auditor-auditee relationship. Another way to classify audits will be internal and external audits.First-Party AuditsA first-party audit is performed by a perso...
An audit is a systematic examination of a system, process or product. It provides assurance that the specified requirements are being met. Audits provide assurance that the organization's systems are working as intended and that they meet the require...
In the past, supply chain risks were mainly associated with the quality and safety of products. Today, they are also linked to financial issues such as fraud or counterfeiting and environmental concerns such as pollution or waste. As a result, supply...
Every business has its own unique set of risks, but these ten types are common to all companies and can be managed through effective risk management strategies. Business Risk 1: Financial Risks Business Risk 2: Reputation Risk Business Risk 3: Operat...
What is risk management? What does it mean to manage risk? How should companies approach risk management? Today's world has become much more complex. Businesses need to deal with multiple risks at any given time. Risk management is the process of ide...
The mind mapping technique is a great way to organize information in your brain. It's also helpful in brainstorming, organizing projects and personal goals, planning out strategies, and more.What Is Mind Mapping?Mind mapping is a visual thinking meth...
Do you ever find yourself stuck in a rut? Or maybe even feeling lost? Lateral thinking is the ability to think outside the box. It's being able to look at problems from different angles and see new solutions. We are all capable of lateral thinking, b...
In a typical Six Sigma project, the DMAIC approach is used to improve an existing process. It requires a process to be in place and functioning. Design for Six Sigma (DFSS or DfSS) focuses on identifying customer needs and then designing products and...
In today's world, there are always threats lurking around the corner. Whether it's a natural disaster, cyberattack, terrorist attack, pandemic, or something else entirely, businesses need to be prepared to manage their operations efficiently if anyth...
A Quality Information System (QIS) is an integrated set of activities that provides timely, accurate, relevant, comprehensive, and reliable information about the quality of products or services produced by organizations. A QIS can provide decision su...
