Measuring and Optimizing Healthcare QualityPatients value ‘noncontractible’ quality, although they find it difficult to measure
Tue, 10/01/2013 - 13:17
A recent news story here in Ontario detailed how health officials were reviewing the results of 3,500 CT scans and mammograms at two Toronto-area hospitals because of potential errors caused by a radiologist’s “performance issue.” Although the… The Economics of InformationHow asymmetric information can hamper efficiency and effectiveness
Thu, 01/03/2013 - 12:02
Every market has two sides, buyers and sellers. Markets are where the forces of supply and demand operate, and where buyers and sellers interact to trade goods and services, usually for money. If obtaining needed goods and services is the purpose of… Case Study: Growing Through DifferentiationHow a new winery is succeeding in a tight competitive market
Tue, 10/30/2012 - 11:34
When Sean and Jayne Douglas started their winery, they knew that differentiating their product would be critical for success. The wine industry in Canada, as in most other countries, is populated by numerous producers all selling wine but… Reconstructing Value ChainsIt’s largely about determining the vertical boundaries of the firm
Wed, 06/13/2012 - 12:47
The production and provision of any product or service requires many activities to be performed. The pattern of activities that a firm adopts to create and deliver value to customers is commonly called the value chain (or value stream). A key issue… Understanding Competitive StrategyA new book on Michael Porter’s thinking corrects common misconceptions
Thu, 03/29/2012 - 15:20
A new book on strategy recently crossed my desk, and I have to say it is an excellent read. It’s called Understanding Michael Porter, by Joan Magretta (Harvard Business Review Press, 2011). Porter’s ideas and concepts are foundational to the subject… To 5S or Not to 5S The popular tool isn’t the only, or even the best, way to initiate lean thinking
Mon, 02/27/2012 - 12:05
Many companies begin their lean improvement journey by first implementing 5S, the Japanese methodology minimizing errors and mistake proofing: seiri (sort), seiton (set in order), seiso (shine), seiketsu (standardization), and shitsuke (sustain).… The Economics of Lean ProductionParing down drives profits up
Mon, 01/23/2012 - 11:18
What is the economic rationale for pursuing lean production? Much of the lean literature is concerned with the nuts and bolts of lean, and the economics of lean are somewhat less publicized. This article attempts to redress that imbalance, albeit in… The Gnomes of InnovationInnovate business models, not just products and services
Fri, 08/26/2011 - 10:12
Few would argue with the proposition that a firm’s well-being depends upon its ability to innovate. Firms that lack the capacity to develop new and improved offerings which satisfy customer needs, together with improved means for realizing and… Creating Learning EconomiesUnit costs decrease with accumulated experience
Tue, 08/02/2011 - 14:24
There has been a lot of press in recent years about the importance of the “learning organization.” While many authors have explored the idea of a learning organization from the perspective of how learning can be enabled and shared, the economic… Determining Customer ProfitabilityMeasuring at the market-segment level can reveal the differences
Tue, 06/07/2011 - 05:30
Not all customers are equally profitable. Different customers have different needs, and hence different costs to serve. The overall profitability of a business is a function of the profitability of individual customers and customer groups.
Many…
