Posted by: ITKE
Productivity, Project management, Uncategorized
Business cycle consists of many elements such as (workers, equipments, business processes, management, and laws), all these and other components must work together to complete a business cycle.
A stress on the business cycle happens when one or more of the elements are not functioning efficiently. Faulty equipment such as slow computer systems may put a stress on the business cycle, a poorly trained employee may put a stress on the business cycle, outdated laws could put a stress on the business cycle, etc.
Finding and eliminating stress factors can greatly improve business cycle and make it more efficient.
Some areas to consider:
• Ongoing training of employees
• Ongoing maintenance and upgrade of equipment
• Ongoing review of business process to find room for improvements
• Work with the government and industry leaders to eliminate laws that stress the system
Management must continually review business cycle and look for stress elements that create stress on the cycle and work rigorously to eliminate these elements.