Hiring the Best and the Brightest Matters - A Lot
Hassett discussed the consequences of the shutdown, which is in its fourth week, with Fox Business Network's Melissa Francis on "After the Bell.":
"We made an early estimate right at the beginning of the crisis that was a little bit lower than the estimate you just cited and have been studying hard as this has gone on and have found that actually the damage is a little bit worse because of government contractors, something that was excluded from our first analysis."
This isn't a small error. This doubles the estimated impact on the economy. It's well known that this administration has had trouble hiring the best; many of even cabinet level positions are held by "Acting" Secretaries.
Failure Mode and Effects Analysis As A Tool In Business Process Improvement
Failure Mode and Effects Analysis is a tool more closely related to manufacturing operations, but can be used as an incredibly helpful exercise to ensure process robustness. It's a tool that is used in a variety of quality structures, including Six Sigma, For manufacturing, the premise is simple: Break down every single item in a manufactured product and identify what happens if any single item fails on a scale of 1 to 5.
Nuha Nazy is the President and Founder of RightSource Services. Nuha is a serial entrepreneur with extensive experience building businesses that depend on talent and intellectual property development at their core.