North American Industry Classification System (NAICS) - established by the federal government as a successor to the SIC (Standard Industry Classification) system that preceded it. Both SIC and NAICS codes are managed by the Federal Census Bureau (more than just counting people every ten years division) and available at census.gov. The idea of all these coding systems is to clearly classify businesses so that economic and industrial data can be compared effectively. It doesn't make sense to compare a bakery to Google, for example, when you are assessing
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.