The World's Best Book Summaries
What does genchi genbutsu mean? How does Toyota use this concept to fix problems during manufacturing? Genchi genbutsu is the Japanese concept of going to the site of the problem to figure out how to fix it. At Toyota, genchi genbutsu is an important principle to follow. Learn more about how Toyota encourages the genchi genbutsu principle, according to Jeffrey Liker’s book The Toyota Way.
Are small teams more or less effective than larger teams? What are the benefits of working in small teams? Management expert and creator of the Scrum method, Jeff Sutherland, says that working in small teams is more efficient than in large teams—he says that the ideal team size is five to nine people. Small teams promote communication, expand roles, and increase efficiency. Here’s a look at the benefits of small teams.
Want to know how to set business goals that are attainable, rather than pipe dreams? Why is it important to create a strategic plan that’s grounded in reality? In their book Execution, business specialists Larry Bossidy and Ram Charan teach you how to put together a strategic business plan that establishes your business’s priorities and goals. They assert that business goals must be flexible, grounded, and accessible. It’s also important to intermittently follow up on the goals after you set them. Here’s how to set business goals that will help your company succeed.
What are the three phases of the product life cycle? How can understanding these phases help you tailor your marketing strategy? After calculating your target market’s size and ideal market share, you need to understand what happens to products in the product life cycle. This cycle starts when a product is introduced to consumers and ends when it’s removed from the market. Read on to learn how William M. Luther explains the phases of the product life cycle in his book The Marketing Plan.
What is the kin selection theory? Why do we feel compelled to protect our family members at all costs? Kin selection is a term in evolutionary biology that means potentially sacrificing your own welfare or reproductive success in favor of your relatives’. For example, risking your life by fighting off a home intruder to protect your family. It evolved because, by definition, your relatives share many of your genes, so keeping them alive helps pass those genes on. Keep reading to learn about the psychology behind kin selection.
What is the best intermittent fasting schedule? How should you time your fasts for maximum effectiveness? There are many things to factor in when deciding on which fasting schedule suits you best: your lifestyle, work schedule, how long you can go without food, etc. As a starting point, you may want to begin with time-restricted eating (TRE) and move to a more advanced alternate-day fasting (ADF) schedule once your body has acclimated to extended periods of not eating. Here’s how to time your fasting cycles using the TRE and the ADF approaches.
What is the difference between process goals vs. outcome goals? Which one is better to pursue? In his book Keep Going, Kleon says that to be creative without feeling overwhelmed or burned out, you have to use your creativity to pursue the right goals. He separates the goals into process goals and outcome goals. Let’s take a look at the difference between these two types of goals.
Why is it important to consider probability in trading? How does taking probability into account help you gain an edge in trading? Most traders don’t use information from their market analyses in a sensible way. The reason for that is that they don’t understand probabilities. A knowledge of probabilities is essential to overcome the mental barriers that prevent us from achieving consistent trading success. Here’s how the nuances of probability affect trading.
Once a government establishes authority, how does it keep it? How does it continue to govern? In The Social Contract, Jean-Jacques Rousseau argues that the division of power in a government eventually goes out of balance, making the state vulnerable to collapse. However, a government can maintain its legitimacy by establishing certain systems: public assemblies, public unity, and supreme powers. Keep reading for Rousseau’s view on the preservation of political legitimacy.
Is Kate Raworth’s Doughnut Economics worth reading? What is Raworth arguing when invoking the concept of the doughnut economy? In Doughnut Economics, heterodox University of Oxford economist Kate Raworth proposes redefining how economics is taught and the role that economists play in shaping public policy, shifting from a growth-centered approach to a human-centered approach that harnesses the power of economics for the betterment of humanity. The premise is no doubt noble, but Raworth’s argument received heavy criticism. Keep reading for Doughnut Economics‘s criticisms.