Month: April 2013

Innovation, and invention in the business context

Innovation is not invention. Innovation is the application of invention in ways that solve new needs. I’m always amazed at how misunderstood this term is…, even though the definition of each is easy to understand: Innovate | verb | • [ no obj. ] make changes in something established, esp. by introducing new methods, ideas, or products: the company’s failure …

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Algorithm

Def.: a process or set of rules to be followed in calculations or other problem-solving operations, esp. by a computer: a basic algorithm for division. “Or, an algorithm is an effective method expressed as a finite list of well-defined instructions for calculating a function. Starting from an initial state and initial input (perhaps empty), the instructions describe a computation that, when …

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Economic forecasts

APRIL | 2013 — Kiplinger’s Latest Economic Outlooks GDP — 1.75% growth in ’13, a bit softer than last year Unemployment —  Heading to about 7.5% by the end of ’13 Interest rates — Little or no increase in short-term rates in ’13 Inflation — Slightly higher this year, 2.3% Business spending — About a 4% gain in ’13, half of ’12’s pace …

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Classical competitiveness

Strategic Planning Where have we been? Where are we now? Where are we going? How are we going to get there? What resources are required to get there? These 5 simple questions, and this format (in general) have more than stood the test of time. Management teams should review and answer these items regularly…

Melville on method

Melville on Method Herman Melville said: “There are some enterprises in which careful disorderliness is the only true method.” This contrasts sharply with Descartes who meant by method: “… certain and simple rules, such that, if man observes them accurately, he will never assume what is false as true.” Good management requires both at different times—or …

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