The equilibrium price is the price at which buyers and sellers in a market reach an agreement on the price of a good or service. The equilibrium price is usually determined by the forces of supply and demand in the market. What is equilibrium price and demand? In microeconomics, equilibrium price and demand refer to … Read more
An angel network is a group of investors who provide financial backing to small businesses and startups. Angel networks typically consist of wealthy individuals who are willing to invest their own money in early-stage companies in exchange for an equity stake in the business. Angel networks typically invest smaller sums of money than venture capitalists, … Read more
Red teaming is a process where a group of people with different perspectives and expertise come together to challenge assumptions and ideas. The goal is to improve the quality of decision making by providing an objective, independent perspective. Red teaming can be used in a variety of situations, from business planning to military operations. It … Read more
A unique selling point (USP) is a distinguishing feature that makes a product or service different from its competitors and more attractive to customers. It is often used in marketing and advertising to communicate what makes the product or service unique and to persuade customers to purchase it. Some products or services may have multiple … Read more
Social proof is the idea that people are more likely to do something if they see that other people are doing it. This principle can be applied to many different situations, including choosing a product, deciding whether to trust a person, or choosing whether to believe information. One classic example of social proof is the … Read more
In project management, distributive bargaining is a negotiation strategy that is used when the parties involved are trying to reach an agreement on a mutually exclusive issue, and when they have different levels of power and influence. The key to success in distributive bargaining is to find the right balance between your own interests and … Read more
Continuous innovation is a term used to describe a process where organizations continuously improve their products or services over time. This type of innovation can be achieved through a variety of means, such as introducing new features or redesigning existing ones, improving manufacturing processes, or finding new ways to market and sell products. Continuous innovation … Read more
Unknown knowns are risks that are known to exist, but their potential impact is unknown. For example, a project manager might know that a particular supplier is unreliable, but not know how often they will fail to deliver on their promises. Unknown knowns can be difficult to manage because there is no way to predict … Read more
The Phoenix Project is a novel by Gene Kim, Kevin Behr, and George Spafford. The book is a semi-fictional account of a real-world IT project at a large auto parts manufacturer. The project is plagued by problems and is in danger of being cancelled. The novel follows the characters as they attempt to turn the … Read more
The term “take off” is commonly used in project management to refer to the process of estimating the quantity of work required to complete a project. This estimate is typically prepared by a quantity surveyor or estimator, and is used to determine the project budget and schedule. Take offs can be simple or complex, depending … Read more
