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Kaizen - Japanese word for 'change for better', it refers to incremental improvements at work place. Most popular methodology for Kaizen is Quality circles or Small Group Activities
Return on Investment (ROI) is the ratio of money gained or lost divided by the initial investment. A $1000 investment that results in interest of $50 has a 5% ROI. A project with a higher ROI gets prioritized
An application-oriented question on the topic along with responses can be seen below. The best answer was provided by Rajesh Chakrabarty on 12th Mar 2021.
Applause for all the respondents - Sundeep Kailwoo, Rajesh Chakrabarty, Shiddalingesh Sukali
Question
Vishwadeep Khatri 268
Q 346. The fundamental idea behind the Kaizen approach is that small changes add up to a big one. In such an approach, should the emphasis be on justifying the change (via ROI) or should it be on empowering people to make these small changes? Can over-emphasis on ROI’s of such minor improvements undermine the value of empowering people to identify and make such changes?
Note for website visitors - Two questions are asked every week on this platform. One on Tuesday and the other on Friday.
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