Theory of Constraints

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PostPosted: Fri Jan 08, 2010 5:06 am   Post subject: Theory of Constraints  

Theory of Constraints is a set of holistic processes and insights, all based on a systems approach that simplifies the improving and managing of complex organizations by focusing on the few physical and logical constraining "leverage" points.
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PostPosted: Sat Jan 09, 2010 3:50 am   Post subject:   

Or is it a maximization problem that we would use with one's utility preferences to determine their consumption behavior? Smile

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PostPosted: Tue Jan 19, 2010 5:21 am   Post subject:   

Its some thing different to other threads, but as of my knowledge Theory of Constraints means, a philosophy that aims to manage and improve the performance of constituents in any given complex system. It advocates that any system, however intricate, generally suffers from one major limiting factor that, in turn, delimits its potential performance at its pre-determined goal. So, in order to gain more ability to achieve goals better, the particular constraint causing friction must be identified, followed by management of the constituents in a way that is sensitive to the constraint.





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PostPosted: Tue Jan 19, 2010 2:16 pm   Post subject:   

And therein lies the fundemental rule behind the study of economics.

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PostPosted: Wed Jun 23, 2010 2:27 pm   Post subject:   

Hi,



Theory of Constraints (TOC) is an overall management philosophy introduced by Dr. Eliyahu M. Goldratt in his 1984 book titled The Goal, that is geared to help organizations continually achieve their goal.[1] The title comes from the contention that any manageable system is limited in achieving more of its goal by a very small number of constraints, and that there is always at least one constraint. The TOC process seeks to identify the constraint and restructure the rest of the organization around it, through the use of the Five Focusing Steps.



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