About this Presentation
TOC has been proven successful in the management of systems, particularly in production, supply chain, and project management. A key element in the success of any of these systems is how it deals with risk. The goal of this paper is to explore the conceptual risk management features of Theory of Constraints (TOC). The paper seeks to examine the key characteristics of TOC that are linked directly to the effective management of risk. Risk management is the process of understanding and addressing risks to maximize the chances of objectives being achieved. Risk management follows three basic guiding questions: (1) What can go wrong and what are their causes and consequences? In particular, we discuss the application of the TOC Thinking Processes in identifying root causes and constraints. (2) What are the likelihoods or chances of occurrence? Here, we discuss the TOC value of being prepared and paranoid but not be hysterical. (3) What can be done to detect, control, and manage them? Examples include TOC buffers and buffer management with strong early detection capabilities. Our approach is to identify the unique processes and mechanisms of the TOC methodologies that directly address these basic questions. Further analysis is done to distinguish the effectiveness and robustness of the TOC method in dealing with risks as compared to other more traditional methods in production, supply chain, and project management. This effort will also highlight the way TOC creates opportunities, or what is known as positive risks, to illustrate the anti-fragile nature of TOC.
What Will You Learn
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Instructor(s)
Jennifer Eckman
Ms Alka Wadhwa
Alka Wadhwa is an experienced consultant and process improvement expert with over 24 years of expertise in the Theory of Constraints (TOC), Lean Six Sigma, and organizational performance optimization. She has successfully led projects in healthcare, financial services, and manufacturing, driving significant improvements such as a 67% boost in hospital operations and a 140% increase in outpatient visits.
Previously, Alka Wadhwa spent 17+ years at GE Global Research Center, where she led initiatives to enhance various GE businesses through advanced technologies, process redesign, and system optimization. Founder of Better Solutions Consulting, LLC, she specializes in using TOC, Six Sigma, and data analytics to streamline operations and build high-performance teams.
Her work has earned her multiple accolades, including the Empire State Award of Excellence in healthcare.
Dr Gary Wadhwa
Dr. Gary Wadhwa is a Board Certified Oral & Maxillofacial Surgeon with extensive experience in the field. He completed his Oral & Maxillofacial Surgery training at Montefiore Hospital, Albert Einstein College of Medicine in Bronx, NY, and has served as an Attending at prestigious institutions like St. Peters Hospitals, Ellis Hospital, and Beth Israel Hospital in NY. With a career spanning over two decades, he was the former CEO and President of a group specialty practice in NY from 1994 to 2015. Dr. Wadhwa holds an MBA from UT at Knoxville, TN, and has undergone additional training in System Dynamics at MIT, Health System Management at Harvard Business School, and Entrepreneurship and healthcare innovations at Columbia Business School. Committed to expanding access to Oral & Maxillofacial Surgery care, he is currently engaged in a meaningful project to provide healthcare services to underserved populations in inner city and rural areas through non-profit Community Health Centers.