Activity Based Costing

A cost methodology that assigns costs to activities and cost objects based on the consumption of resources rather than the traditional costing approach in which costs are allocated to products based on some arbitrary bases such as labor. Activity Based Cost System describes various activities (e.g., unit-level, batch-level, product-level, customer-level, and facility-level) that drive a company's costs. The integration of Activity Based Cost System into a Cost-Volume-Profit (CVP) model thus recognizes the existence of multiple cost drivers, resulting in the production of better information for management.

5 Whys

The 5 why’s typically refers to the practice of asking, 5 times, why the failure has occurred in order to get to the root cause/causes of the problem. There can be more than one cause to a problem as well. In an organizational context, generally root cause analysis is carried out by a team of persons related to the problem. No special technique is required.

5S

5S is a workplace organization methodology where emphasis is placed on maximizing space and minimizing movement/travel. It is the basic foundation of implementing Lean Management. It stands for Seiri (Sort), Seiton (Set in Order), Seiso (Shine), Seiketsu (Standardize), and Shitsuke (Sustaining) in Japanese.

If practice correctly and diligently, it will help you create a highly productive work culture in your organization.