Minima and Maxima
Definition The minima and maxima, plurals of minimum and maximum, are collectively known as extrema, the smallest and largest values in a given field. There can only be one global maximum in any domain, and any smaller peaks are local maxima. Similarly, there is a...
Minima and Maxima
The minima and maxima, collectively known as extrema, surface the peaks and valleys of life and work.
Law of Diminishing Returns
A condition where adding more resources yields a minimal increase in production and reduces profitability.
Seizing the Middle
A forward-thinking chess strategy to control the board’s center applies to real-world scenarios.
Fundamental Attribution Error
Regardless of external forces, people think that actions mirror an individual’s personality.
Game Theory
It illustrates the way individuals should make decisions and how people actually make them.
Creative Destruction
The continuous process of invention where new products replace obsolete ones.
Reciprocity
A practice of reacting to someone else’s positive or negative action with an action of mutual benefit or harm.
Network Effects
Network effects are the value existing users experience when other users join a service or product.
Bottlenecks & Constraints
Bottlenecks are the point where a path restricts flow. Constraints are limitations in the system.
Minimum Product
A functional version of a product that draws early adopters in to validate the idea.
Game Theory
It illustrates the way individuals should make decisions and how people actually make them.
Creative Destruction
The continuous process of invention where new products replace obsolete ones.
Reciprocity
A practice of reacting to someone else’s positive or negative action with an action of mutual benefit or harm.
Network Effects
Network effects are the value existing users experience when other users join a service or product.
Bottlenecks & Constraints
Bottlenecks are the point where a path restricts flow. Constraints are limitations in the system.
Minimum Product
A functional version of a product that draws early adopters in to validate the idea.
