Hoshin is used as a management tool in many big corporations around the world. So what does Hoshin actually stand for? As per wikipedia it is defined as a method devised to capture and cement strategic goals as well as flashes of insight about the future and develop the means to bring these into reality. This method was initially developed by Dr. Yoji Akao that uses a Plan-Do-Check-Act to create goals. The purpose of hoshin is to help an organization which is listed below:
Focus on a shared goal
Communicate that goal to all leaders
Involve all leaders in planning to achieve the goal
Hold participants accountable for achieving their part of the plan
In Japanese, hoshin means shining metal, compass, or pointing the direction, this technique has/is being used by companies like Toyota,Hewlett Packard and Bank of America to name a few.