...The Best Laid Incentive Plans Requirements • To analyse the case on the basis of conceptual frameworks discussed in the class. • Identify main problem, key issues, alternatives and solution/s for the problem identified. • The related concepts/frameworks should be explained in detail. Case Analysis Executive Summary The case presents an interesting concept of Organizational Behavior and Performance Measurement Systems. Hiram Phillips CFO and CAO of Rainbarrel Products introduced some changes and the company posted good results due to the same. Hiram felt that he had single-handedly turned the company's performance around. Some of the changes included cost cutting in budget, staff reductions by 10 %, introducing policies for customer care representatives, on time shipment policy etc. At the corporate executive council meeting, where the cost reductions and operating efficiencies were to be discussed and everything looked positive / rosy, until some questions were raised. Although Hiram’s numbers looked remarkable on paper, there were lots of things that Hiram was unaware of that were detrimental to the company as a whole. The main problem identified in the case is the shortcomings in the Performance Measurement Systems and the necessity to develop a PMS that meets both organizational and individual needs. Background facts In the case, “The Best Laid Incentive Plans”, the Chief Financial Officer of Rainbarrel Products, Hiram...
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...Part I This article starts out by describing the issues the Rainbarrel company faced a year ago before they employed Hiram Phillips. Rainbarrel was fat and happy according to Hiram. Although they had the potential for greatness, the lack of discipline held them back. As Hiram suspected he had done great improvements with Rainbarrel’s numbers. He was able to reduce labor cost and lower cost as a result of higher productivity. Hiram was even able to increase the number of calls the customer service representatives were taking each day by 50% and reduce their call time from 6 minutes a call to 4 minutes a call without incurring any capital costs. Another improvement Hiram was able to make was an increase in on-time shipments which was something the company was not watching before Hiram. The percentage of on-time shipments has gone up over the past six months and currently is 92%. By creating a new policy that commissions would be at actual purchase price instead of full price when discounts were used, Hiram was able to reduce cost reduction by 50%. The larger point Hiram wanted to point out in his presentation was that straightforward rules and rewards will drive superior performance. When Hiram listened to the presenter before him he learned that negative effects his changes has caused for the company. He has been learning how the workers have learned ways around the rules that only make the numbers look good but cause other problems. One problem noted was how quickly the phone...
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...Nunn and McGuire (2010). The main purpose of The Importance of a Good Business Plan by Less Nunn and Brian McGuire is that the basis for any business is a sound business plan. “It is written to guide the business owner in how to develop and operate the business” (Nunn & McGuire, 2010). It also serves the purpose of attracting potential finance of startup or expansion. I believe that the key question that the author is addressing is how do we effectively plan for the future? In order to do this effectively your plan has to include four key elements: Strategic, operational, financial budgeting and forecasting. I would have to say that the Business Plan Format was the most important part of the article. It describes the various elements of the plan and what those sections should include. The main inferences in this article are the importance of a strong Management and Executive Summary to impress potential investors. The authors go on to state that the “characteristics of a good plan were that it was well written, organized into sections, and included detailed financial projections” (Nunn & McGuire, 2010). Key concept of this article is to develop strategic plans that will guide management with a road map to successfully running the business as well as give reassurance to investors that you will be a good custodian of their funding. The main underlying assumption is that the person writing this plan is indeed qualified to run the particular venture they are pursuing. However...
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...Introduction Management refers to the process through which activities in an organization are co-ordinated and controlled in order to achieve the goals and aspirations of the organization. To do so, management requires co-ordination of labor and other available scarce resources as factors of production. The factors of production that are essential in the management process include human resource, time, technology, money and knowledge. Another aspect of management is that it aims at carrying out activities in a manner that is not only effective but efficient as well. Management as a social science can be described as the study of social organizations. This implies the study of the social aspect of any given organization and how it affects achievement of goals in the long run (Newton 12). A key element in management is the decision-making dynamic, which is key and fundamental if any management is to take place effectively. It can, therefore, be stated that management is an art of decision making that decisions influence the operations of an organization towards goal achievement. This report shall highlight effective management in today’s organizations. It shall attempt to discuss and explain one aspect of management in terms of the challenges and problems that are synonymous to that facet of management. I shall also elaborates on how I went about to investigate that facet in the organization. This report shall further give recommendations on how to better improve on that facet...
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...landscape and changed the lives of hundreds of millions of individuals around the world (Gandolfi, 2006). There are several definitions that have been developed to effectively define the phenomenon of organizational downsizing. To sum it up in one sentence, organizational downsizing refers to a set of activities, taken on by the core management of an organization, designed to improve organizational efficiency, productivity, and competitiveness. It represents a management strategy that affects three components: (a) the size of the firm’s workforce, (b) the costs, and (c) the work processes. On the surface, downsizing can be interpreted as merely a reduction in organizational size, and the process is a chaotic and uncertain experience at best. However, recent trends indicate this phenomenon to be a necessary part of business, particularly during times of an economic recession, like we’ve had in 2008, to place an organization in a position to increase levels of sustainability and competitiveness. History In order to fully understand the concept of downsizing and why it is now so prevalent, the history of...
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...Specifically a team meeting, this is the perfect way to communicate all the instructions that have been provided by the Vice President of Operations. Using this method we can avoid some obstructions or noise that could produce some distortion in the message that we intend to deliver. By doing a team meeting, and having in consideration the time given to develop a marketing plan, with the oral communication is the fastest way to deliver the message and quickly have feedback from the team members with any doubts or suggestions that can be applied to the project. Having said that the oral communication is the best method for this scenario, but in the case if one or more team members could not be possible to be present in the meeting also we have another method that we can use to communicate with each other, this one is the video conference. After all the research work and having completed the marketing plan to introduce the beverage to the global market, it’s time to convey the marketing plan to the Vice President of Operations via oral and written communication. With the oral we can explain all about the plan to the V.P.O. and having his feedback at the same time clarifying any doubts that may arise while making the presentation. With the written communication, is for document all the information to review it or use it as reference during the presentation or in a future. COMMUNICATION CHANNEL SCENARIOS Scenario 2 In this scenario, we have the situation of the application...
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...and Men by John Steinbeck two men have a dream. George and Lennie believe they have a future. They believe that they are special, they are different from the other men on the ranch. George describes a dream farm, which I believe is his and Lennie’s American dream. The dream farm symbolizes the quote “The best laid schemes Of Mice and Men often go wrong and leave us nought but grief and pain for promised joy.” As you can see the dream farm plays a major role in the story. In the story Of Mice and Men the dream farm is a huge symbol of the American dream during the great depression. Off of prior knowledge I know that the American dream during the great depression was to own land. George and Lennie’s American dream is to own their own ranch. The dream farm shows their American dream compared to others on the ranch. “Guys like us, that work on ranches, are the loneliest guys in the world. They got no family. They don’t belong no place. They come to a ranch an’ work up a stake and the first thing you know they’re poundin their tail on some other ranch. They ain’t got nothing to look ahead to.” (13) George...
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...Lincoln and Caesar' s authority and power, and how they used this power and authority. In most modern and ancient histories julius caesar is considered a demagogue and a dictator. If so, then Caesar's assassination was an act of defending the republic. The perpetrators of this act called themselves the liberators who were led by Junius Brutus and cassius Longinus. As documented by Nicolaus of Damasucs, many plans had been laid out by the group. the liberators never met in the open but held their meetings in each other's houses a few at a time (Alvin31). There were many proposals and discussions as they investigated the best means of executing their plans. Some suggested that they should exectue Caesar when he was talking his usual walk down the sacred way. Another suggestion laid out by the group members involved assassinating caesar at the elections where he would have crossed a bridge prior to appointing magistrates to the Maritus Campus. This plan would have had them drawing lots to push him off the bridge and others waiting below to kill him. In addition, there was a thrid plan that involved conducting the act at a gladiatorial show. The main advantage of this scene was that the show allowed carrying of weapons hence the group would have aroused no seuspicion with their swords for stabbing caesar....
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...On March 10, 1876, is when Alexander Graham Bell spoke into the transmitted gadget. Bell wrote a letter to his father “I feel that I have at least found the solution of a great problem, and the day is coming when telegraph wires will be laid on to houses just like water or gas is, and friends will converse with each other without leaving their home.” (United States History) Hundred Thirty-five years later people are leaving home with their phones, sending emailing; webcam (Skype), and now we are able to holographic for a business conference. As we leave the information age into the fast approaching digital age, the greater need for technological advancement over the existing plain old telephone lines has never been greater. Plain old telephone line has become prehistoric and expensive, but still essential phone service to its consumer’s home, however; it’s dramatically losing leverage to greater technology called Voice-over-IP. VoIP technology provides its consumers to make phone calls using a broadband internet connection and not a regular phone line. VoIP changes the voice signal into a digital signal that travels over the internet, and then when it reaches its destination it changes it back to a voice signal which can be used with any telephone. Traditional phone lines are now slowly being phased out as businesses and households around the world embrace the benefits that VoIP technology has to offer. Also known as Voice over Internet Protocol, Voice over Broadband...
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...The Realistic Outlook on Life When we were young and our future was a distant object that was the least of our worries, we all had ambitions, dreams, and hopes. In "To a Mouse" by Robert Burns, one famous line is, “the best laid schemes of mice and men go aft astray, and leave us not but pain and sorrow for promised joy". This quote represents how all of our plans can seem perfect until something unforeseen appears and unexpectedly ruins them. In the novel Of Mice and Men by John Steinbeck George and Crooks are two examples of characters suffering tragic hardships when their “best laid schemes” don’t go as planned. George had an unstoppable ambition and longing to have his own farm and live the American dream. George's mind begins to wander...
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...on the problem context. Decision Variables: Ht = # of workers hired in month t (t = 1,..,12) Lt = # of workers laid-off in month t (t = 1,..,12) Wt = # of workers employed in month t (t = 1,..,12) Ot = # of hours of overtime in month t (t = 1,..,12) It = # of units (000s) held in inventory at the end of month t (t = 1,..,12) Ct = # of units (000s) subcontracted in month t (t = 1,..,12) Pt = # of units (000s) produced in month t (t = 1,..,12) Parameters: Dt = # of units (000s) demanded in time period t (t = 1,…12) Problem 8-1: Minimize [pic] Subject to: Inventory constraints: [pic] [pic] Overtime constraints: [pic] Production constraints: [pic] Workforce constraints: [pic] (a) Worksheet 8.1 provides the solution to this problem and the corresponding aggregate plan. The total cost of the plan is $360,400,000. (b) If the number of overtime hours per employee were increased from 20 to 40 it would result in decreasing the total cost to $356,450,000. So, it is advantageous to do it. (c) If the number of employees is decreased to 1200 and the overtime hours per employee are held at 20 and 40 then the total costs of the plan are $363,324,000 and $357,422,000, respectively. If the number of employees is increased to 1300 and the overtime hours per employee are held at 20 and 40 then the total costs of the plan are $358,790,000 and $356,270,000, respectively. So, the value of additional overtime increases as workforce size decreases...
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...Premier Measurement company started losing money changes where in order to keep the company going. The strategic plan was started by deciding to maintain open communications with their employees. They needed to cut cost so they implemented a 10% pay cut. To cut cost they also tried to reduce the use of external consults. Staff where told to limit travel time and any discretionary spending. The last step was the inevitable laying off of employees. Communications played a key role in their change. They communicated using every tool they had in their arsenal to let managers and employees know what was going on with the company. They sent out email, face-to-face meetings, brainstorming meetings, and also had public-address system speeches. They utilized a publication called InfoSparks that came out bi-weekly to also communicate with staff. All this communication made employee understanding to the changes that where happening. Agilent was able to maintain moral throughout the company through open communication. While the changes where taking place they always communications their core values and what they believe in so employee believe that the company has a purpose. Analysis In the case study of Agilent Technology some images of change management are pretty obvious. The first is Cheryl ways even though she was told three weeks prior that she is to be laid off she continues to work as usual. I believe she to on the change management image as nurturer. All the...
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...deregulation and structural changes such as mergers and acquisitions.” (1994). The article further begins to explain that “organizational rightsizing should be a strategically planned endeavor to reshape the organization by expanding part of the organization into new markets, contracting others and consciously leaving intact parts of the organization to support the corporate process in the organizational transformation.” (1994). In reading this article, and others we can understand that rightsizing involves putting in systems that deal with evaluating effective performance of those individuals who are currently employed. This could either deal with measurably improving employee contribution to the overall company goal, or seeking an exit plan for those persons who fail to meet standards. According to Seidametova, “Most company mergers and acquisitions generate...
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...banks and made it mandatory for commercial banks to have a minimum shareholder fund of 25million Naira. This reform affected many banks, some closed down operations while many had to merge in order to meet up. DATLEX went through a significant financial meltdown, as many of these banks are the company’s major clients. During this down turn, many workers were laid off and it affected the culture of DATLEX. It affected the income of the company and thus affected all the staff as a whole. DATLEX went from having a benefits package to having a NO benefits package. They used to have all types of employee incentives and appreciation activities. Employees usually get an official car after three years of service to the company. Now the employees are lucky if they get a chicken in the fall and a bag of rice at the Christmas holidays. Rewards for employees doing well are not there anymore. With the downturn, DATLEX lost a lot of their highly skilled, highly valuable employees. DATLEX always strived to high the best hands but at the current time, the company is not willing to provide the salaries and benefits to get the best due to the financial crisis they are going through. In the last few years, the company has focused on cost cutting. Thus, almost everything that differentiated DATLEX from its counterparts in the security business has declined. I was a Business Development Officer for DATLEX...
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...Final Project: Alternative Action Plan Athena Howard April 21, 2015 LS 100: Introduction to the Law and the Legal Profession Interview Transcript Interviewee: Shanita House Occupation: Detention Officer Questions 1. Out of all the different career options to choose from with a criminal justice degree, why the job as a detention officer? 2. What are all the requirements for this job? 3. What are the pros and cons that come with this job? 4. What is a typical day in the facility for you? 5. Have you had any scenarios where your ethical thinking skills such as dealing with a disrespectful coworker/inmate occurred? How did you handle it? 6. Why did you choose the criminal justice degree instead of a political science degree? 7. Would you recommend this job to someone else? 8. What advice would be you give to someone that wanted to pursue this career or any other criminal justice oriented career? 9. Do you plan to keep this career or do you want to pursue something else in the criminal justice field? Notes from Interview 1. Learning new things such as how the jail systems work and how important a detention officer’s job really is 2. Requirements: must be 21 years of age, undergo an extensive background check, U.S. citizen, high school diploma, college education not required but could be extremely helpful 3. Pros: the knowledge of the jail/court system, good benefits and pay, job security Cons: long training, dangerous, work...
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