...The Seven Management and Planning Tools To illustrate the Seven Management and Planning Tools, we present hypothetical hightechnology consumer electronics company, MicroTech. MicroTech’s mission is to design and manufacture miniature electronics products utilizing radio frequency technologies, digital signal processing technologies, and state-of-theart surface mount manufacturing techniques. Affinity Diagrams The affinity diagram is a tool for organizing a large number of ideas, opinions, and facts relating to a broad problem or subject area. In developing a vision statement, for example, senior management might conduct a brainstorming session to develop a list of ideas to incorporate into the vision. This list might include low product maintenance satisfied employees courteous order entry low price quick delivery growth in shareholder value teamwork responsive technical support personal employee growth low production costs innovative product features high return on investment constant technology innovation high quality motivated employees unique products small, lightweight designs Once a large number of ideas have been generated, they can be grouped according to their “affinity” or relationship to each other. An affinity diagram for the preceding list is shown in Figure 1. Figure 1 Affinity Diagram for MicroTech Interrelationship Digraph An interrelationship digraph identifies and explores causal relationships among related concepts or ideas. It shows that every idea...
Words: 1174 - Pages: 5
...KNOWLEDGE MANAGEMENT TOOL Knowledge management KM is about building organizational intelligence by enabling people to improve the way they work in capturing, sharing, and using knowledge. It involves using the ideas and experience of employees, customers and suppliers to improve the organization’s performance. Building on what works well leads to better practice, strategy and policy. Certain tools are essential in application of knowledge management in organization. Tools enable integration and sharing of knowledge. Tools must be able to support interactive discussions, brainstorming sessions, strategy planning meetings. And it must facilitate multiple individuals across boundaries. Knowledge management tools are technologies and method which enhance and enable knowledge generation, codification and transfer but not all knowledge management tools are ICT based. There are several tools that used in knowledge management which are asset management, extranet, distance learning and intranet. The first is asset management tool in knowledge management. The organizations do not necessarily leverage the costs of ownership but it necessarily the potential of their use for further innovation and the organizations have done proper analysis of the portfolio's worth that can bring one of the strongest immediate returns on investment as a knowledge management project. Knowledge assets are the knowledge regarding markets, products, technologies and organizations which a business owns its...
Words: 1533 - Pages: 7
...What is management accounting? Management accounting or managerial accounting is the process of identifying, analyzing, recording and presenting financial information that is used for internally by the management for planning, decision making and control. In contrast to financial accounting, managerial accounting is concerned with providing helpful information and reports to internal users such as managers and entrepreneurs, so that they can control and plan the business activities. According to the Chartered Institute of Management Accountants (CIMA), Management Accounting is "the process of identification, measurement, accumulation, analysis, preparation, interpretation and communication of information used by management to plan, evaluate and control within an entity and to assure appropriate use of and accountability for its resources. Management accounting also comprises the preparation of financial reports for non-management groups such as shareholders, creditors, regulatory agencies and tax authorities". For fulfilling the purpose of management accounting there are already many techniques and tools prevail in the market. The first management accounting tools and techniques contribute to the attainment of organizational objective is standard costing. Standard costing is an accounting system designed to properly allocate costs of direct labor, indirect labor, materials, overhead, and selling / general / administrative accounts on a unit basis for the purpose of accurately...
Words: 748 - Pages: 3
...Project Management Project management is the process a company goes through to achieve a goal or objective. While project management may differ in style or function, it usually involves the same planning and preparation. Many phases are included in project management, including product development, market analysis, financial risk-reward measurement,and supply chain management. Each of these phases is reviewed in great detail before a project is implemented. Tools Several management tools are helpful when reviewing the different phases of project management. The best source of information usually comes from the company's own Management Information System (MIS). The MIS is the reporting process currently used by the company to review the internal controls and work flow of business operations. These reports will identify areas where an increase in production may be possible for adding new projects. Another useful tool is the engagement of consultants or outside professionals the company has used to help evaluate business operations. These professionals will be familiar with the company and can help discern whether the company can indeed handle a new project without damaging current operations or financial positions. Techniques When using the available tools for project management, companies develop techniques that help them break down and review the gathered information. Several of these techniques involve the use of current employees in different departments to help research...
Words: 326 - Pages: 2
...Description Enterprise Risk Management (ERM) is an approach to making strategic and business decisions after considering major risks and opportunities. Originally focused simply on managing the losses and downside, ERM now is also used to help companies decide between alternative business lines and strategic growth options. Companies are using the tool to take a more valuefocused (rather than loss-focused) approach to risk management amid increasing volatility and uncertainty. ERM considers everything from credit risk to operational and supply chain risk. ERM examines decisions through a risk lens, identifying creative approaches to succeed in a world of uncertainty. To build an Enterprise Risk Management system, all parts of the organization contribute vital perspectives: • Senior executives determine the level of risk a company is willing to take. They express their risk appetite in concrete terms such as earnings volatility and potential losses of capital, equity or assets; • The risk organization, in cooperation with line managers, continuously examines the potential impact of various risks (e.g., strategic, business, financial and operational risks) on the organization. They decide whether to avoid the exposure completely, effectively mitigate it (for example, through a transfer to another party) or use the company risk insight and risk management capabilities as an opportunity to generate extra profit from the exposure; • Line managers embed risk management principles into everyday...
Words: 420 - Pages: 2
...Running head: STRATEGIC MANAGEMENT ANALYSIS TOOLS Strategic Management Analysis Tools XXXXXXXXX XXXXXXX xxxxxxxx Abstract The number of strategic management analysis tools have increased dramatically in the last twenty years. This increase could be a result of a growing demand to meet the new demands this new global market. This literature review aims to outline these articles and findings by concentrating on the strategic management research tools and describing the tools that are the most useful for managers to use. Keywords: tools, strategic analysis, strategic management, strategic planning. Strategic Management Analysis Tools Brief History In recent decades, strategic management research has become so complex and expensive that managers have found it difficult to utilize it effectively. Increasing competition across all industries combined with the ever changing variables such as the economic realities of an expanding global community, have created this market for strategic market analysis tools. Hence, as a method to support managers needs to meet stockholders expectations, a number of tools and methods have been created. Essentially, the problem is there are so many strategic management analysis tools choosing the right one is challenging. Research on strategic analysis is not abundant, despite the numerous reviews on the subject matter. It should be noted that all of the authors of existing reviews state that strategic analysis is the premise...
Words: 2459 - Pages: 10
...Project Management TABLE OF CONTENT Induction Page 1 Project charter Page 2 Scope management Page 2 Product breakdown structure Page 2 Work breakdown structure Page 4 Baseline documents Page 5 • Cost improvements • Schedule improvement • Process improvement Timeline- GANTT Chart Page 6 Conclusion Page 6 Appendix 1 Project charter Page 7 appendix 2 Scope statement Page 8 Appendix 3 PBS Page 9 Appendix 4 WBS Page 10 Appendix 5 GHANTT Chart Page 11 Appendix 6 Baseline documentation Page 12 Bibliography Page 13 INTRODUCTION A project is a temporary endeavor undertaken to create a unique product or service (PMBOK 2013) The purpose of this report is to analyse importance of project management tools and to evaluate PRINCE 2 lifecycle that has been used in bathroom refurbishment project. The aim of the project is to refurbish 240 bathrooms, involving professional building expertise to deliver project within budget and time constrains. Project objectives are to provide quality rooms and pleasant experience to all guests, increase room standards to 4 star AA and retention rate, to increase room revenue by establishing higher best available rates (BAR) Project motivation is based on social media and GSR guest feedback on bathroom physical evidences. Project budget estimated of £548 000 where brand new fitted and refurbished bathroom...
Words: 1228 - Pages: 5
...Quality Management Tools for organizational Excellence MGT/449 July 14, 2012 Steven Kohorst Quality Management Tools for organizational Excellence It is important for business management to adopt the concept of total quality management. Total quality management is a business practice for companies to ensure quality in products and services. Companies can make business more effective and customer oriented using total quality management tools. This paper will discuss a case provided in chapter 15 of the book reading (Goetsch & Davis, 2010). Cignet Plastics for years has been featured and known as a favored supplier for major producers of model airplane kits. The company is a contract plastics die- casting house with a large amount of clients. Through audit findings there has not been any changes to the company process and defect rates have increased on the parts the company produces. Quality Assurance informs the president that the defects are some variation related to an assignable cause. The president to explain the situation has called me; he believes that the company process needs to be changed to eliminate the number of defects. In business today it is important for managers to employ process thinking for company success. Managers are constantly called for decisions and problems solving. Employees do not always analyze the situation or processes carried out and believe processes cannot be improved. Quality tools are...
Words: 918 - Pages: 4
...Assignment : Analytical tools Business professionals often use strategic planning frameworks such as a SWOT analysis or a five forces analysis in strategic planning initiatives. These frameworks help organizations think about the types of questions they need to ask and the information they need to be thinking about before making any business decisions. SWOT A SWOT analysis is a strategic evaluation framework used to look at a company. SWOT stands for strengths, weaknesses, opportunities and threats. The first step of a SWOT analysis is to evaluate the positive and negative aspects of the company. Once the strengths and weaknesses have been determined, the company can look beyond its own organization to evaluate opportunities and threats from the market or competitors. Competitive forces affect strategy because your competitors react to the strategic actions you take in the marketplace, and your company has to react to their strategic moves. You have to make sure this interplay works to your advantage by using SWOT analysis to identify your company's strengths, weaknesses, opportunities and threats, and by performing the same analysis for your competition. You use this information to take action in areas where you are strong and your competitors are weak, exploiting their threats and capitalizing on your opportunities. Five Forces Porter's Five Forces is a framework used to evaluate an industry as opposed to a company. The "forces" refer to five aspects of an industry that...
Words: 461 - Pages: 2
...Exercise 2 : Management Tools Case Study March 8, 2015 Table of Contents Root Cause Analysis | | Executive Summary | 3 | Body of Report | | Problem | 3 | Cause | 3 | Analysis | 4 | Solution | 4 | Conclusion | 4 | Activity Based Accounting | | Executive Summary | 5 | Body of Report | | Problem | 6 | Cause | 6 | Analysis | 6 | Solution | 7 | Conclusion | 7 | Process Mapping | 7 | Executive Summary | 7 | Body of Report | 8 | Problem | 8 | Cause | 8 | Analysis | 8 | Solution | 9 | Conclusion | 9 | Balanced Scorecard | | Executive Summary | 9 | Body of Report | 9 | Problem | 10 | Cause | 10 | Analysis | 10 | Solution | 11 | Conclusion | 11 | References | 12 | Exhibits | 13 | Appendices | 14 | Root Cause Analysis Executive Summary Our company in Texas that does retrofits of grocery store lighting, freezers and ceilings is not performing well. We are aware that there is a recession that has impacted business. However, similar companies in other states are profitable and minimally impacted by the recession. The problem was analyzed using a fish diagram for cause and effect. Six areas of equipment, process, people, materials, environment and management were considered. Twelve causes were identified. The equipment quality must be...
Words: 1828 - Pages: 8
...Intl Project Management Cost & finance Part 2 : Tools and techniques SupdeCo La Rochelle (H. Khatchadourian) Aligned with the PMBOK® Guide Fourth Edition 1 Investment Concept & project investment Investment : basics The process of compounding and discounting Compound interest and future value (FV) of a single payment (« lump sums ») FVn = PV(1+I)n With N number of period (= years, quarters,months) I interest rate PV present value FV future value at end of year « n » Step-by-step approach or formula approach Use of spreadsheets (Excel) 1. Int. 2. Scope 3. Time 4. Cost 5. Quality 6. HR 7. Com. 8. Risk 9. Proc. Investment: basics Present value (PV) PV = FVn / (1+I)n Step-by-step approach and formula approach Finding the interest rate « i » ? Finding the number of years « n » ? 1. Int. 2. Scope 3. Time 4. Cost 5. Quality 6. HR 7. Com. 8. Risk 9. Proc. Investment: basics Annuities (ordinary) A series of payments over time At the end of each period Periods 0 5% 1 2 3 Payments -100€ -100€ -100€ 1. Int. 2. Scope 3. Time 4. Cost 5. Quality 6. HR 7. Com. 8. Risk 9. Proc. Annuities (due) At the beginning of each period Investment: basics Future value of an ordinary annuity With ⎡ (1 + I )n − 1⎤ FVAn = PMT ⎢ ⎥ I ⎣ ⎦ Interest rate I Series of payment (= constant payment) 1. Int. 2. Scope 3. Time 4. Cost 5. Quality 6. HR 7. Com. 8. Risk 9. Proc. Investment: basics Future value of an ordinary annuity Periods 0 r=5%...
Words: 10588 - Pages: 43
...O&G Request for Information O&G E&P Purchase-to-Pay Process Management Tool This Document contains O&G confidential and proprietary information and must not be shared with any third parties without O&G written consent. Acceptance and use of this Document constitutes agreement to this condition. TABLE OF CONTENTS 1. INTRODUCTION 1.1 INTRODUCTION 1.2 OVERVIEW 1.3 OBJECTIVES 1.4 TIMELINE 1.5 EVALUATION CRITERIA 1.6 GENERAL INSTRUCTIONS 1.7 CONTACT INFORMATION 2. SCOPE & RESPONSE 2.1 SCOPE 2.2 RESPONSE 3. DRAFT AGREEMENT 4. COMPANY INFORMATION 4.1 QUESTION: COMPANY NAME 4.2 QUESTION: YEAR FOUNDED 4.3 QUESTION: PUBLIC / PRIVATE 4.4 QUESTION: NUMBER OF EMPLOYEES 4.5 QUESTION: ORIGIN, EVOLUTION AND GROWTH (BRIEF DESCRIPTION) 4.6 QUESTION: FINANCIAL PERFORMANCE RESULTS LAST 2 FISCAL YEARS (PROFIT & TURNOVER) 4.7 QUESTION: WEBSITE URL 4.8 QUESTION: CONTACT INFORMATION (NAME, POSITION, E-MAIL, PHONE NUMBER) 4.9 QUESTION: OFFICE LOCATIONS AND STAFFING LEVELS 4.10 QUESTION: DESCRIBE YOUR SUPPORT HOURS 4.11 QUESTION: DESCRIBE THE COMPANY VISION AND STRATEGY 5. FUNCTIONAL AND BUSINESS REQUIREMENTS 5.1 OVERVIEW 5.2 VISIBILITY AND REPORTING 5.3 WORKFLOW AND COLLABORATIVE BUSINESS PROCESS AUTOMATION 5.4 WORKFLOW AND COLLABORATIVE BUSINESS PROCESS AUTOMATION 6. BUSINESS REQUIREMENTS 6.1 BUSINESS PROCESS OPTIMIZATION 6.2 SOFTWARE FLEXIBILITY AND NEUTRALITY 6.3 SOLUTION/SERVICES...
Words: 3632 - Pages: 15
...Hey Guys, Here’s what I found out about cool online tools… MOOVIA http://agilescout.com/agile-‐tool-‐review-‐moovia-‐team-‐collaboration-‐network/ https://www.moovia.com/workspace/letgowithlego This scrum tool is a great way to organize your events and tasks, but needs to have an active team to input information in order for it to work properly. This is a collaboration tool and I signed on using LinkedIn. It was really easy to sign up, and has nice outputs for our progress and may actually be a viable solution for putting together our final presentation. The developers had three things in mind for this tool: It must be built on a social network environment, it should be based on agile methods, but not limited to it, and it has to be FREE for the user. ...
Words: 420 - Pages: 2
...Social media as a KM tool for supporting innovation and sharing Social media has rapidly evolved and plays an important role in today’s business world. Organizations recognized the power of social media and tried to find ways to use social media to help grow their business. Social media can be incorporated in business practices in areas such as recruiting, advertising, and branding within an organization. According to the Social Media Risks and Rewards report (2013) that contain surveys of more than 100 senior-executives, 38 percent of executives said their organizations used social media for brand awareness, 27 percent use for recruiting purposes, and 14 percent use for customer profiling (Bramwell, 2013). In this section of the paper, effective usage of social media as well as the controversial issues of social media will be explored. According to Razmerita, Phillips-Wren, and Jain (2016), “Social media opens innovative avenues to manage knowledge processes by facilitating new ways to externalize, share, create knowledge and innovation through co-creation processes, crowdsourcing or synergistic articulation of personal into collective knowledge” (p. 4). The successful adoption of social media requires social media strategy to be aligned with the organization’s goals. In this strategic alignment, organizations are able to improve knowledge-sharing, transform business processes, and increase overall performance. Effective Usage of Social Media Being able to successfully...
Words: 1203 - Pages: 5
... Open Mr. F. Groe Cardinal Ambrozic Catholic Secondary School Identifying Information Course Title: Hospitality and Tourism Technology Grade: 10 Course Type: Open Ministry Course Code: TFJ2O Credit Value: 1 credit Department: Technological Education Description/Rationale This course emphasizes the scope of the hospitality and tourism industry. Students study food origins, food handling techniques, food preparation, health and safety standards, and the use of specialized tools and equipment. They also investigate travel and tourism activities in Ontario, develop effective communication and management skills, and identify career opportunities in the hospitality and tourism industry. Unit Titles (Time + Sequence) Unit 1 | Safety and Sanitation | 10 hours | Unit 2 | The Scope of the Hospitality and Tourism Industry | 10 hours | Unit 3 | Food Preparation and Handling | 30 hours | Unit 4 | Food Origins and Tourism | 30 hours | Unit 5 | Communication and Management Skills | 30 hours | Unit Descriptions Unit 1: Safety and Sanitation Description This unit introduces students to basic principles of personal, workplace, and food safety in hospitality and food service. Students examine their role in safety and sanitation in the hospitality and food service industry, beginning with their responsibilities as members of the school community. Through the study and application of safety and sanitation principles, students demonstrate respect for the...
Words: 1148 - Pages: 5
