...Activity-Based Costing: A Tool for Manufacturing Excellence ABC is a strategic weaoon in the Quest for comoetitive oosition. By Peter B.B. Turney, Ph.D. This article exammes rne role of actiVity-based costing in the achievement of manufacturing excellence. It describes manufacturing excellence and the product cost information requirements of managers who seek to achieve it. It shows how conventional product costing fails to meet these needs, and demonstrates how activity-based costing corrects these deficiencies. It explains how managers in manufacturing companies can use activitybased costing for strategic, product design, and continuous improvement purposes. Finally, the article lays to rest fears that activity-based costing may be too costly and complex to be compatible with manufacturing excellence. and sustaining a comA chievingadvantage via attention petitive manufacturing excellence requires to all aspects of manufacturing performance. This attention requires that managers have information that helps them choose correct strategies, improve product design, and remove waste from operating activities. Conventional product costing systems provide little information on these sources of competitive advantage. Schrader Bellows found that the product costs generated by their conventional system were so inaccurate they encouraged management to adopt strategies which inhibited the improvement of manufacturing.' Product designers at the Portable Instrument Division of Tektronix...
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...follows the order in the past. Esprit de corps: after Chris went to an Outward Bound course and learned the value of teamwork. Stability and tenure of personnel: Chris giving his employee formal training so they can do their job well. 2.- I believe that Mary Parker Follett would congratulate Chris Martin’s managerial style as he came to supports his employee and learned the value of teamwork; as a result Chris was able to motivate his staff’s performance through cooperation and a spirit of unity. 3. - Theory Y manager. Chris is committed to the company and his employees. Offering training to employees, employee involvement and share profit as rewards. 4. - Open system, he is engaged with his employees. 5.- In Search of Excellence: Lessons from America's Best-Run Companies, Thomas J. Peters and Robert H. Waterman Jr., 1982 because 36 companies were analyze and in my opinion it is always better to have different points of view form different sources rather than just one. I believed different sources can give mangers a more ample and better picture due to different case scenarios are analyze providing variety of examples and...
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...EFQM Excellence Model What does it mean? The EFQM is the abbreviation of European Foundation for Quality Management and is a not-for-profit membership foundation in Brussels, established in 1989 to increase the competitiveness of the European economy. The initial impetus for forming EFQM was a response to the work of W. Edwards Deming and the development of the concepts of Total Quality Management. What kind of model it is? The EQFM has a model which provides a holistic view of the organisation and it can be used to determine how different methods fit together and complement each other. The Model can therefore be used in conjunction with any number of tools, based on the needs and function of the organisation, as an overarching framework for developing sustainable excellence. There is not a specific type of companies which can participate in the competition some of the main areas we can find here are: education, energy & utilities, healthcare, IT & Technologies, Manufacturing, Material, NGO/Associations, Public Administration, Retail, Services and Transport & Logistics. But in order to become a member of this organization you must pay a fee which is based on the annual turnover of the organization Annual Turnover | Category | Standard Fee | More than 1 billion Euros | A | €11,000 | Between 100 million and 1 billion Euros | B | €5,500 | Between 5 million and 100 million Euros | C | €2,700 | Less than 5 million Euros | D | €1,350 | What...
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...Quality Systems for Business Excellence MT1026F Main Diet Unit 2 For 2011 Researching on Contribution of Organisation Learning that Develop Organisation Excellence by Using the European Framework for Quality Management Name: Shaun Amirthalingam 0705668 Matthew Peh Voon Yang 0805185 Boo Tong Kwong 0805183 Table of Content Title | Page Number | 1.0 Introduction | 3 | 2.0 Learning Organisation2.1 Inspiration and Motivation2.2 Empowerment2.3 Accumulating and Sharing Internal Knowledge2.4 Gathering and Integrating External Information2.5 Enabling Creativity | 4-5 | 3.0 European Foundation of Quality Management3.1 The Good of EFQM3.2 EFQM Developing Organisation Learning3.3 Limitation of Organisation Learning | 6-13 | 4.0 Conclusion | 14 | Referencing and Bibliography | 15-18 | Researching on Contribution of Organisation Learning that Develop Organisation Excellence by Using the European Framework for Quality Management 1.0 Introduction It is a huge change that has accelerated over the past few decades in the economy. During the 20th century, organisations always focused at traditional factors for production on tangible resources such as equipment, land and money. Almost every organization...
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...7 Cities Do It Yourself Auto Repair Assignment 2Week 8: Marketing Plan Part B Roderick D Williams Strayer University Marketing Management Professor Caitlyn Worner 6/1/14 7 Cities Do It Yourself Auto Repair The concept of 7 Cities Do It Yourself Garage did not derive from the passion of an individual repairing their own automobiles, it derived from finding a money saving solution to small auto repairs. Many people do not change their own oil, which is a very inexpensive preventive maintenance cost. Once you get the feel for doing your own oil changes, it will lead to you learning more about vehicle repairs and the amount of money saved in the process. This knowledge will come in handy especially during difficult economic down times, like the economy in 2008. As you learn more about at home car repairs, some required tools and equipment are not available for use in the driveway or garage. Researching a few backyard mechanics you will find the same problems. In addition, many people that rent homes and apartments are not allowed to work on automobiles on the premise, of the rental property; in the city of Norfolk it is illegal and by owner discretion in others. Roderick Williams has been a vendor at a local flea market for over 10 years and through his consumer connections, he was often asked does he know of someone that can fix this or repair that. Another vendor sells stereo equipment, but there is no one to install the equipment, especially on rainy days...
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...EXECUTIVE SUMMARY Businesses; no matter the industry, be it food; automobile, clothing or others product as well service sectors had their own quality management system. In the early 80’s, business organizations had already began to build their quality management system based upon the principles of Total Quality Management. A less known but very successful quality management system, Achieving Competitive Excellence (ACE) operating system is one of the successfully evolved systems. This system was developed and is practiced by United Technologies Corporation (UTC) until today. ACE primary uses the principles of productivity improvement and waste reduction. The fundamental of ACE is to cater that every person should strive with continuous improvement. This paper provides a rough analysis on how quality management practices may affect productivity in UTC. INTRODUCTION Quality management and productivity improvement is definitely of a central consideration in all of the sectors revolving around the world economy. As quality is an important factor for customer satisfaction, it is thereby the most critical part of strategy of most, if not all in businesses. In some industries, quality might goes beyond customer satisfaction and into critical sectors such as customer and public safety. Examples of these types of industries are of the building system and the aerospace industries. Quality management is the most basic practices in any kind of strategy implemented by any...
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...Definition………………………………………………3 1.1 Background………………………………………………………….3 1.2 Definition……………………………………………………………..3 2. The Wood Furniture Value Chain……………………………………….4 3. Global Overview of Furniture Industry………………………………...6 4. Domestic Furniture Industry…………………………………………….8 4.1 Challenges facing South African furniture industry………………9 4.2 Rationale for producing furniture in South Africa………………..12 4.3 SWOT Analysis……………………………………………………..13 5. Vision………………………………………………………………………..17 6. Key Action Programmes………………………………………………...17 6.1 SMME Development Programme………………………………...18 6.2 Sourcing of Raw Materials…………………………………………21 6.3 Furniture Centre of Excellence…………………………………….23 6.4 Skills Development…………………………………………………25 6.5 Manufacturing Excellence Program (MEP)………………………27 7. Logical Framework………………………………………………………..29 8. Economic Impact of the strategy……………………………………….33 9. Conclusion and Way Forward…………………………………………..34 10. References………………………………………………………………….36 ii Tables Table 1 HS Codes for furniture………………........................................4 Table 2 Top 10 furniture exporters………………………………………...6 Table 3 SADC forest cover and annual change of forest cover………..22 Table 4 Scarce Skills for the Furniture Industry………………………….26 Table 5 Impact of furniture strategy on the economy……………………33 Figures Figure 1 Furniture Value Chain…………………………………………….5 Figure 2 Trade...
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...benefitted from excellence in customization and specialized research & development of design with full-service custom unit fabrication. This has historically allowed Spartan to maintain a positive rapport with clients, as their approach allowed for meeting the client’s specific needs. However, the industry trend has changed and competition from international sources has pressured Spartan’s Executive Management to revise the fiveyear development plan to compete with Korean and European firms. The standard for the industry has shifted from customized solutions to a low-price, highly-standardized market. This is not in line with Spartan’s current initiatives and Max Brisco, vice president of manufacturing, has solicited Rick to provide a detailed plan on how to achieve savings and efficiency in a transition to a more competitive manufacturing structure. The most critical step in this reformation is to redesign workflow and job order processing from a job order/job ticket method to a more streamlined and standardized process. This will require re-engineering the workflow of the manufacturing workforce, and offers an opportunity for the research & design component to redirect their efforts away from customized products and toward a working internal manufacturing process. The use of job shop stations will be modified into a modular workflow, where multiple stations can be working simultaneously in a hybrid method of standardized and modular manufacturing. Next, the...
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...provides a means by which quality can be measured or assessed as a basis for practical business decisions. ANS: F PTS: 1 DIF: Difficulty: Moderate NAT: BUSPROG: Analytic TOP: A-head: Defining Quality KEY: Bloom's: Comprehension 3. According to the product perspective of quality, larger number of product attributes are equivalent to higher quality. ANS: T PTS: 1 DIF: Difficulty: Easy NAT: BUSPROG: Analytic TOP: A-head: Defining Quality KEY: Bloom's: Knowledge 4. The user perspective of quality judges a product based on how well the product performs its intended function. ANS: T PTS: 1 DIF: Difficulty: Easy NAT: BUSPROG: Analytic TOP: A-head: Defining Quality KEY: Bloom's: Knowledge 5. According to the manufacturing perspective of quality, quality is based on the relationship of product benefits to price ANS: F PTS: 1 DIF: Difficulty: Moderate NAT: BUSPROG: Analytic TOP: A-head: Defining Quality KEY: Bloom's: Comprehension 6. Inspection was the primary means of quality control during the first half of the twentieth century. ANS: T PTS: 1 DIF: Difficulty: Easy NAT: BUSPROG: Analytic TOP: A-head: History of Quality Management KEY: Bloom's: Knowledge 7. During the 1940s and 1950s, after the world war II, the quality of products was the most important priority of top managers as it was recognized as the key to worldwide success. ANS: F PTS: 1 DIF: Difficulty: Moderate NAT: BUSPROG: Analytic TOP: A-head: History of Quality...
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...under the precious guidance of their experience and kind guidance of their training staff .Thus any project cannot be accomplished to one’s satisfaction without proper guidance and the total cooperation of all those involved in the project .So I am very thankful to the kind persons who have helped me immensely during our whole training period. I express my deep gratitude and sincere thanks to Mr.J.C.Sinha (finance) for their valuable guidance interest and consistent encouragement to me in the preparation of this project report. I also want to extend my greatest thanks to all those who are associated and contributed in this project. HMT PROFILE- HMT is incorporated in India in 1953 by the government of India as a machine tool manufacturing company. Over the years it diversified into watches, tractors, printing machinery, metal forming presses, die casting and plastic processing machinery, CNC systems and bearings. Today if we talk about HMT, it comprises of subsidiaries under the ambit of holding company, which also manages the tractors business directly. Earlier HMT was dealing only in watches but now in deals in many other products. The product range varies accordingly- 1. HMT machine tools 2. HMT watches limited 3. HMT Chinar watches limited 4. HMT international limited 5. HMT bearing tools limited 6. Praga tools limited It was in the early post independent era that HMT began in a small way to meet a big commitment. “To manufacture mother machines to build...
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...ENHANCING STUDENT EMPLOYABILITY: Higher Education and Workforce Development Ninth Quality in Higher Education International Seminar in collaboration with ESECT and The Independent. Birmingham 27th-28th January 2005 The Competencies for Next Generation Employability Eamonn McQuade, Deirdre Hogan, John O’Donoghue, Theresa Maguire, Eamonn Murphy. Programme for the University Industry Interface, University of Limerick Conference Theme 3: Working with employers Abstract It is generally accepted that employees will need to broaden their knowledge, skills and competencies through a lifetime of learning if they are to remain employable, and if enterprises are to maintain their competitiveness in a knowledge-based global economy. However, identifying and developing skills and competencies for next generation employability in Ireland is a challenging task. The Programme for University Industry Interface (PUII) is an action research project, established in 2003, to determine the skills and competencies required by Irish Industry and to develop learning models that will facilitate their delivery. This paper presents the outcomes of an action research methodology based on a Community of Practice model (COP), which addressed the issues surrounding competencies for next generation employability. It proposes a competency framework which integrates the four key categories of skills: Business, Technical, Interpersonal, Intrapersonal, and presents a set of recommendations...
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...Total Quality Pioneers Paper xxxxxxxx Quality Management and Productivity MGT/449 xxxxxx xxx Introduction People are confronted with scenarios concerning quality nearly every day. The word or notion of quality can be defined a number of ways. Some think quality should be determined by individual standards and expectations, while others believe quality is an ever changing state. Goetsch and Davis systematically broke down the elements of quality and determined that “quality is a dynamic state associated with products, services, people, processes, and environments that meets or exceeds expectations and helps produce superior value (Goetsch and Davis, 2010 p.5).” Whatever ones interpretation of quality might be, the intent of this paper is to more clearly define quality and its elements as well as describe how the quality pioneer's use of the total quality elements made the pioneers successful. Furthermore, this paper will explain why the elements of quality are useful in today’s environment and offer some insight as to what the future of quality might look like. Quality and its Elements Quality is defined with a variety of distinct explanations. Nevertheless, understanding quality is the key. End use consumers that are businesses explain quality unmistakably through the use of standards, specifications, and other measurable features. For instance, an individual in search of a new automobile will make his or her final purchase decision based on the quality...
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...OPERATIONS AND PROJECT MANAGEMENT OPERATIONS AND PROJECT MANAGEMENT OPERATIONS AND PROJECT MANAGEMENT OPERATIONS AND PROJECT MANAGEMENT OPERATIONS AND PROJECT MANAGEMENT www.ibscdc.org 1 Efficient Project Management at TransWorks Information Services Pvt. Ltd., an Indian-based BPO Company This is a real life case taken from a service industry; it discusses the real life problem faced by a BPO Company. It focusess on the problems faced by the calling agents and the management as a whole, many a times it so happens that the management perceives a problem in a different angle and the solution eludes them; this causes a lot of frustration on the part of employees and management resulting in mass attrition. The real concern today for any call centre company is its high attrition rate; the basic reason being the discord between the management and the employee. The employees look out for a congenial and empathetic management and shift to the other competing companies when offered a good work environment. This case study throws light on one such aspect where a mass attrition was avoided by the top management by strategic and lateral thinking. Pedagogical Objectives • How a manager dealt with such a challenging project with support of his team of 14 fresh trainees • How he managed to save the project and bring about some wonderful changes to glide through the difficult times • How innovation and teamwork can change things for an organisation. Industry Reference No. Year of...
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...business, a product too has its hierarchy. A product can be divided into three levels which are a series of different features and benefits which helps in its segmentation targeting and positioning. Thus the three levels of a product are the ones which help to define the product in a better manner. These three levels are Levels of a productImage courtesy – marketingteacher.com 1) Core product 2) Actual product 3) Augmented product The terms “Core product” and “Actual product” have a very slight differentiation between them but it is vital that marketers understand this difference. Only by defining your core product clearly, you can achieve marketing excellence. Core product is also known as benefits and is general intangible in nature. Lets take an example. Supposing you are planning on launching your own car manufacturing unit. What would be your core product? Would it be the car itself? NO. The core product would be convenience to your customers. Your customers can also travel by bus or taxi. But they prefer cars because of convenience as well several times because of status symbol. Thus the core product in case of Tata cars will be convenience and value for money whereas in case of BMW it will be Status symbol. Thus the concept of core product is simple. The Actual product is the one which is manufactured after a decision has been taken on what your core product is going to be. Thus, from the above example, if your core product is a status symbol, your actual product will...
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...that plans are being followed. * -ie. Feedback between actual and budget is essential part of it. * * Strategy * -the focal point of a co’s strategy should be its target customers. * Customer Value propositions * Customer Intimacy Strategy * -understand and respond to customers needs * Operational Excellence Strategy * -deliver products and services faster, conveniently,lower price * Product Leadership Strategy * -higher quality goods * * Financial vs. Managerial Accounting * 1 users: external users vs. plan & control for internal use * 2 Time： Historical vs. Future * 3 objectivity and verifiability vs.relevance * 4 precision vs. timeliness * 5 subject companywide vs. segment * 6 rules GAAP/IFRS vs. not bound by any prescribed format * 7requirement mandatory for external reports vs. not mandatory * * Process Management * Four approach to improve * -lean production * -six sigma (rely on feedback and fact-based data) * -enterprise systems * -risk management * * Traditional Push Manufacturing Company * -estimate sales and order components, make sales from finished goods inventory * * Lean Production(JIT)(pull) * -customer place order and then create production order. * * CPA Ontario provides professional ethical...
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