...TERMS OF REFERENCE This report has been compiled by Anisa Suleman in accordance with the brief obtained from Mr R.H. Salisbury for the purpose of obtaining a percentage of the semester mark. The topic of discussion is to prepare a comprehensive operations management report for a new enterprise located in a timber supply chain. My objective is to devise an enterprise that will be able to add value and develop core competencies that enable it to compete successfully with similar enterprises competing in the same market taking into account all ten Operation Management Strategies. The report must be clear and concise and include an executive summary, introduction, body, conclusion, recommendations and references. Due date: 29 April 2014 EXECUTIVE SUMMARY The enterprise will be a dynamic and growing sawmill enterprise; the new company’s strategies are formulated according to my operations plan and this plan involves gaining a good customer base and competitive advantage in the market. My objective is to prepare a report that describes the operations management of this new enterprise in terms of the ten OM strategic decision areas that I have devised. The name I have chosen is KZN Timber Pine and it’s a sawmill facility where logs are cut into board or planks. The process takes place in multiple steps and the planks are prepared using various machines. Logs are stripped of the bark and the wood is cured before being cut into planks. Planks go through a process of drying...
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...the bank are not what one would expect from a financial institution with such a reputation. Since its establishment in 1948, the bank has always offered top-notch services with fewer mistakes in Oman. Currently, there have been reports that the country is experiencing problems with their ATM machines. Customers are unable to use their ATM cards to access their accounts. The administrative sector is also having problems involving registration of clients to their newly introduced Advance Credit cards. The process has become strenuous for its customers. This study aims at identifying the problems and resolving it through operations management theories in gaining global competitiveness. According to the theories of operations management, organizations can solve their problems in three distinct ways. The six-sigma approach suggests identifying the defects and solving them afterwards. The lean approach, similarly advocates for the identification of defects though it focuses more on the wastes. After identification of such wastes, it is plausible to eliminate them. Contrary to that, the theory of constraints suggests that in every organizational structure, there is a limit. Identification of these constraints should be solved by redesigning the operational process. Furthermore, drawing examples from banks, which have suffered similar problems,...
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...Operational Risk Key Term Operational Risk is the monetary risk that a corporation faces when people, processes, or system failures occur. The concept of operational risk is a constant in the workplace and has a major impact on decision making within the corporation. In my current workplace, we are considering a major change in workflow, and must measure the operational risk to the benefits of the proposed changes. Explanation of the Key Term Many factors must be considered when a change is proposed within an organization. Benefits and detriments must both be weighed in order to make the most informed decision; however, even after careful consideration, some decisions are poor. Operational risk must also include monetary damages that occur outside the realm of human decision-making, such as natural disasters or communication failures. Any action that causes a disruption to routine business operation is considered an operational risk. The more information used to calculate operational risk, the more complete and reliable picture is created for total risk evaluation (Mittnik, Paterlini, & Yener, 2014, p. 102). It is imperative to have accurate data to make quality decisions, and to create processes for predicted failures to minimize impact on the corporation. Major Article Summary Operational risk assessment should be a common, daily occurrence within an organization and should be implemented in every process in place. Corporations should implement an operational...
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...The Importance of Risk Management for Managers Anthonique Brock Walden University March 21, 2015 Leck, H (2014). The Importance of Risk Management for Managers. Managerial Challenges of the Contemporary Society, 119-194 The purpose of the article was to explain the causes of accidents in the workplace and how does management deal with it. According to (Leck, 2014) “Accidents do not happen by themselves they are caused accidentally…” This statement is true but Leak wanted to dig deeper so he can understand the root cause of the accidents. It is always two sides to a story whether it is true or false but both sides deserve to be heard. Leak gave an example of a man driving a forklift and it tipped over because he ran over a stone. The question is what really caused the accident? Was it the stone or was the driver not paying close attention? This is a good example but this will be a never ending question. Leck researched 2 main theories regarding accident causes; what caused the accident and the deep-seated causes of the accident. For example, it could be that the stone caused the accident because it was too big for the driver to avoid. Maybe the driver was distracted and could not avoid the stone so he had to hit and in result the forklift tipped over. So that Leck can get to the bottom of the question, he researched and came up with basic models of accident. According to (Leck, 2014) “Basic model of accidents try to describe or explain how the critical event that caused...
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...Challenges Facing the Finance Industry This paper will explore three problems facing the finance industry. Those problems include cybersecurity, compliance with regulation, and risk management. Three solutions will also be addressed later in this paper. 1 When one thinks about the finance industry, banks, credit agencies, insurance companies, and equity firms may come to mind. Over the years financial institutions have not been up to par. With the financial crisis that happened in 2008, the world is still recovering and paying high taxes for the amount of debt that it acquired. As a result of that crisis, the financial industry faces challenges that include cybersecurity, complying with regulation, and risk management. Although the industry faces these challenges, there are solutions that can make things operate smoother. One of the finance industries biggest challenge this year is cybersecurity. According to Hewitt, “The potential hacking of sensitive customer information is a top threat facing the financial industry in 2014.” Technology is vastly changing, and more people are beginning to use different softwares to handle the financial side of the business. With technology evolving, hackers are getting more experienced, and cyber-attacks are beginning to occur more frequently and more wide spread than they have been in the past. According to Rodriguez, “As the cost of technology decreases, the barriers to entry for cybercrime drop, making it easier...
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...Report On Structure of MIS Submitted By: Navneet Bajwa IT and Telecom Roll No. :- 03 INDEX Introduction | 3 | Physical components of MIS | 4 | Conceptual Components of MIS | 5 | Structure Based on Management Activity | 6 | Structure Based on Organizational Functions | 12 | Applications Based on MIS | 18 | References | 20 | Introduction Management information system broadly refers to a computer-based system that provides managers with the tools to organize, evaluate and efficiently manage departments within an organization. MIS, or Management Information Systems, are used to manage the data created within the structure of a particular business. These systems store the data and allow the business to manipulate this data. It is the study of people, technology, organizations and the relationship among them. MIS can be defined as the study of how individuals, groups and organizations evaluate, design, implement, manage and utilize systems to generate information to improve efficiency and effectiveness of decision making. The concept of MIS gives high regard to the individual and his ability to use information. While analyzing the data, it relies on many academic disciplines. These include the theories, principles and concepts from the Management Science, Psychology and Human Behavior, making the MID more effective...
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...STRATEGIC MANAGEMENT AND OPERATIONAL GUIDELINES A User Guide for Public Sector Auditors in the Pacific Developed by PASAI in 2012 Pacific Association of Supreme Audit Institutions (PASAI): Strategic Management and Operational Guidelines Pacific Association of Supreme Audit Institutions (PASAI) 2 Pacific Association of Supreme Audit Institutions (PASAI): Strategic Management and Operational Guidelines Foreword The purpose of these guidelines is to provide assistance for Pacific Association of Supreme Audit Institutions (PASAI) members, especially heads of SAIs and managers to carry out their functions strategically, tactically and operationally. They do this by introducing the basics of planning, examining the types of objectives and differentiating the types of plans consisting of the corporate plan, strategic plan, business plan and operational plan for the management of their offices. PASAI recognises the importance of having these strategic management plans as it is top level management’s responsibility to define the SAI’s positions, formulate strategies and guide long term organisational activities. This is one of PASAI’s initiatives aimed at developing SAIs within the region. The guidelines have been produced to assist PASAI members in the effective, efficient and economic planning and management of their resources annually and in the long term. It provides guidance to SAIs in establishing and enhancing their strategic management functions. The guidelines...
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...Operational Risk Management Interpreting Operational Risk Operational risk is the risk of loss resulting from inadequate or failed internal processes, people, systems and external events. This definition includes legal risk but excludes reputational risk and strategic risk. Therefore, in line with the Basel II risk management framework and best practices, operational risk in the Bank is composed of the following risk types: operations risk, legal risk, regulatory compliance risk, financial crime risk, people risk, property, technology, vendor, financial, and environmental risk. KIRU HAS A SMALL PART (TYPES OF OPERATIONAL RISK) HERE.WE WILL SEND YOU TODAY ITSELF.IF NOT IGNORES THAT PART. Operational risk management at NDB Operational Risk Management at NDB Operational risk is recognized as a distinct risk category which the Bank strives to manage within acceptable levels through sound operational risk management practices. The Bank's approach to managing operational risk is to adopt practices that are most appropriate and relevant considering the organizational maturity and business environment. Operational risk exposure is managed through comprehensive set of internal controls and management processors that cover risk assessment (Identification, description and estimation), risk evaluation, reporting, mitigation, residual risk reporting and monitoring and control associated with our business operations as an ongoing activity. Further, the Bank recognizes the significance...
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...Manage Operational Plan CTH01019QB 1. List some of the details outlined in an operational plan. a. Research and analyse document resource requirement (tangible and intangible) b. Develop and or implement consultation processes as an integraf part of the operational planning process. c. Ensure details of the operational plan include the development of key performance indicators to measure organization performance d. Develop and or implement contingency plans and GAP analysis e. Ensure the development and presentation of proposals for the resource requirement is supported by variety of information sources and seek specialist advice as required f. Obtain approval for plan from relevant parties and ensure understanding among work teams involved 2. Broad consultation with other members of the organization, from team members to senior management is a good way to contribute to the success of operational planning. When, in the planning cycle should it be carried out? What outcomes would you be looking to achieve from this process Broad consultation should be on going from the beginning, in order to ensure active outlined in the operational you should actively consult with team members about * The Organisation’s strategic plan * Activities outlined in the operational plan * How the outcomes of these activities will be measured * The timeframe the activities should be carried out in the roles and responsibilities of individual team...
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...Operational Plan James Sweeney MGT 601 The Functions of Modern Management Professor Dr. Key Baron Smith July 13, 2015 For the purpose of this paper we are going to assume that the Strategic and Tactical Plans are aligned with the operational plan. The operational plan is then the implementation plan of the Strategic and Tactical plan that has been developed and approved by mid and upper management. The name of the company is Sweeney’s Medical Device Inc. and employees approximately 200 employees and has annual; sales of $90 million.. The company has one manufacturing facility that is located in the United States. The company produces and manufactures medical instruments that are affordable for the medical industry. The following is a brief review of the planning process, vision, mission statement and values of the company are as follows: For a brief review the operational plan can be defined as a plan prepared by a component of an organization that clearly defines actions it will take to support the strategic objectives and plans of upper management. However, to fully understand operational plans, we should first look at the overall planning process within a business. This diagram shows three levels of planning. Type of Plan | Created By | Scope | Includes | Level of Detail | Strategic plan | Top management | Entire organization | Mission of the company, future goals and ambitions | Very broad and general | Tactical plan | Mid-level management | Single...
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...LDRRMF Accountability Form No. 1 “A” REPORT OF LOCAL DISASTER RISK REDUCTION AND MANAGEMENT FUND UTILIZATION For the Quarter Ending September 30, 2012 GENERAL FUND Province/City/Municipality: CITY OF MATI P 543,188,677.00 p 22,257,663.93 Estimated Revenue from Regular Sources: CALAMITY FUND Less: DISBURSEMENTS Pre-Disaster Preparedness Programs Management/Operational Expenses: Fuel, Oil & Lubricants Travelling Expenses Office Supplies Capital Outlay: Purchase of Office Equipment for OpCen Purchase of Vehicle for (OpCen) Projects and Programs: Construction of Flood Control – Sitio Calasagan, Barangay Sanghay __________________________________________________________________ Post-DisasterPrograms Aid given to Fire Victims in Mati during 3rd quarter of 201 Aid sent to DSWD for the Flood Victims in Manila _____________________________________________ _____________________________________________ Payment of Premiums on Calamity Insurance __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ SUBTOTAL BALANCE 102,920.00 13,980.00 7,780.00 68,000.00 1,482,000.00 99,530.00 ______________________ 1,095,000.00 500,000.00 _______________ _______________ ______________________ ______________________ ______________________ ______________________ P 3,369...
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...SCOREl Operational risk An operational risk scorecard approach Operational risk scorecards have been in the spotlight since the Basel Committee on Banking Supervision’s 2001 paper on op risk treatment under Basel II. In the first of two articles, Ulrich Anders and Michael Sandstedt of Dresdner Bank examine what, specifically, these systems seek to accomplish – and what implementing them entails he analysis of operational risk is a relatively new area, though it is increasingly essential. From market and credit risk it can easily be understood what risk is and how it can be assessed – market risk results from the market portfolio of the company, credit risk results from the credit portfolio of the company. But what do we want to assess in operational risk? Operational risk is the risk of a loss resulting from inadequacies or failures in processes due to technology, personnel, organisation or external factors.1 What is being assessed, therefore, is the business processes of the company that are operational therein. Compared with the market or credit portfolios of the company, the business processes of the company could also be called the operational portfolio. Once we have assessed the business processes of the company, we need to report on the results. The appropriate way to do this is via an operational risk scorecard. Many reports are called scorecards. They all use scores to reflect a particular situation. For example, the famous Balanced Scorecard2 is, in simple terms...
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...the fastest BI growth area, lies in its use for managing and optimizing daily business solutions and operations that include overseeing database workloads that answer a mixture of Online Transaction Processing (OLTP)-like questions and additional business insight enquiries. This paper stresses on the importance of operational Business Intelligence in organizations that are not very well equipped to implement BI, and looks at the necessities for building and deploying an operational BI framework. The three main types of BI are - Strategic - Tactical and - Operational. Operational BI is concerned mainly with overseeing and optimizing everyday business operations and solutions. It delivers the required data or information at the right time to the right clients or users for them to tackle current business problems quickly and fulfill new business requirements. It helps organizations work smart and become nimble, which enables them to be competitive and in turn improve customer satisfaction. Inventory (Stock), Network and Risk Management, Customer Segmentation and Fraud detection are areas of operational business processes that could be enhanced using operational BI. Problem Statement: Many organizations today are very well equipped to implement successful BI Decision Support Systems (DSS) and its applications. On the other hand there are a few others, who are ill-equipped. This paper addresses the few common...
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...A management information system (MIS) provides information that organizations require to manage themselves efficiently and effectively. Management information systems are typically computer systems used for managing five primary components: 1.) Hardware, 2.) Software, 3.) Data (information for decision making), 4.) Procedures (design, development and documentation), and 5.) People (individuals, groups, or organizations). Management information systems are distinct from other information systems, in that they are used to analyze and facilitate strategic and operational activities. Academically, the term is commonly used to refer to the study of how individuals, groups, and organizations evaluate, design, implement, manage, and utilize systems to generate information to improve efficiency and effectiveness of decision making, including systems termed decision support systems, expert systems, and executive information systems. Most business schools (or colleges of business administration within universities) have an MIS department, alongside departments of accounting, finance, management, marketing, and sometimes others, and grant degrees (at undergrad, masters, and PhD levels) in MIS. Management Information Systems (MIS) is the study of people, technology, organizations and the relationships among them. MIS professionals help firms realize maximum benefit from investment in personnel, equipment, and business processes. MIS is a people-oriented field with an emphasis on service...
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...requirements that you would expect from these systems and who are the most likely recipients of those reports. Amazing Destinations will need a booking management system Refers to a system that processes information for business transactions that involves collection, modification and transaction of all data. BMS will enable customer service staff process client information which are Amazing Destinations daily activities which will aid in facilitating the quick process of destination bookings that will in turn add value to...
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