Business Performance Measurement Using Balanced Scorecard Critical Review Accounting Essay

The outlooks of directors are high, and this explains why academic and managerial involvement in this direction tool is on the addition. This paper critically examines plants or research done by outstanding writers on this topic to see the verve of Balanced Scorecard as a concern public presentation measuring tool in modern economic system. Literatures on Balanced Scorecard are on the rise as its methodological analysis become popular among top concerns. Gumbus and Lussier ( 2006 ) in their work, examined Balanced Scorecard and its characteristics ( ) , and why little medium concerns are recommended to utilize it as a metric for concern public presentation. Their surveies came at the clip when Balanced Scorecard is non been widely adopted by SME but by the large companies as a public presentation measuring method. Braam and Nijssen ( 2008 ) discuss factors impacting Balanced Scorecard acceptance and the two cardinal constructs of Balanced Scorecard use in recent clip: as a public presentation measuring system ( PMS ) and as a strategic direction system ( SMS ) . [ 4 ] carried out researches to look into if the Balanced Scorecard add values to companies that adopt it and how it does contributes to the public presentation of an organisation. [ 5 ] examines a outstanding characteristic of Balanced Scorecard cause and conse quence relationship and if Balanced Scorecard can associate operational prosodies with scheme which can be understood and influenced by directors as a valid strategic direction tool. [ 7 ] took a practical attack in discoursing ways that Balanced Scorecard can be used by undertaking directors to step and better the operational public presentation of their squad and besides clarifies aims and concern scheme. These literature discuses extensively on public presentation measuring with Balanced Scorecard cutting across assorted use and industries every bit good as farther elaborated in the advancement of this paper. Most surveies focus on large companies the scarceness of surveies associating to Balanced Scorecard been used in SME for concern scheme motivated [ 1 ] to ship on shutting this spread. They used a instance survey methodological analysis attack on three little concern endeavors. Research was conducted through personal interviews with executives at Hyde Park Electronics, Futura Industries, and Southern Gardens Citrus ( SGC ) . [ 1 ] examine each of the SME to place how of their concern scheme and public presentation aligns with the Balanced Scorecard features both in the short footings and long term. Financial metric, as indicated in their survey, is sale from new merchandise accounting for high net income of the organisation. The Operational Quality was identified to same-day bringing, bringing within five yearss, and on-time bringing. Customer Satisfaction metric was detected to be indicated by increased gross revenues and increased income that would ensue from merchandise credence a nd the coevals of repetition clients. Learning and Growth metric see the induction of employee public assistance plans such as benefits, net income sharing, preparation, and employee communicating and employee activities. By the above findings, [ 1 ] farther cited that about half of the large corporations in recent times has improved public presentation with the usage of Balanced Scorecard as operational and strategic measuring. The instance surveies affecting the SMEs rhenium seen to besides profit from utilizing this direction tool. [ 1 ] The consequences of the instance surveies of Hyde Park Electronics, Futura Industries, and SGC support the anterior literature from big companies. The consequences once more indicated that enterprisers can excessively profit from developing and utilizing a BSC. The benefit or value gotten from utilizing BSC was investigated by [ 4 ] , and in their survey, two research hypotheses were developed: how much does the Balanced Scorecard create value and secondly, how does the Balanced Scorecard create value? For the first inquiry [ 4 ] adopted the usage of Activity-Based Cost Management ( ABCM ) model, in comparing to BSC effectivity in happening how organizational ends aligns to people ‘s public presentation. The 2nd inquiries saw the usage of the Strategy-Focused-Organisation ( SFO ) to research the beginnings of possible value created by BSC. The methodological analysis used was quantitative in nature and an empirical study and analysis of informations collected from EU companies that have used BSC. In their findings, [ 4 ] argued that value is so been added to companies by the usage of BSC. They indicated that the public presentation of an organisation comes chiefly from what it does during scheme interlingual rendition, its consistence in act uponing managerial patterns, and its function in resources alignment to strategic aims i.e. from the agencies to the terminal. The surveies of [ 4 ] hinted the construct of following BSC for PMS every bit good as SMS. Thus, [ 2 ] , in their research differentiate these lifting constructs of Balanced Scorecard ( public presentation measuring system ( PMS ) and strategic direction system ( SMS ) ) , and factors impacting their acceptances by companies as shown the survey done by [ 2 ] . Hypothesiss were developed to steer and develop their methodological analysis which involves quantitative attack. Data aggregation was done by questionnaires sent to 40 Dutch houses gotten from database of companies which had responded to a benchmark study for best patterns in direction control and public presentation measuring in the four areas/domains of involvement of the Balanced Scorecard. [ 2 ] indicated in their findings that the acceptance of both types of Balanced Scorecard benefits from top direction engagement. Consequences besides show that utilizing Balanced Scorecard as PMS will profit from the support of the admi nistration ‘s finance section. They besides cited that Balanced Scorecard as PMS accent on an inclusive measurings of both fiscal and non-financial values which gives valuable image of the company ‘s place in the market. However, public presentation metric indexs cut across the cardinal characteristics of BSC itself, as such [ 5 ] in their survey analysed the cardinal premises of BSC and the relationships among the four countries of measuring suggested ( the fiscal, client, internal-business-process and learning and growing positions ) and its consequence on scheme and public presentation of an organisation. Research inquiry to steer their survey was besides raised: is there a causal relationship between the countries of measuring suggested? The methodological analysis that was used is analytic because, as argued, increases preciseness and lucidity degree in understanding the BSC construct and theoretical account. Past and present literatures were widely analysed. [ 5 ] one cardinal findings indicated that companies ‘ do non necessitate to see priori concern scheme before planing a coherent set of public presentation measurings reasoning that the design of public presentation indexs can work as a accelerator for scheme preparation. The preparation of scheme entails the development of undertakings to transform them into operational aims. This is further discussed by [ 6 ] in their survey. They used the BSC methodological analysis in their survey to develop, trial, and use a strategic measuring system, specifically for undertakings. The attack adopted was a comparing and study of two undertakings monitored by the writers and undertaken by undertaking squad. Their consequence indicated that BSC plays important function in bettering undertaking direction effectivity. They besides argue or indicated that balanced public presentation measuring is an of import technique for set uping on-strategy undertaking bringing The above surveies further give more penetration on the construct of BSC as a public presentation measuring tool that is best used in exciting thought of comparative steps in the critical success factors of any concern. Thus, organizational public presentation sees an addition when, as the chief tool, BSC is used to interpret the scheme of the house. In this respect, BSC contributes positively [ 4 ] [ 6 ] . However, the acceptance of BSC in an organisation depends to a great extent on the degree of top direction and product-market kineticss every bit good as the finance section. If a company is in a competitory market, client satisfaction and fiscal values are of extreme importance to exceed direction and finance section. These public presentation prosodies influence the preparation of scheme and therefore the acceptance of BSC particularly as public presentation measuring system [ 2 ] . However, the support of top direction and the employees ‘ deduction do non look to be requi rement conditions to do the successful development of a BSC [ 4 ] . The influence of BSC on departmental units and internal administrations within the house can be detected in undertaking squads. The BSC clarify and improves strategic step and connexions thereby bettering internal public presentation in traditional deliverables. It is importance to observe that at that place does non be one BSC that matches all administrations but BSC development is team-based [ 1 ] [ 6 ] . Furthermore, as indicated by [ 6 ] , companies ‘ operational aims in undertakings become a direction success as internal sections are exposed to run of strategic-performance indictor which clarifies and proctors project vision and ends. [ 4 ] Surveies indicated that despite the broad acceptance of BSC in recent times, the methodological analysis is non free from defects. Kaplan and Norton describe the relationship among the characteristic of BSC as causal ( cause and consequence ) , i.e. one metric taking to another, and a dependence relationship. This nevertheless, an issue as for case, the satisfaction of clients does non basically give good fiscal consequences hence the relationship is a logical and non causal one as it is inherit in the BSC construct. This portends that the premises made by BSC possibly invalid taking to the expectancy of public presentation indexs which are faulty, ensuing in sub-optimal public presentation [ 5 ] The reviewed surveies are non without restrictions as hinted by the writers. The research by [ 1 ] is marked with a restriction in instance survey attack as at that place does non be any survey on BSC been used by little concern at the clip of the survey. Furthermore, the plausibleness of findings did non protect against the research restrictions in the survey done by [ 2 ] . The generalizability of the findings was edged by a restriction in the sample size, the respondents ‘ chiefly fiscal background, and the usage of cross sectional informations to look into the degree of acceptance of both BSC types at the same time. [ 4 ] besides highlighted that measuring or mensurating the public presentation of an organisation is a difficult scientific discipline. Again, in their survey, sample houses did n’t hold unvarying execution of the BSC construct. One restriction of this paper is that it is analytic which is based on researching surveies and researches associating to BSC. Trusting on these beginnings can, nevertheless, non be deem insightful as an empirical survey. Further research is necessary and should be expanded on about all concern service sectors on how BSC is used to aline concerns to capital budgeting processing. Larger sample size should be used every bit good as extra factors, for case consideration of institutional motives for BSC acceptance. The influence of BSC on the internal relationship between sections and undertaking squads should besides be researched. Decision The balanced scorecard is a tool which methodically expands the measuring zones traditionally involved in accounting. Its cardinal end is to cut down the issues associated with the usage of fiscal steps for control intents by infixing non-financial measurings in a strategic control model [ 5 ] . The connexion between concern scheme and aims utilizing BSC creates an apprehension of public presentation measuring and metric that guides the co-ordinated and careful action of directors. Surveies analysed in this paper show that the BSC creates and adds value to organisations that adopt it and promotes more reliable communicating effectual plenty for direction decision-making. Therefore while the adopting of BSC is on the rise by more concerns, this paper analytically shows the positive part of BSC to the public presentation of an administration with an increasing organic structure of cogent evidence. [ 1 ] Gumbus, Andra. A ; Lussier, Robert N. ( 2006 ) . Entrepreneurs Use a Balanced Scorecard to Translate Strategy into Performance Measures. Journal of Small Business Management, 44 ( 3 ) : 407-425. [ 5 ] Norreklit, H. ( 2000 ) , â€Å" The Balance on the Balanced Scorecard-A Critical Analysis of Some of its Assumptions † , Management Accounting Research, 11 ( 1 ) pp. 65-88.

Current Events and U.S. Diplomacy Essay Example | Topics and Well Written Essays - 750 words - 9

Current Events and U.S. Diplomacy - Essay Example These wars are commonly known as Proxy wars. Each country tries to contain the expansion of the other. Russia targeted communism. Many historians believe that it had selfish motives planned, turning the supporting countries into military camps, funding the spread of communism in other continents and U.S. trying to cork the leak. In 1947 the U.S. president Truman put forward the Truman Doctrine which served as a platform to voice the very same notion of corking the leak. It was primarily announced to save Greek communists from being overcome by the Soviet Union. The doctrine however did not highlight the particular expansionist country, yet the core country was pretty much evident. It said that whoever tries to establish a stronghold over countries who do not wish to abide willingly will be tackled by the United States of America. The Soviet Union recognized this doctrine as a war cry. (Gaddis 1974). The Truman doctrine was in fact an open effort by the States to contain Communism within every nook of the world no matter how far reached it appeared to be. This laid open an invitation for cold war which proceeded as the States tried to handle various targets set forth by the post war Soviet Union circumstances. The announcement of this doctrine created many adversaries from within the country as well. Many were opposed to the fact of spending millions of dollars just for simple administration in various countries. They felt as if President Truman and the speech he delivered in front of the Congress in 1947 had obligated the country to kibosh communism in every other country. The feared the burden it would be laying on the economy and ultimately on the financial infrastructure. But Truman believed that this containment need not only be via military forces but through peaceful talks, negotiations and other economic means (Zajac, 2013). It felt as a need for the U.S. to provide

Company Culture and Making the Investment Decisions Assignment

Company Culture and Making the Investment Decisions - Assignment Example It may also affect the performance of the organization. However cultural considerations are taken into account more in case of productive physical resources rather than financial investments. Product/Service Quality This is an essential factor to be taken into consideration while making any investment decision. The quality of the invested capital resources has a direct effect on the quality of the products or services of the organization. The least extensive investment resources would be yielding the lowest quality of products or services for the organization. The manager requires balancing between the quality and the cost for maximizing the cost-effectiveness of the investment. In a similar manner let us consider another example- purchase of the lowest quality of vehicle for the on-site workers would result in the interruptions in fluent or efficient services due to vehicle breakdowns or other related problems. If Laurentian Bakeries Inc. purchases lower quality equipment, it would result in the preparation of low quality food products. Thus the company requires finding a balance between the cost and the quality in order to increase the efficiency of the investment. ... It is very important for the manager of Laurentian Bakeries Inc. to consider the impact that the capital investment decision possess in the environment (Albrecht, 2011). Implementation of strategic plans The strategic plans for the first year of the project are identified to be the operating plan for the same. The operating plan is supported by a detailed list of capital projects which are proposed earlier and thus, becomes the basis for the capital allocation of the project. Initiatives are taken to improve the strategic plans and the benefits associated with the company (Jennings, 2006). The managers are also trained in such a way that they can give out proper instructions to their employees and thus, balance the operation efficiently (Porter, 2011). The corporate strategies are also evaluated in order to acquire the successful projects. The companies are evaluated with regard to the challenges that are being faced by them. The tangible actions have to be linked with the corporate vision so that the projects are successful and yield suitable results. The risk-minimizing factors are also evaluated in order to take the right decision for any project. The quantitative factors that are required for the evaluation of the projects of the company are as follows: 1) Net Present Value: Net present value is the difference in between the present value of the total cash inflow and the present value of the total cash outflow. It helps in determining the value of an investment project thereby facilitating the investment decisions.

Historical Perspectives on motivation Essay Example | Topics and Well Written Essays - 3000 words

Historical Perspectives on motivation - Essay Example Motivation, the drive to satisfy a need, ultimately comes from within an individual. The job of a manager is to find each worker's commitment, encourage it, and focus it on some common goal.2 Huit (2001) cites that there is a general consensus from a variety of psychology textbooks that motivation is an internal state or condition (sometimes described as a need, desire, or want) that serves to activate or energize behavior and gives it direction. The following are Huit's description of motivation: (1) internal state or condition that activates behavior and gives it direction; (2) desire or want that energizes and directs goal-oriented behavior; and (3) influence of needs and desires on the intensity and direction of behavior. Frank (1994) also adds to Huit's list of descriptions by quoting that the arousal, direction, and persistence of behavior. However, Huit notes that many researchers are now beginning to acknowledge that the factors that energize behavior are likely different from the factors that provide for its persistence. Early studies on management include the book written by the so-called "Father of Scientific Management" himself Frederick Taylor, entitled The Principles of Scientific Management, published in 1911. ... This is in line with the dogma of scientific management, which posits that the way to increase productivity is to look into the most efficient ways of doing things and then teaching workers these methods. Jobs are detailed in such a way that each worker has a specified, well controlled task that can be performed as instructed. Specific procedures and methods for each job must be followed with no exceptions.3 Scientific management viewed people as machines that needed to be properly programmed and had little concern for the psychological or human aspects of work. Presently, much emphasis in some companies is still placed on conformity to work rules rather than on creativity, flexibility, and responsiveness. 4 Taylor's approach in his method included the following: time, methods and the rules of work. In progress to Taylor's efforts, time-motion studies involved breaking down the tasks needed to do a job and measure the time needed to do each task. One of Taylor's famous experiments includes increasing the output of a worker loading pig iron to a rail car. Taylor broke the job down into its smallest constituent movements, timing each one with a stopwatch. The job was remodeled with a decreased number of motions as well as effort and the risk of error. Rest periods of specific interval and duration and a differential pay scale were also used to improve the output. With scientific management, Taylor increased the worker's output from 12 to 47 tons per day! The Taylor model gave rise to dramatic productivity increases.5 Henry L. Gant, on of Taylor's followers, developed GANTT CHARTS by which managers plotted the work of employees a day in advance. It consists of a table of project task information and a bar chart that graphically displays project schedule, depicting

Traditional Versus Lean Project Management Techniques Information Technology Essay

Traditional Versus Lean Project Management Techniques Information Technology Essay Project management is a structured approach towards managing projects. It is defined as The application of knowledge skills, tools and the techniques to project activities in order to meet stakeholders needs and expectations from a project (Burke, 2003). The project management team is responsible for finding methods of meeting the control budgets and schedule rather than justifications for not meeting them (Ballard and Howell, 1997). Developing a fully integrated information and control system to plan, instruct, monitor and control large data amounts, quickly and accurately for problem solving and decision making will determine the success of the manager. Projects are temporary production systems. Production is defined as designing and making things. Designing and making something for the first time is done through a project, which is arguably the fundamental form of production system. Three fundamental goals of production systems are (Ballard and Howell, 2003) Deliver the product Maximize value Minimize waste Lean Project Management Performance improvement for competitive advantage is a general characteristic of practitioners in most industries (Porter, 1985). In project management for satisfactory performance the consideration of time, cost and quality is not adequate. Performance is described in terms of attaining value effectively and efficiently where effectiveness is maximising value of output whereas, efficiency refers to minimising or elimination non value-adding items in production. Beside a stream, dont waste water, even in a forest, dont waste firewood. Chinese Proverb The systems those are structured to deliver the product while maximizing value and minimizing waste, are said to be lean projects (Ballard and Howell, 2003). Lean is the term originally coined in 1990 by Womack, Jones and Roos to describe the Toyota Production System (Reeves, 2007). A production system which was capable of producing more and better vehicles in less time, less space and using fewer labour hours was given the name Lean. Organizations can reduce project timelines and costs by eliminating waste and focusing on value creation for the customer. The bottom line with lean is: if the action does not provide value to the end customer then it is waste. Lean refers to a general way of thinking and specific practices that emphasize less of everything fewer people, less time, lower costs (Reeves, 2007). Lean project management has been constructed by drawing together two approaches: management of projects and lean production. For project management performance improvement, the management of project focuses on meeting customer needs effectively while lean production aims at meeting customer needs efficiently utilised in lean project management. The justification of lean production with management of project is done at the methodological level (Horman and Kenley). Lean Project Management Methodology Management of Projects Methodology Lean Production Methodology Figure 1: Generation of Lean Project Management Methodology Fig. 1: Generation of Lean Project Management Methodology Lean product development helps improve a companys competitive advantage. Its application in the automobile industry has brought significance performance improvement. But this does not mean that lean production is applicable to only automobile industry. Many non manufacturing companies like the one those are involved in product development, transportation, accounting, hospital, sales, administration, vehicle repair and many others are making use of the lean principles. There are five traditional lean principles that are applicable outside the automobile industry (Womack and Jones, 2003) value to the customer value stream to provide the product or service that the customer values seamless flow of the product or service pull mode- provide the customer with the product or service in a timely fashion perfection for continuous improvement Traditional versus Lean Project Management Techniques Lean project management differs from traditional project management in the goals it pursues, the structure of its phases, the relationship between phases and the participants in each phase. The traditional production methodology manages conversion of an input to an output. Lean production is managing the production process by converting input to output, by minimising the input flow waste and maximising the value of the output efficiently. Thus the lean production methodology has flow management and management of value in addition to the input, conversion and output of the conventional project management technique. The traditional approach focuses on efficiency rather than value, whereas in lean production the focus is on minimising waste (efficiency) and maximising value of output (effectiveness). Under lean production with the introduction of the notion of value, effectiveness is expanded. In the traditional approach, value is not given much importance. Customers requirements are compromised which extends barely further than market requirements and lowering costs. Lean production emphasises on maximising the value of output by satisfying the customers specific requirements. The change in the production management from conventional to lean production management is because: Inappropriate control mechanisms and performance improvement efforts are used in conventional methodology. Poorly understood and addressed quality under traditional method. These show poor efficiency and effectiveness in the production process which roots from inadequate understanding of the production process. The change in production method from traditional to lean was to add to the existing approach and make it more appropriate for contemporary and complex production systems. Lean Product Development Lean product development encompasses numerous inter-related techniques. The first technique is supplier involvement. Instead of being involved for detailed design specification, suppliers are involved from the beginning of a new product. Since it is the responsibility of the suppliers to develop complete modules for the product, often without detailed specifications, black box engineering is used. Second technique is simultaneous engineering which means performing different activities parallely in the development effort. Parallel development helps reduce time. Another technique is the use of cross-functional teams which consists of members from different functional areas in the company, to facilitate the development of products that are easy to manufacture and assemble. This technique aims at integrating rather than coordinating all the functional aspects in the product from the beginning. When individuals work together to develop a new product, the physical proximity that arises results in the team being integrated. To improve communication, create stronger commitment towards the project and bringing focus for cross-functional problem solving, one should use the heavyweight team structure where the project manager has direct access to and is responsible for the work of all those involved. Instead of detailed specifications because of visions and objectives the whole project is straegically managed. Even though a company implements these techniques, it does not achieve lean product development in a simple way, for successful lean product development the company has to approach these interrelated techniques as a whole. Techniques other than Lean Product Development Lean is a continuous process improvement technique that can be used to evaluate, analyze and improve how a company delivers values to its customers. However this is only one of the several approaches, some other techniques are six sigma and theory of constraints (TOC). Lean focuses on the flow of value to a companys customers whereas six sigma focuses on individual problems, which shows the companys ability to satisfy the customers needs and TOC focuses on the constraints and how to minimize those to improve the volume of throughput within a system. Another technique is lean six sigma which combines the analytical tools of six sigma with the speed and customer value focus of lean to optimize the improvement process. For companies undertaking continuous improvement initiative, it is important for them to first determine the goal, and then apply the appropriate method to achieve the goal. Lean Project Delivery System Theoretical and practical investigations led to the emergence of the Lean Project Delivery System emerged in 2000. It is in the process of on-going development through experimentation. The job of the project delivery system is not only fulfilling the customer needs, but also help the customer decide their needs. It is necessary to understand the customers purpose and constraints, exposure of customer to alternative means for accomplishing their purposes and help them understand the end results of their desires. The lean project delivery system model consists of four phases: Project Definiton, Lean Design, Lean Supply and Lean Assembly. The four phases are a set of interconnecting triads, where some downstream activity takes place from the subsequent phase in each triad. Alteration Decommissioning Commissioning Fabrication Logistics Product Design Design Concepts Purposes Detailed Engineering Design Criteria Operation Maintenance Installation Process Design Use Lean Assembly Lean Supply Project Definition Lean Design Work Structuring Production Control Learning Loops Fig. 2: Lean Project Delivery System. Project Definition Project definition is the first phase in project delivery system which consists of determining the purposes (customer and stakeholder purposes and values), design criteria for translating those purposes for both product and process, and design concepts against which purposes and criteria can be tested and developed. The movement through these three need not follow any specific sequence, although the logical starting point seems to be the purpose. To reveal to stakeholders the consequences of their needs and different value generation possibilities, the cycle through these three modules is necessary. The involvement of stakeholders is a must for the best outcome from the project definition phase. Typical stakeholders can be the client (holds the contract), users of the facility, governing agencies, designers, installers, operators, fabricators, etc. The Lean Design phase should be launched only after bringing the three modules of project definition into alignment. (Project Definition Process: Appendix 1) Lean Design The alignment of values, concepts and criteria is the gate between Project Definition and Lean Design. At the functional systems level, developing and aligning product and process design can lead towards Lean Design. If at all the search for value reveals opportunities that are consistent with customer and stakeholder constraints, the project may go back to Project Definition stage. In order to allow more time for developing and exploring alternatives, the decisions are deferred systematically until the last responsible moment. This differentiates the Lean Design from the traditional practice of selecting options and executing design tasks as soon as possible causing rework and disruption because of conflicts in decisions made by specialists. Lean Supply Lean Supply consists of detailed engineering, fabrication, and delivery. To know what to detail and fabricate, and when to deliver the components, the system requires prerequisite product and process design. Also Lean Supply helps reduce the lead time for information and materials. Lean Assembly Lean Assembly begins with the delivery of materials and the relevant information for their installation. When the client has beneficial use of the facility, which typically occurs after commissioning and start-up the assembly completes. Comparison of Lean and Non-Lean Project Delivery System Lean Non-Lean Focuses on production system Focuses on transactions and contracts Transformation, flow and value goals Transformation goal Downstream players involved in upstream decisions Sequential decisions by specialists thrown over the wall Product and process designed together Process design begins after product design is complete Considers all product life cycle stages in design Not all product life cycle stages are considered Activities performed at last moment Activities performed as soon as possible Systematic efforts to reduce supply-chain lead times Separate organizations link together through the market and take what the market offers Incorporates learning into project, firm and supply-chain management Learning occurs periodically Stakeholders interests aligned Stakeholders interests not aligned Sized buffers located to perform their function of absorbing system variability Sized buffers located for local optimization -(Ballard and Howell, 2003) The Difficult Path to Lean Product Development Lean product development is not an easy thing to do. Several factors can hinder attempts to achieve lean product development. The different factors are: Cross-functional team is a technique that helps an organization in lean product development. They might be having a positive impact on the development effort, but creating cross-functional teams is a difficult task. Even today development is regarded to be a task for the Research and Development department, this shows lack of cross-funtional focus in the organization which ultimately leads to difficulty in creating cross-funtional integration. Simultaneous engineering is another technique towards lean product development, but working with concurrent activities and thus overlapping phases in the development effort is a very complicated task. It is impsossible for the individual engineers to perform simultaneous activities. Coordination of the lean product development effort is not an easy task. For coordination, regular meetings with the whole group needs to be held which is a time consuming activity. If the size of the group is large it resulted in longer meetings with repeated discussions and it may also happen that individuals from one department may find it difficult to understand discussions on issues on other department than the one he is from. Organizations face difficulty in coordinating a visionary-led development project, where visions also create problems. Requesting for detailed design specifications disturb the visionary-led projects. For any project, the suppliers must be involved from the beginning of he project, which results in difficulties for the suppliers to give detailed estimate of costs demanded by the top management. The desire to have the flexibility of black box engineering and known cost of the detailed estimate approach, obstructs a lean process. Hindering factors are more easily identified. Other than the hindering factors in the process of implementing lean product development, there are some supporting factors, which helps in the implementation of lean product development (Appendix 2) Benefits Despite lean being originated in manufacturing, it is now applied in many other business areas including product development, administration, accounting, project management and many others, because of its generic approach of eliminating waste to create more value for customer. A variety of lean product development techniques when applied to project management can reduce project timelines, increase customer value and reduce costs. Some other benefits of lean project management are, it helps increase the productivity, higher quality products, reduction in order processing errors, etc. Conclusion An alternative method to project management is lean project management. The lean approach to project management has worked successfully in potentially difficult and complex areas. The approach contributes to project management performance by focusing on the effectiveness and efficiency of delivering value that is satisfying client needs. Its implementation offers the potential for faster product development with fewer engineering hours, improved manufacturability of products, higher quality products, fewer production start-up problems, and faster time to market. Lean implementations have also yielded improvements in the value generated for clients, users and producers, and also a reduction in waste, including waiting time for resources, process cycle times, inventories, defects and errors, and accidents. It also led to a high level of commitment and motivation from the team, and to the satisfaction of the client organization. Lean thinking when paired with an appropriate agile development methodology can provide significant benefits to an organization. It has the advantage of reducing risk to the client, with the right balance of quality, performance and value for money. Lean product development is the beginning of the journey of continuous improvement. Lean techniques are not simply management tools but rather they embody a culture that needs to be enforced from the top leadership down throughout the company. Systematic implementation of lean in all areas of project management will yield benefits that other improvement methods cannot.

Two Types of Love in Platos Symposium :: Plato Symposium Essays

Two Types of Love in Plato's Symposium I have always thought that there was only one type of love, which was that feeling of overwhelming liking to someone else. I am aware that Lust does exist and that it is separate from Love, being that the desire for someone's body rather their mind. In Plato's Symposium, Plato speaks of many different types of love, loves that can be taken as lust as well. He writes about seven different points of view on love coming from the speakers that attend the symposium in honor of Agathon. Although all these men bring up excellent points on their definitions on love, it is a woman that makes the best definition be known. I will concentrate on the difference between the theory of Common and Heavenly love brought up by Pausanias and the important role that Diotima plays in the symposium. Pausanias brings up an excellent way to think about Love. He explains that love can be broken down into two types, that of Common and Heavenly love. The common love is that when a man and a woman join merely to satisfy their sexual desires. On the other hand the heavenly love is the type that occurs when two people are attracted to each other with a strong force that goes past the physical appearance but comes from deep within as if from the soul. Although Plato presents examples of the two loves with having the common love as if only happening between a man and a woman and the heavenly love happening between a man and a man, there is not enough proof in the text to say that this if what the whole of Athens really believed. Lust or the common love was looked upon in the symposium as vulgar and immoral. This was the type of love was filthy with sin "since all they care about is completing the sexual act."(p.466, 181 b) This is because it comes from a strong sexual attraction that is produced from only desiring the physical body rather the soul. This common love was thought to come from the younger Aphrodite born from Zeus and one of his many mistresses.

Management comprises

Management comprises of direction and control of a group of one or more people or entities for the purpose of coordinating and harmonizing that group towards accomplishing a goal. In business, management often encompasses the deployment and manipulation of human resources, financial resourced, technological resources and natural resources. Since the management department is the core of effective operations, strategies and proper procedure must run it. If employers are genuine about participation, the prime area of attention needs to be the daily behavior of managers. This necessitates reviewing the performance, selection and training of managers. The worst thing to do is to promote people into managerial jobs while letting them think that they need not take their managerial responsibilities seriously (p. 10). Participation also needs to be examined in the context of organizational and national culture and the pressures on an organization at particular points in time. Too often the topic is addressed as though the objectives can be achieved simply through mechanistic imposition. To understand what makes of an effective manager, I have studied Rees and Porter’s Skills of Management and interviewed two managers. The first interviewee is Lisa McCormack, a 35 years old Services Manager in a Health Service provider in Ireland. She has a degree in Social Science and a post graduate diploma in management studies. She has also completed computer courses, health and safety courses, and time management and conflict resolution. She has been with her current employer for ten years. Lisa is a full-time Services Manager, whose main responsibilities are matched with that of a manager. Her main responsibilities in her current position include strategic planning for services, report preparation, budget allocation, staff management and working as part of a multi disciplinary team to enhance service provision for their client group. Lisa was employed in 1998 as a Project Coordinator, which included some management duties but a project Manager was responsible for the department. She worked as a project coordinator until 2002 when she was appointed Services Coordinator, which again included some management duties but supervised by a Service Manager. In 2005 she was promoted to become a Service Manager where she takes over full management duties. Management does not take place in a vacuum but in a particular set of circumstances – usually requiring specialist knowledge. It would be unusual for a manager in a specialist environment to have had years of specialist training but only days of management training (p.2). Management escalator is progression of responsibilities, from specialists to managerial, through time to help employees acquire managerial skills overtime while developing operational skills at the same time. This transition, as managerial responsibilities increase and specialist activities decrease, gives the employee a more impeccable expertise in the department. Specialists often acquire managerial responsibilities, and often quite early in their career. Those aspiring to management have found that their entry route is via a specialist department. Consequently, it is appropriate to see that managers have the right blend of specialist and managerial skills and that they are given help in adjusting to managerial roles. The implications of the specialist route into management need to be reflected in the structure of increasingly popular undergraduate programs in business studies. There is a case for such courses having both specialist options and a managerial component. Service management is integrated into Supply Chain Management as the joint between the actual sales and the customer. A service manager reduces high service costs by integrating the service and products supply chain. She also reduces inventory levels of service parts and therefore reduces total inventory costs. She optimizes customer service and service quality. She helps in the increase of service revenue by reducing obsolescence costs of service parts through improved forecasting. A service manager may also minimize technician visits as with her knowledge and expertise, she can fix related problems. There is no way she can miss these skills through her years of specialist activities. She believes that her education has served her very well in gaining promotions but she would consider her informal education within the organization as very relevant to her current managerial position as Increases in the quantity of management training are one thing, ensuring that training is effective is another, (p. 17). Professional experience in the organization teaches helpful application than theories. The second interviewee is a 52 year old Manager of a global clothing production company. He claims that he’s a full time Manager of the Sales Department but states that 50% of his time is spent on managerial responsibilities while 25% of it is spent on changes, which their clients might require in the future and the remaining 25% spent on trying to get new clients. According to Rees and Porter, management operates through various functions, such as: (a) the planning and deciding what needs to happen in the future. It also includes generating plans for action; (b) organizing, which is the making optimum use of the resources required to enable the successful carrying out of plans; (c) leading and motivating, which is the exhibiting of skills in specialty areas for getting others to play an effective part in achieving plans; and (d) controlling, monitoring, and checking of progress against plans, which may need modification based on feedback. From this it can be inferred that though he’s a full-time manager performing specialist responsibilities, he in fact comprises the key skills of an effective manager. He has worked five years as a specialist sales person before becoming a supervisor and four years later became a manager. Managerial responsibility usually flows from specialist expertise; if a person has to run a specialist unit they are unlikely to be able to do this unless they understand what their subordinates are doing and can give appropriate guidance about working methods and end results (p. 6). Another problem that can arise people with background in a particular management specialty. Like other specialists, they may pay too much attention to their area of historic specialization. They may give too much priority in terms of time and decision making to issues in their specialized area (p.11). He has been a very effective sales specialist, which caused his department to expand. Promotion to supervisory or management positions of specialists may reduce or remove the opportunity to do the work for which they were trained and with which they identify (p. 12) but apparently this does not prove as in his case. He has taken a two-year post graduate course in Business Administration and attended many seminars. He says his formal management training, his BA course, is very effective and that he could not have done what he has accomplished now without it. Though role definition must be crystal clear to put a precise boundary between managers and specialists whose responsibilities are both overlapping, the two interviewees show that their managerial position does not take their operational responsibilities away. Organizations must be straightforward when it comes to job descriptions to avoid confusion. The selectors of managers must also be competent since incompetent ones would only appoint those skillful specialists into managerial positions they are not good in or unprepared for. Organizations who assign managerial responsibilities to specialists without formality may also encounter problems such as a demand for high paying specialist jobs, ineffective and reduced incentives for quality work from specialists who perform managerial responsibilities, and specialists encountering difficulty in integrating with colleagues. However, such problems are not demonstrated by both interviewees. Managers should also identify what disciplinary handling skills need to be developed in organizations. Much attention is often paid to serious issues such as dismissal but most disciplinary action is, or needs to be, at the base where action such as counseling and informal warnings may be what is required. Training provided is often heavily oriented around the law and more appropriate for managers than specialists. Focuses on the need to clarify responsibilities, the nature of the skills managers need, the way these skills can be developed and the preventive aspects of discipline. Crucial managerial skills should be identified and categorized into process skills. Source: Rees & Porter, Skills of Management, Chapter 1 Thomson Learning, 2001