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Friday, January 24, 2020

Forecasting Applications for Strategic Management 530

Are you interested in FREE Strategic Management resources? Here is a great resource for you: https://myeducationmanager.tradepub.com/category/management/1209/

If you're taking Strategic MAnagement 530, here is a great overview of the forecasting applications assignment:


As per Highline Financial Services, LTD, I will separate each category of service in one table
A
First Year
Second Year
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
60
45
100
75
72
51
112
85

B
First Year
Second Year
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
95
85
92
65
85
75
85
50

C
First Year
Second Year
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
93
90
110
90
102
75
110
100

Now, let us see the difference for each quarter between the first and second year in the tables below,
A
The Difference ( First Year – Second Year)
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
12
6
12
10

B
The Difference ( First Year – Second Year)
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
-10
-10
-7
-15
  
C
The Difference ( Second Year – First Year)
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
9
-15
0
10

Finally, let us see my forecast of the third year base on the differences above by adding them to the second year’s numbers in the tables below,
A
Forecast of Third Year ((First Year – Second Year) + Second Year))
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
84
57
124
95

B
Forecast of Third Year ((First Year – Second Year) + Second Year))
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
75
65
78
35

C
Forecast of Third Year ((First Year – Second Year) + Second Year))
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
111
60
110
110

In order to make these tables more clearly, I will illustrate them for the decision makers in clustered cones below,
As we can see in the above clustered cones that the demand of service A is increasing each year, on the other hand, the demand of service B is decreasing each year while the demand of service C is  fluctuating but, it hasn't come down below the demand of service B
At the end, Highline Financial Services, Ltd. Must take care of the demand of service B and study all the reasons behind this declined that could be the bad service or any other reasons

References

Choudhury, D. K. (2018). Market demand forecast method selection and application: A case study in Hero MotoCorp Ltd. IUP Journal of Operations Management, 17(2), 7-22.

Forecasting Accuracy

Stevenson, W. (2018). Operations management (13th ed.). New York, NY: McGraw-Hill Irwin.




Friday, January 3, 2020

Integrated Telecommunications Company (ITC)

Non-Value Added activities: These are those which do not add any value to the product or service but are an inherent part of the process. Customers are not willing to pay for such services. These activities prove to be a burden on the organization and affect its efficiency. Valuable resources in the organization are engaged in completing these activities despite the fact that such activity is slowing the progress of the organization.
There are several examples of Non-Value Added activities found commonly among different organizations. Some of the most commonly found are:
• Process steps which are not needed
• Unnecessary movement of goods or resources within or outside the organization
• Unnecessary paper work within or in between departments which is not required
• Rework due to defects found in products
• Corrections or rechecking done due to important process steps not completed properly
• Services to customers(inside and outside) not properly delivered leading to customer dissatisfaction
• Unnecessary storage of raw materials or finished goods or storing more than required
• Important Organization resources such as expensive machinery or labor lying idle or waiting for work as inputs not delivered on time
• Delay in delivery to customers (inside and outside) due to unnecessary waiting time
Non-Value Added activities cause customer dissatisfaction by late delivery of goods and services which affect the credibility of the company as it is not able to deliver as per the committed/planned schedule. Also, the cost of such products and services is much more which ultimately customer is paying for. In such a scenario, customers will only stay with the company till the time they are able to find a suitable alternative.
 

References
Kumar, P. (2019, April 24). Value Added and Non-Value Added Activities in Lean. Retrieved from https://www.advanceinnovationgroup.com/blog/value-added-and-non-value-added-activities-in-lean.
Stevenson, W. (2018). Operations management (13th ed). Boston [etc.]: McGraw-Hill/Irwin.


The trap of insightful selection

Do you always choose the best looking one?

“Which one do you want?”
Decision-Making is hard! It's hard to always make the right decisions.
There were 100 quarts of strawberries at the farmer’s market yesterday. In answer to the farmer’s question, the person ahead of me in line spent a full minute looking them all over before picking one.
The thing is: 90% of the strawberries in a quart are hidden from view. They’re beneath the top layer. There’s no strategy to tell which quart is better than the other, unless you (erroneously) believe that the top layer is an accurate indicator of what lies below.
The analogy wasn’t lost on me: We do this all the time. We do it with job interviews, with dating sites, with decisions about who to trust with an investment or even to drive our Lyft.
The other thing is: We get satisfaction out of picking, even if we know that our data is suspect and evidence is limited. We like the feeling of power and control, even though we have very little.
If all you’re seeing is the top layer, you’ve learned nothing. Maybe less than nothing. Con men are particularly good at seeming trustworthy, and the outfit worn to a job interview tells you nothing about someone’s dedication, work ethic or honesty.
The real information comes from experience. If the farmer is the sort of person who won’t put the clinkers on the bottom, she’s earned our trust.

Thursday, January 2, 2020

Value Added and Non-Value Added Activities in Lean

Lean is one of the most dynamic methodologies that aim at always looking at improvements in all business processes. Value Added and Non-Value Added Activities in Lean are ways to identify waste and taking steps to eliminate them. Waste in lean is considered to be like poison which has to be eliminated at all costs. Business activities in Lean are divided into two broad categories – Value Added and Non-Value Added.
Value Added activities: These activities are those which adds value to a business process or product and for which customer is willing to pay. Value Added activities help in converting a product from a state of raw material to a finished product in the least possible time, at minimum costs. It aims at completing a business activity correctly the very first time, and helping the business to deliver the product or service while fully conforming to customer requirements or specifications.

References
Kumar, P. (2019, April 24). Value Added and Non-Value Added Activities in Lean. Retrieved from https://www.advanceinnovationgroup.com/blog/value-added-and-non-value-added-activities-in-lean.
Stevenson, W. (2018). Operations management (13th ed). Boston [etc.]: McGraw-Hill/Irwin.

Walking away from fast twitch is commitment

Sports gurus are happy to talk about the difference between fast and slow twitch muscles. And it resonates with us, because we fully understand the ping-pong reflexes that are so often celebrated and often fun to do as well.

On our project, it’s tempting to spend all of our time in fast twitch mode. To scan the incoming, grab the urgent, set it up and slam it back.
But if we spend all of our time twitching, we’ll never do the difficult work of the non-urgent. Important work requires a daily commitment, one that isn’t sidelined by every emergency, because there’s always an emergency, isn’t there?

Wednesday, January 1, 2020

Saudi Telecom Company and Lean Manufacturing

Value adding activities for Saudi Telecom Company includes provision of good customer services and products at minimal cost. The company, through its customer service management, ensures that all relevant information regarding mobile services, messaging services, call services and internet services is availed to customers at minimal cost to avoid unnecessary customer interaction. The company provides daily updates to their customer regarding new products and services including promotions and rewards. This is done with great accuracy to minimize risks at first time that would lead to unnecessary cost. Other hand, Saudi Telecom has encountered significant impact for its inconsiderate market expansion especially in the foreign market. The company, in 2014, encountered a loss after investing into the South African market with poor marketing and customer relationship management strategy.

The use of the term "Lean", in a business or manufacturing environment, describes a philosophy that incorporates a collection of tools and techniques into the business processes to optimize time, human resources, assets, and productivity, while improving the quality level of products and services to their customers. Becoming "Lean" is a commitment to a process and a tremendous the learning experience should you attempt to implement Lean principles and practices in the organization.
The companies that work in good manufacturing practices (GMP) environment require procedures lots of standard documentation has to be prepared, many inspections, testing, audits and controls need to be performed. These are in conflict with just in time (JIT) as they delay the work and the delivery of the product on time. The lean manufacturing can reduce the impact of the barriers that affect the industries, which are linked to the application of GMP requirements that consume a lot of time and this from documentation, standard operation procedures (SOP), deviations and other written procedures (Khlat, M., Harb, A. H., & Kassem, A., 2014). 
Reference:
 Khlat, M., Harb, A. H., & Kassem, A. (2014). Lean manufacturing: implementation and assessment in the Lebanese pharmaceutical industry. International Journal of Computing and Optimization, 1(2), 47-62.
Becker, R. M. (1998). Lean manufacturing and the Toyota production system. Encyclopedia of world biography.

AlRowaily, K., & AlSadhan, A. (2012). Integration of Knowledge Management system in Telecommunication: A case Study of Saudi Telecom. JCSNS International Journal of Computer Science and Network Security, 12(11), 42-53.

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