Step 1 Frame the decision to be made
This involves the use of lateral and analytical thinking to determine options about the needs, resources, and limitations. Before taking a decision, organizations are required to consider the policies and procedures of the organization about its contribution towards achieving the broader goals of the working environment.
Step 2 Identify Costs and Benefits analysis
This step requires the entity to create a list of all projected costs and expected benefits associated with the proposed project or actions. This includes both monetary and non-monetary charges.
Assign a monetary value to costs and benefits
Once a list of all projected costs and expected benefits have been created, an entity should assign a monetary value to each one. If no monetary value is assigned to the cost and benefits then it will become difficult to accurately compare them (online.hbs.edu, 2022).
Step 4 Calculate the benefit-cost ratio and make a decision
This step requires the entity to bring all costs and benefits to present values and then a comparison should be done to determine whether the cost associated with the project outweighs the benefit or vice versa. A cost-benefit ratio can be calculated to compare different projects under one single term, based on the result obtained decision can be taken whether to accept the project or not (WallStreetMojo, 2022).
A knowledge management system refers to any kind of IT system whose purpose is to stores and retrieve knowledge for improving understanding, making collaboration, and aligning processes. Knowledge management systems besides existing within organizations or teams can also be used for centering the knowledge base of the customers or users (Hubspot.com, 2022).
Kaizen
Kaizen can be adopted as a continuous improvement strategy according to which all levels of employees of an entity can work together in a proactive manner for achieving regular incremental improvements during the manufacturing process (Leanproduction.com, 2022).
Total quality management
According to this framework, management can achieve long-term success through customer satisfaction. TQM effort involves the participation of all members of the organization in improving products, services, processes, and the working culture of the entity (Asq.org, 2022).
Lean manufacturing
Lean manufacturing refers to the production process which involves maximizing productivity while simultaneously reducing waste during the manufacturing operation (Twi-global.com, 2022).
ISO 9000
ISO 9000 involves the development of a set of international standards on quality management and quality assurance to assist organizations in documenting the quality system elements effectively for maintaining an efficient quality system (Asq.org, 2022).
Six Sigma
Six Sigma can be defined as a methodology used for improving business processes by applying statistical analysis instead of guesswork. It helps to improve processes by controlling disparity and understanding the details within them (SixSigma.us, 2022).
Product innovation
Product innovations encompass changes in the product or services that an organization or the start-up has to offer. It involve making changes in the design of the existing product or altering the whole product or service
Process innovation
Process innovation means innovations that will help the entity in aligning their processes in a customer-oriented manner so that the business can be successful for the long term. It involves four elements: process deliverables, process flow, process management, and technologies.
Position innovation
Positioning Innovation is concerned with repositioning. It involves offering products in a new market, or with a fresh direction.
Paradigm innovation
Paradigm Innovation involves shifting the primary mental model by changing the business status quo. A major example of paradigm innovation can be seen in the arrival of the iPhone and the growth of smartphones (Dutch Uncles, 2022).
Collaborative Learning Culture
A collaborative learning culture provides support to a successful learning organization hence corporate learners should understand the system as well as each factor involved.
“Lifelong Learning” Mindset
A forward-thinking mindset is required at each individual level of learning organizations this involves personal mastery hence a lifelong learning perception must be developed wherein they understand and value the importance of continuous growth.
Room For Innovation
Corporate learners must possess the ability to assess and evaluate the current perceptions by self-reflection as well as they must be encouraged for testing new theories and approaches.
Forward-Thinking Leadership
The fourth way involves identifying a learning organization and to look for forward-thinking leaders. Leaders should challenge assumptions, stimulate self-reflection, as well set an example for their team members.
Knowledge Sharing (Team Learning)
Collaboration is considered a key in learning organizations. All members of the group must make themselve aware of the learning objectives as well as their desired results, and then work collectively as a problem-solving team for achieving their goals
QMP 1 Customer Focus
The first principle requires the entity to have a focus on its customers while designing any products or services.
QMP 2 Leadership
At all levels of the organization leadership must be provided which means that everyone who is engaged in running or managing the entity must have clear objectives and goals and must be able to make effective communication with others.
This requires the engagement of people and specifically the employee’s empowerment. It means giving ownership to employees over how things run within their department rather than leaving everything up to managers.
QMP 4 Process Approach
This principle requires an entity to adopt a systematic way of doing tasks and projects instead of depending solely on individual initiative.
QMP 5 Improvement
This requires Continuous improvement by constantly learning through mistakes made earlier. In addition, employees should find ways for making continuous improvements. It requires the development and implementation of innovative ideas into action
QMP 6 Evidence-based Decision Making
This principle focuses on using evidence from research studies for taking decisions concerning the running of a business effectively.
QMP 7 Relationship Management
Relationship management explains how entities interact with customers, suppliers, partners, and other stakeholders. This includes managing the expectations of customers, maintaining a positive relationship, and building long-term partnerships (qualitygurus.com, 2022).
Focus on the Customer
For making continuous improvement entity should focus on identifying its specific customers, understanding their needs, balancing and prioritizing if needed, and striving towards developing desired improvements
Use Workers’ Ideas
It is clear that continuous improvement is not driven through Top management, leadership teams, or outside consultants. It originates from workers who interact with processes daily and are intimately aware of them. Hence workers should be empowered to take ownership and implement rather than handing off ideas to others.
Ensure Leadership Support
Besides worker ideas being the primary content for CI, it is also essential to have leadership support. Leaders are required to communicate strategy, align goals, provide resources, and share customers’ needs.
Drive Incremental Change
Incremental changes are delivered frequently in small amounts for making continuous improvements. The results achieved will provide many benefits, such as small change will result in a large impact. A small change is less expensive and has low risk. People can also adapt easily. besides this, the outcome can stay ahead of technology due to a faster rate of change.
Utilize Fact-Based, Measurable Methods and Monitoring
While making continuous improvement, organizations should measure where they started and arrive to understand whether any improvement occurred. If the desired outcome is achieved, the entity should continue and improve permanently; otherwise, make modifications to be on track. An entity should quantify and monetize the results to show the value of the work done for the entity.
Set Goals, Incorporate Feedback and Deliver reinforcement
Organizations usually have annual or long-term goals for their overall results; to some extent. However, to make continuous improvement entity should set short-term goals or project objectives for the outcomes. While setting goals entity must ensure that they are realistic and achievable; else employees will get disheartened.
Incorporate Teamwork
Though some individuals succeed in continuous improvement processes, a teamwork environment provides a way for achieving optimal continuous improvement achievements through Synergy of ideas, social reinforcement, shared accountabilities, and even healthy competition.
Integrating risk into decision making
One of the most important tests of actual risk management effectiveness is the extent of risk management integration into decision-making. Companies that systematically incorporate risk management into their planning and budgeting decisions, investment decisions, critical operational business processes, and major supporting services, according to ISAR’s research, obtain long-term sustainable advantage.
Strong risk management culture
Human psychology and an entity’s managerial ability to make judgments in the presence of uncertainty play a big role in risk management’s success. As a result, a strong risk management culture is required for successful risk management.
Disclosing risk information
Another component in effective risk management is an organization’s desire and ability to document and disseminate risk-related information both internally and externally. Although actual risk information may be confidential or contain commercial secrets, disclosure should focus on the risk management framework, executive commitment to risk management, and the firm’s culture, rather than the risks themselves.
Continuously improving risk management
Making continuous improvement is very important for effective risk management. It requires continuous improvement in the framework of risk management and the risk team itself (Continuitycentral.com, 2022).
Be Intentional About Sustainability
Corporate strategy must embrace sustainability, and organizational business goals must reflect it. It entails making it a top priority in all aspects of its operations.
Partner with Employees
Organizations should invest time in providing training to employees on environmental sustainability importance and communicate to them about what the entity is doing to help resource conservation. In addition, ideas can be solicited from employees for conserving resources.
Water And Electric Conservation
We can all help with water conservation by limiting the chances of wasting this vital resource. For example, Water, electricity, and budget dollars can be saved by switching to energy-efficient faucets, toilets, and lighting.
Supply Chains
An organization should develop a list of sustainable friendly suppliers and prioritize engaging with organizations that adopt sustainable business practices.
Develop a Recycling Program
The entity should develop an in-house program for recyclable products such as fluorescent light-bulb, electronics, computers and monitors, paper products. It can be done by taking help from a waste management vendor.
Chemical Management
For pest control and weed management, entity should use green cleaning solutions and non-chemical alternatives. They should allow chemical vendors to train organization’s personnel regarding properly utilizing and disposing of chemicals. Insist on using green products.
Purchase Only Energy Efficient Products
An entity should purchase energy-efficient electronic products and configure workplace equipment to ecologically friendly settings.
Develop Sustainability Work Policies
Develop policies and procedures for long-term sustainability to support the activities such as At the end of the day, turning off all equipment, and enabling energy-saving settings on all computers and desktops.
Some of the important questions that can be answered in trend research include:
Methodology for identifying trends
The appropriate questions, as indicated above, are the foundation for finding trends. Answering them is a creative process that necessitates a great deal of information experience and analytical and creative thinking.
There are two types of research that provide information about trends and their impacts that is the Primary and secondary research
The major research method is to conduct first-hand trend research utilizing the following methods:
The secondary search takes advantage of the information that is already available. There are numerous trend reports available for a wide range of industries that can be utilized as a source and basis for determining trends. It is often essential to conduct secondary research before conducting primary research to determine the available trends. This can also be used to establish first-hand trends.
Point 1
Find crucial information in industry-related journals and newspapers. Internal data should also be referred to.
Point 2
Consider the profit margins associated with the sale of various projects.
Point 3
Examine the effects of hiring qualified people on the cost of manufacturing processes
Point 4
Attend important events and networking opportunities.
Point 5
Details about company trends are kept on file for future reference.
Point 6
Think about using digital tools like Flipboard and Evernote.
Point 7
Consider the trends that are most important to the company.
Point 8
Consider the relationship between your key goals and any industry changes.
Point 9
Pay special attention to opportunities and threats that are likely to have a direct influence on sales, costs, and cash flow.
References
Asq.org. (2022). ISO 9000 Series of Standards – What is ISO 9000? | ESQ. Retrieved 4 March 2022, from https://asq.org/quality-resources/iso-9000
Asq.org. (2022). Total Quality Management (TQM): What is TQM? | ASQ. Retrieved 4 March 2022, from https://asq.org/quality-resources/total-quality-management
Continuitycentral.com. (2022). Continuity Central. Retrieved 4 March 2022, from https://www.continuitycentral.com/index.php/news/erm-news/1402-four-key-concepts-for-effective-risk-management#:~:text=Alexei%20Sidorenko%20provides%20an%20overview,and%20continuously%20improving%20risk%20management.
Dutch Uncles. (2022). The 4 P’s of Innovation Every Entrepreneur Must Know | Dutch Uncles. Retrieved 4 March 2022, from https://dutchuncles.in/aspire/the-4-ps-of-innovation-every-entrepreneur-must-know/#:~:text=The%20four%20P’s%20of%20Innovation,%2C%20process%2C%20position%20and%20product.
Hubspot.com. (2022). Knowledge Management Systems: The Ultimate Guide. Retrieved 4 March 2022, from https://www.hubspot.com/knowledge-management-systems
Leanproduction.com. (2022). Kaizen: Culture of Continuous Improvement | Lean Production. Retrieved 4 March 2022, from https://www.leanproduction.com/kaizen/
online.hbs.edu. (2022). Cost-Benefit Analysis: What It Is & How to Do It | HBS Online. Retrieved 4 March 2022, from https://online.hbs.edu/blog/post/cost-benefit-analysis
Panagiotopoulos, G., Zogopoulos, C., & Karanikola, Z. (2018). The learning organization according to senge: Recording and validation of the park research tool in primary education schools in the prefecture of ilia. Clobal Journal of Human Resource Management, 6(5), 1-19. 10
qualitygurus.com. (2022). seven-quality-management-principles. Retrieved 4 March 2022, from https://www.qualitygurus.com/seven-quality-management-principles/
SixSigma.us. (2022). About Six Sigma | Six Sigma Methodology | SixSigma.us. Retrieved 4 March 2022, from https://www.6sigma.us/six-sigma.php
Twi-global.com. (2022). What is Lean Manufacturing and the 5 Principles Used?. Retrieved 4 March 2022, from https://www.twi-global.com/technical-knowledge/faqs/faq-what-is-lean-manufacturing#:~:text=Lean%20manufacturing%20is%20a%20production,are%20willing%20to%20pay%20for
WallStreetMojo. (2022). Benefit Cost Ratio. Retrieved 4 March 2022, from https://www.wallstreetmojo.com/benefit-cost-ratio/
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