Japanese quality movement was a miracle and created world-class products. All these methodologies and concepts developed these quality gurus for internal process and quality improvement crisis are still practiced in various companies. These have become universal approach to improve the quality and manage performance crisis. Quality gurus created work culture and dedicated teams, which developed Japanese production systems through group activities. Toyota Corporation developed a new philosophy to create major change in manufacturing systems and delivered world-class products with internal benchmark for quality of vehicles. In reality, Toyota changed external business environment for competitors and created a long-lasting impact on automobile industry.
The Toyota Way is a set of principles and behaviors that underlie the Toyota Motor Corporation’s managerial approach and production system. It consists of principles in two key areas: continuous improvement, and respect for people. Toyota use operational excellence as a strategic weapon. Company places the highest value on actual implementation and taking action. By constant improvement based upon the actions, one can rise to the higher levels of practice and knowledge. Toyota success story can be summed up by using three models, which are used by Toyota Corporation. These models are explained below;
1. 4P Model
Toyota has developed 14 principles for performance improvement. These principles are guiding thumb rules in Toyota. These 14 principles are divided into four sections and a unique 4P model is developed. Major thrust is given on teamwork and a systematic approach is developed by using these principles. These 4Ps are Problem Solving, Process and Partners, Process, Philosophy.… Read the rest
Risk can be defined as uncertainty of outcome, whether positive opportunity or negative impact. Some amount of risk-taking is inevitable, whatever the project. There has to be a deliberate acceptance of some degree of risk because the value to the business makes it worthwhile. Project risk management includes the processes concerned about conducting risk management planning, identification, analysis (both qualitative and quantitative), responses, and monitoring and control on a project; most of these processes are updated throughout the project.
Risk management in projects involves identifying and assessing the risks in terms of impact and probability, establishing and maintaining a joint risk register, agreed by the integrated project team, establishing procedures for actively managing and monitoring risks throughout the project and during occupation on completion, ensuring that members of the team have the opportunity to engage in a dialogue that will promote agreement of an appropriate allocation of risk, updating risk information throughout the life of the project, ensuring control of risks by planning how risks are to be managed through the life of the project to contain them within acceptable limits, allocating responsibility for managing each risk with the party best able to do so. Management of risk is an ongoing process throughout the life of the project, as risks will be constantly changing. Risk management plans should be in place to deal quickly and effectively with risks if they arise.
Risks should be allocated to individual risk owners within the integrated project team, who should fully understand the risks for which they are responsible.… Read the rest
In today’s business scenario where there is lot of competition, only source of lasting is Knowledge. It is argued that knowledge management is a necessity due to changes in the environment such as increasing globalization of competition, speed of information and knowledge aging, dynamics of both product and process innovations, and competition through buyer markets. Knowledge management promises to help companies to be faster, more efficient, or more innovative than the competition. Also, the term ‘‘management” implies that knowledge management deals with the interactions between the organization and the environment and the ability of the organization to react and act
Various researchers then gave the various definitions on Knowledge Management and still it’s the buzzword today. Knowledge management is the process through which we can manage human centered assets efficiently and effectively. The function of knowledge management is to guard and grow knowledge owned by individuals, and where possible, transfer the asset into a form where it can be more readily shared by other employees in the company. KM refers to activities aimed at enhancing knowledge processing. These activities are interventions designed to affect how knowledge processing is done. The tools, techniques, and strategies to retain, analyze, organize, improve, and share business expertise. Knowledge management promotes an integrated approach to identifying, capturing, retrieving, sharing and evaluating enterprise information assets. These information assets may include database, policies, procedures and documents and as well as uncaptured tacit expertise and experience stored in the heads of individual workers.
Knowledge management is the information having some intent that can be interpreted and made available.… Read the rest
Business Intelligence is the process of discovering and analyzing data to make informed business decisions. The management in any business needs this aspect of management as part of the companies integral infrastructure in today’s world in order for the business to succeed. The data collected from many of the data collecting sources is used to determine trends, or measure, manage and improve on the performances of individuals, processes, teams and business units. The enterprise refers to any business organisation that uses computers as an integral part of their business and relies on it for that businesses development.
The History Of Business Intelligence
The term Business Intelligence was coined by the Gartner group in mid-1990s. But Business Intelligence was around before that, it originated in the Management Information Systems reporting systems of the 1970s. Reports in this era was only two fold, there was no analytical dimension to reporting. In the early 1980s, Executive Information Systems emerged. This introduced ad hoc (on demand) reporting forecasting, prediction, trend analysis, drill down to details, status access and critical success factors. It was available to top level managers who were the ones to make decisions for the businesses future. Some of the capabilities from the 1990s appeared in products along with some new ones and it was called Business Intelligence. A good Business Intelligence based enterprise information system contains all the information executives need. By 2005 Business Intelligence systems started to include artificial intelligence capabilities and more powerful analytical capabilities. The most sophisticated Business Intelligence Products include most of these capabilities.… Read the rest
One of the most popular search engines is Google. Unknown to many, the term is coined by Milton Sirotta, the nephew of Edward Kasner who is an American Mathematician. The term is in reference with the number which is represented by the number 1 followed by 100 zeros. The same utilization of the term reflects the mission of the company to deliver immense and infinite resources to be available online.
The founders of the company, Larry Page and Sergey Brin, were not in good terms back then when they met as graduate students of computer science in Stanford University in 1995. They used to argue on everything that they are discussing. The strong personalities always clashed. But eventually, they have found a common ground. The retrieving of various yet important information from massive set data has been the big challenge that they were up to at that time. So, on January 0f 1996, they began the collaboration of BackRub, the name they have formulated because of the unique approach to back links to a given website. Larry procured the use of low-end PCs instead of the big yet very expensive machines. After a year, the news about the newest search engine spread around the campus. Then, they began to search for the perfection of their technology. They were encouraged to put up their service of a search engine company by themselves.
They talked to Andy Bechtolsheim, one of the founders of the Sun Microsystems, after the demo, he thought that Google has a lot of potential so he decided to lend them $100,000.… Read the rest