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GENERAL MANAGEMENT
CHECK POINT 2: ENTREPRENEURSHIP AND MANAGEMENT SCIENCE

Please Select Any Topic In Check Point 2 Below And Click.
1. Who is an entrepreneur?
2. are you an entrepreneur?
3. Contributors To Ancient Management Science
4. Developers Of Modern Management Science
5. Main Approaches To Business Management in The 1950’s - 1970’s
6. Contributors To The Modern Management Science In The 1950’s - 2000’s
7. Traditional Business Management Methods, Systems, And Terms
8. Theory Z, Nine Lessons in Simplicity, And The Beginning Of Lean
9. Lean Business Management Methods, Systems, And Terms
10. for serious business owners only
11. the latest information online
 

DO I NEED TO KNOW THIS CHECK POINT?
 

WELCOME TO CHECK POINT 2

TUTORIAL 1 General Management TUTORIAL 2 Human
Resources Management		 TUTORIAL 3 Financial Management TUTORIAL 4 Operations Management TUTORIAL 5 Marketing
And Sales Management
1 6 11 16 21 26 31 36 41 46 51 56 61 66 71 76 81 86 91 96
2 7 12 17 22 27 32 37 42 47 52 57 62 67 72 77 82 87 92 97
3 8 13 18 23 28 33 38 43 48 53 58 63 68 73 78 83 88 93 98
4 9 14 19 24 29 34 39 44 49 54 59 64 69 74 79 84 89 94 99
5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100
 

HOW CAN YOU BENEFIT FROM CHECK POINT 2?
 
The main purpose of this check point is to provide you and your management team with detailed information about Entrepreneurship And Management Science and how to apply this information to maximize your company's performance.
 
In this check point you will be introduced to:
 
• The basic elements of entrepreneurship.
• The entrepreneurship test.
• The history and development of the management science.
• Two different styles of business management.
• The main contributors to the Western-style management science.
• The main contributors to the Eastern-style management science.
• The main approaches to business management.
• Traditional Western-style business management methods, systems, and terms.
• Theory Z, nine lessons in simplicity, and the beginning of lean.
• Lean business management methods, systems, and terms... and much more.
 

LEAN MANAGEMENT GUIDELINES FOR CHECK POINT 2
 
You and your management team should become familiar with the basic Lean Management principles, guidelines, and tools provided in this program and apply them appropriately to the content of this check point.
 
You and your team should adhere to basic lean management guidelines on a continuous basis:
 
• Treat your customers as the most important part of your business.
• Provide your customers with the best possible value of products and services.
• Meet your customers' requirements with a positive energy on a timely basis.
• Provide your customers with consistent and reliable after-sales service.
• Treat your customers, employees, suppliers, and business associates with genuine respect.
• Identify your company's operational weaknesses, non-value-added activities, and waste.
• Implement the process of continuous improvements on organization-wide basis.
• Eliminate or minimize your company's non-value-added activities and waste.
• Streamline your company's operational processes and maximize overall flow efficiency.
• Reduce your company's operational costs in all areas of business activities.
• Maximize the quality at the source of all operational processes and activities.
• Ensure regular evaluation of your employees' performance and required level of knowledge.
• Implement fair compensation of your employees based on their overall performance.
• Motivate your partners and employees to adhere to high ethical standards of behavior.
• Maximize safety for your customers, employees, suppliers, and business associates.
• Provide opportunities for a continuous professional growth of partners and employees.
• Pay attention to "how" positive results are achieved and constantly try to improve them.
• Cultivate long-term relationships with your customers, suppliers, employees, and business associates.

1. WHO IS AN ENTREPRENEUR?

DEFINITION OF AN ENTREPRENEUR

Business owners and managers must learn to think, plan, decide, and act like real entrepreneurs, because the entrepreneurial spirit is the driving force behind the most successful businesses throughout the world.

The term "Entrepreneur" was introduced by Richard Cantillon, a French economist, in the 18th century. According to the Webster's Dictionary: 

"Entrepreneur is one who organizes and directs a business undertaking, assuming the risk for the sake of profit."

This term also describes “people who are innovators and are prepared to take risks in developing and introducing new ideas, products, or services to society."

In fact, the majority of all new businesses throughout the entire world have been founded by entrepreneurs. These people started their business "in a garage" many years ago. Today, because of their dreams and passion, these companies are among the largest corporations in the world:

• Apple

• Berkshire Hathaway

• Dell

• Disneyland

• DreamWorks Studios

• Facebook

• Google

• Microsoft

• Virgin Group

• Yahoo

 

LISTEN TO SOME OF THE MOST FAMOUS ENTREPRENEURS IN THE WORLD

Video

• Barbara Corcoran On Her Journey As An Entrepreneur.

• Barbara Corcoran: The Biggest Business Challenge - Your Insecurity.

• Brian Tracy: Habits Of Success.

• Guy Kawasaki: The Top Ten Mistakes Of Entrepreneurs.

• How To Start A Small Business With No Money And Bad Credit?

• Michael Dell's Advice To Entrepreneurs.

• Robert Kiyosaki: How To Raise Capital?

• Robert Kiyosaki: Psychology Of Winning.

• Sir Richard Branson On Entrepreneurship.

• Sir Richard Branson Reveals His Customer Service Secrets.

• Sir Richard Branson On Marketing And Business.

• Sir Richard Branson Talking Management.

• Steve Jobs And Bill Gates Together.

• Steve Jobs Talks About Managing People.

• Steve Jobs’ Ten Inspiring Quotes.

• Tony Robbins: The Difference Between A Winner And A Loser.

• Tony Robbins Found His Passion Breakthrough.

• Top Ten Mistakes New Business Owners Make.

• Warren Buffet And Bill Gates On Success.

• Warren Buffet - How To Turn $40 Into $5 Million.

• Will Smith's Wisdom: Success Secrets For Young Entrepreneurs.

• Words Of Wisdom From Self-Made Billionaires.

• Zig Ziglar - True Performance.

2. ARE YOU AN ENTREPRENEUR?

ENTREPRENEURIAL TRAITS

To start a business or not to start a business? This is the question!

Entrepreneurs represent a very special type of people. Many entrepreneurs share common entrepreneurial traits outlined below:


• Strong leadership qualities.
• Are natural "salespeople".
• Want to be independent.
• Good communicators.
• Highly self-motivated.
• Willing to experiment.
• Want to be in control.
• Willing to take a risk.
• Competitive spirit.
• Not afraid to fail.
• Have new ideas.

• Never stay still.
• Open-minded.
• Passionate.
• Visionaries.
• Dreamers.
• Creative.
• Decisive.
• Fearless.
• Flexible.
• Curious.
• Tenacious - they never quit.

If you recognize any of these traits within you - please watch:

Top 10 Motivational YouTube Videos For Entrepreneurs.
 

THE ENTREPRENEURSHIP TEST
 

Do you really have what it takes to be a successful entrepreneur?

In theory, if this would be so simple, anybody with a good idea could start a small business without hesitation and become a successful small business owner. Just register a company, open new business bank account, set-up a website or open a store, get some merchandise to sell and you are in business! In reality, however, there are several critical factors which must be evaluated before any person decides to go into business.

For this reason, you are strongly advised to self-evaluate your personal suitability for business success and complete a free Entrepreneurship Test online. You must be absolutely candid with yourself throughout this test to ensure the most accurate result. This test is not designed to turn you into a successful entrepreneur, but merely to assist you in your decision-making process before starting your new business venture. Hopefully, this test will provide you with an accurate answer regarding your personal suitability for business success in the future. Remember, your business success will heavily depend upon your basic attitudes and believes. The question is, whether you have them or not?

Upon completion of the Entrepreneurship Test and receiving your score, you are encouraged to take full advantage of the free access to 25 Check Points in the Lean Business 2100 Management Program online. Irrespective of your score, this program will definitely help you to improve your personal business management knowledge and enhance your chances for a long-term success in business. The rest will be entirely up to you!
 

A MAJOR DISCONNECT BETWEEN ENTREPRENEURS AND MANAGEMENT SCIENCE
 

Do you know why the majority of all business startups and second generation family - owned small businesses fail?

Professional and trade people such as engineers, doctors, accountants, lawyers, building contractors, and plumbers, must possess specific knowledge related to their profession or trade to succeed in business. There is certainly no doubt about that. The questions is:

What do entrepreneurs need to know to succeed in business?

The answer is: entrepreneurs must have the basic knowledge in various areas of business management before they start a business. Unfortunately, thousands of people often start a small business without having full appreciation of what it really takes to become a successful entrepreneur or a small business owner. This also applies to the second generation of existing family-owned small business owners. As a result, according to the U.S. Small Business Administration (SBA) and the U.S. Bureau Of Labor Statistics:

About 70% of all small business startups fail after 12 years in business.

Moreover, according to Small Business Trends, five year survival rates for startups clearly indicate that thousands of business owners experience serious problems and struggle to survive.


Here is the real truth about entrepreneurs and business management knowledge:


The majority of people in business don't have business management education, while the majority of people with business management education are not in business!
Although it may sound funny, it is absolutely true! You should realize that the majority of businesses fail primarily because their owners simply didn’t know what they didn’t know in various areas of business management. You definitely don't want to follow them and instead you should get ready to improve your personal business knowledge to ensure your long-term success in business.
 
Please watch this CNN Video and learn how to prevent Business Failure.
 

ADDITIONAL INFORMATION ONLINE
• Entrepreneur Analysis By Kent Johnson, Marketplace Connection.
• 10 Mistakes Entrepreneurs Make - Part 1 By Steve Glenn, EU 21 Club.
• 10 Mistakes Entrepreneurs Make - Part 2 By Steve Glenn, EU 21 Club.
• 10 Mistakes Entrepreneurs Make - Part 3 By Steve Glenn, EU 21 Club.
• 10 Mistakes Entrepreneurs Make - Part 4 by Steve Glenn, EU 21 Club.
• The 10 Top Mistakes Of Entrepreneurs By Guy Kawasaki, UC Berkley Hass.

3. CONTRIBUTORS TO ANCIENT MANAGEMENT SCIENCE

WHEN DID THIS ALL BEGIN?

Management science is concerned with developing and applying concepts, principles, and methods designed to identify a broad range of management issues and solve managerial problems.

Management Science was developed throughout the history of mankind over many thousands of years and it went through an amazing transformation process. Many people contributed to the transformation of management science from the time when pharaohs and their “project managers” were busy building pyramids in Egypt till the modern time when business owners plan to develop new products and services for customers all over the world.

DEVELOPMENT OF MANAGEMENT SCIENCE

Ancient Management Science

Modern Management Science

 

A few examples related to Ancient Management Science development process and its contributors are presented next.

CONTRIBUTORS TO ANCIENT MANAGEMENT SCIENCE

Name

Period

Description Of Work (Source: Wikipedia)
Egyptian Building Contractors About 4,600 years ago The Great Pyramid Of Giza, Egypt.
(2584 - 2561 B.C.)
Israeli Building Contractors About 3,000 years ago The First Temple, Jerusalem, Israel.
Built by King Solomon (957 B.C.)
The Second Temple, Jerusalem, Israel
Built by King Darius (516 B.C.)
Greek Building Contractors About 2,600 years ago The Acropolis Of Athens, Greece.
(650 B.C. - 480 B.C.)
Chinese Building Contractors About 2,200 years ago The Great Wall Of China.
(221 B.C - 207 B.C.)
Italian Building Contractors About 1,900 years ago The Coliseum, Rome, Italy.
(72 AD - 96 AD)
Peruvian Building Contractors About 550 years ago Machu Pichu, Peru.
Built by Incas around 1450
Fra Luca Pacioli 1445 - 1517 Developed the Double-Entry Bookkeeping System.

4. DEVELOPERS OF MODERN MANAGEMENT SCIENCE

WHERE DID THIS ALL BEGIN?

The Modern Management Science was developed during the 20th century primarily in:

• Unites States

• Europe
• Japan

As a result of cultural differences and values, management science development process resulted in two styles of management described below.

TWO STYLES OF MANAGEMENT

“Western-Style”
Management

“Eastern-Style”
(Lean) Management
Modern “Western-style” management originated in the U.S. and Europe during the last century. It is based on traditional Western management values, principles, and methods which are discussed in detail in this program.
Modern “Eastern-style” management originated in Japan during the last century. It is based on lean management values, principles, and methods which are discussed in detail in this program.
 
Main contributors to the development of the "Western-Style" Management Science are presented next.
 

CONTRIBUTORS TO THE DEVELOPMENT OF "WESTERN-STYLE" MANAGEMENT SCIENCE

Name

Period

Description Of Work (Source: Wikipedia)
Frederick W. Taylor 1856 - 1915

"Father" of Scientific Management.(2)
• Published Principles Of Scientific Management in 1911.
• Introduced Job Fractionation, i.e. sub-division of larger tasks into smaller tasks.
• Promoted the Time And Motion Studies and Piece Rate Compensation Method for workers.
Henri Fayol 1841 - 1925

"Pioneer" of Scientific Management. (4)
• Published 14 Principles Of Management and General And Industrial Management in 1929 (translated from French).
• Developed management theory called Fayolism.
• Identified six related management activities: 1) Technical; 2) Commercial; 3) Financial; 4) Security; 5) Accounting; 6) Managerial - planning, organizing, commanding, coordinating, and controlling.
Vilfredo Pareto 1848 - 1923

“Pioneer" of Microeconomics.
• Developed Pareto Principle (The 80%-20% Rule).
• Developed Pareto Distribution.
• Developed Pareto Efficiency.
Henry L. Gantt 1861 - 1919

“Pioneer" of Scientific Management.
• Developed and introduced the Gantt Chart for scheduling of production activities.
• Developed new standards for work performance. Introduced Production Bonuses.
Henry Ford 1863 - 1947

• Founder of Ford Motor Company.
• Introduced the First Assembly Line in 1913.
Frank B. Gilbreth
Lillian M. Gilbreth 		1868 - 1924
1878 - 1972
"Pioneers" of Scientific Management.
• Introduced the Time And Motion Study.
• Introduced the Job Simplification Method.
• Authored The Psychology Of Management.
• Developed a three position plan for promotion of employees: 1) Do your job; 2) Train your successor; 3) Get ready for promotion.
Mary Parker Follet 1868 - 1933
"Pioneer" of Scientific Management.
• Recognized the importance of the team work. Developed new standards for work performance.
• Recognized the importance of cooperation among employees.
• Developed humanistic approach to management.
Elton Mayo and associates from Harvard University School of Business Administration. 1880 - 1949
Founder of the Human Relations Movement.
• Recognized the importance of the team work. Developed new standards for work performance.
• Recognized the importance of cooperation among employees.
• Conducted Hawthorne Experiments and discovered that workers perform better when they are observed by superiors and their results are monitored. (Hawthorne Effect), are part of a team, and participate in a meaningful event.
Walter A. Shewhart 1891 - 1967
“Father” of Statistical Quality Control (Video) and “pioneer" of Quality Management.
• Developed Plan-Do-Check-Act (PDCA) Cycle.
• Developed Control Chart.
• Developed Common Cause And Special Cause.
W. Edwards Deming 1900 - 1993
“Father" of Quality Management.
• Author of Management’s Five Deadly Diseases
(5 Video)
• Introduced Plan-Do-Check-Act Cycle in Japan.
• Developed Common Cause And Special Cause.
• Major contributor to Quality Management in Japan.
Joseph Juran 1904 - 2008
“Pioneer” of Quality Management and Quality Control (Video).
• Author of Juran Trilogy (Video).
• Author of numerous Books on quality control.
• Founded Juran Institute in 1979.
• Endorsed Cross Functional Teams.
Douglas M. McGregor 1906 - 1964
Developed Theory X and Theory Y (Video).
• Theory X is based on a pessimistic approach and suggests that people don't really like to work; they are generally not ambitious, avoid responsibility, seek security in the workplace, lack imagination, creativity, and initiative.
• Theory Y is based on an optimistic approach and suggests that people actually like working under suitable conditions; they are self-starters, willing to accept responsibility, are creative and imaginative.
• Published the Human Side Of Enterprise in 1960, with the message that managers should take a more positive approach toward employees, delegate authority, making jobs more challenging, providing rewards for superior performance, and treating workers with respect and dignity. (5).
Armand Feigenbaum 1922
"Pioneer" of Quality Management and Quality Control (Video).
• Developed Total Quality Management (TQM).
• Author of Total Quality Control (4th ed.).
Philip B. Crosby 1926 - 2001
“Pioneer” of Quality Management and Quality Control.
• Developed Zero Defects Program.
• Author of numerous Books on quality management.
 
Main contributors to the development of the "Eastern-Style" Management Science, which is currently known as lean management, are presented next.
 

CONTRIBUTORS TO THE DEVELOPMENT OF "EASTERN-STYLE" MANAGEMENT SCIENCE

Name

Period

Description Of Work (Source: Wikipedia)
Sakichi Toyoda 1867 - 1930
“Father” of Japanese Industrial Revolution and the “King Of Japanese Inventors”.
• The founder of Toyota Industries in 1926.
• Invented numerous Weaving Devices.
• Developed Jidoka (Autonomation).
• Developed the 5 Whys Method.
Kiichiro Toyoda 1894 - 1952
Founder of Toyota Motor Corporation in 1937.
• Provided foundation for the development of the Toyota Production System.
Taiichi Ohno 1912 - 1990
"Father" of the Toyota Production System which became the foundation of Lean Manufacturing.
• Author of Toyota Production System: Beyond Large-Scale Production.
• Developed the Just In Time (JIT) Methodology.
• Developed Kanban scheduling system.
• Identified Muda, Mura, Muri, and seven wastes.
Shigeo Shingo 1909 - 1990
Developer of the Toyota Production System.
• Developed the Just In Time (JIT) Methodology.
• Author of numerous Books on quality management.
Eiji Toyoda 1913 - 2013
Developer of the Toyota Production System.
• Developed the Just In Time (JIT) Methodology.
• Longest-serving CEO of Toyota Motor Corporation.
Kaoru Ishikawa 1915 - 1989
“Pioneer” of Quality Management.
• Developed the Ishikawa Diagram.
• Popularized Hoshin Kanri in late 1950's.
• Author of numerous Books on quality management.
Genichi Taguchi 1924 - 2012
“Pioneer” of Quality Management.
• Developed the Taguchi Methods.
• Developed the Taguchi Loss Function.
• Author of numerous Books on quality management.
Shoichiro Toyoda 1925
Chairman of Toyota Motor Corporation.
• Chairman of Japan Business Federation.
Yoji Akao 1928
“Pioneer” of Quality Management.
• Developed Quality Function Deployment (QFD).
• Author of numerous Books on hoshin kanri and quality management.
Masaaki Imai 1930
“Pioneer” of Kaizen - Continuous Improvement
• Founded Kaizen Institute in Japan in 1985.
• Author of numerous Books on kaizen and gemba.
• Video 1 - Video 2

5. MAIN APPROACHES TO BUSINESS MANAGEMENT IN THE 1950’S - 1970’S

BUSINESS MANAGEMENT

Main approaches to traditional Business Management developed in the 1950's - 1970's are summarized below.

MAIN APPROACHES TO BUSINESS MANAGEMENT IN THE 1950’S - 1970'S

1.

The Process Approach.
This approach views management as a continuous task of planning, organizing, leading, and controlling a group of employees.

2.

The Behavioral Approach.
This approach focuses on understanding human behavior and evaluating factors that influence workers' performance and productivity. The behavioral approach caused the development of managerial skills in the area of human resources management, and provided basic guidance in dealing with employees.

3.

The Systems Approach.
This approach suggests that an organization is a set of interrelated parts - such as people, materials, and equipment - that are arranged in one structure. This structure is located in a constantly changing environment which includes customers, suppliers, banks, government agencies.

4.

The Contingency Approach.
This approach represents a step-by-step methodology and suggests that there is no universal solution to management problems. Managers, therefore, need to learn various management techniques and apply same to solve their specific problems.

The Contingency Approach is further described below. (6)

THE CONTINGENCY APPROACH

 Step 1: Perform A Situational Analysis.

This entails analysis of company's current strengths and weaknesses; and projection of external opportunities and threats.

 Step 2: Identify Current Problems.

Formulate a statement of problems based on the situational analysis.

 Step 3: Establish Performance Standards.

State performance standards to resolve expected problems, formulated above.

 Step 4: Generate Alternative Solutions.

Generate alternative solutions to the expected problems.

 Step 5: Evaluate The Proposed Solutions.

Evaluate the proposed solutions in terms of their consequences to the company.

 Step 6: Select Solutions.

Select best alternative solutions in accordance to company needs.

 Step 7: Test Solutions.

Implement a pilot test of the proposed solutions and revise whenever necessary.

 Step 8: Implement Solutions.

Implement the solutions toward company needs.

 Step 9: Evaluate Solutions.

Evaluate the effect of the implemented solutions.

 Step 10: Revise The Process.

Revise the process as necessary.

6. CONTRIBUTORS TO THE MODERN MANAGEMENT SCIENCE IN THE 1950’S - 2000’S

THE MODERN BUSINESS MANAGEMENT SCIENCE

Does the name Peter F. Drucker sound familiar to you?

Contemporary management theories developed by Peter F. Drucker (1909 - 2005), who is considered to be one of the fathers of the Modern Management Science, relate primarily to medium-sized and large American companies. These theories deal with a broad range of aspects in business management and provide additional light on what effective management should be.

Peter F. Drucker has authored 38 Best-Selling Books on business management and was well respected for his contribution to the development of the modern business management theory as outlined below. Many ideas proposed by Peter F. Drucker are also applicable to small businesses and for this reason you should adopt these ideas to ensure your long-term business success.

Please watch this video: Peter Drucker - A Perceptive Man.

CONTRIBUTIONS TO BUSINESS MANAGEMENT THEORY BY PETER F. DRUCKER

1.

In 1940’s introduced the idea of decentralization which became a bedrock principle for virtually every large organization in the world.

2.

In 1950’s was the first to assert that workers should be treated as assets, not as liabilities to be eliminated.

3.

In 1950’s originated the view of the corporation as a human community built on trust and respect for the worker and not just a profit-making machine.

4.

In 1950’s stated that there is "no business without a customer," a simple idea that promoted in a new marketing mind-set.

5.

In 1960’s argued for the importance of substance over style and for institutionalized practices over charismatic leaders.

6.

In 1970’s wrote about the contribution of "knowledge workers" stating the importance of knowledge and skilled employees in the overall success of any business.

Peter F. Drucker suggested in Management Challenges for the 21st Century, published in 1999, that one of the most critical elements of success in business in the 21st century will be Business Knowledge - and this may apply to you too!

Several Business Experts contributed to the development of the modern business management science during the last century. Some of these experts are listed below.
 

CONTRIBUTORS TO MODERN BUSINESS MANAGEMENT SCIENCE

Name

Period

Description Of Work (Source: Wikipedia)
Lawrence D. Miles 1904 - 1985

“Father” of Value Engineering.

• Author of numerous Books on value engineering.
Abraham Maslow 1908 - 1970

• Developed Maslow's Hierarchy Of Needs in 1943.

• Author of numerous Books on motivation.

• Maslow's Hierarchy Of Needs (Video).

Harold S. Geneen 1910 - 1997

• Author of Managing.

• Author of numerous Business Books.

• Harold S. Geneen Quotes (Video).
Fred Fiedler 1922

• Developed Fiedler Contingency Model.

• Author of numerous Business Books.

Frederick Herzberg 1923 - 2000

• Developed Herzberg's Theory Of Motivation in   1959.

• Author of numerous Business Books.

• Herzberg's Theory Of Motivation (Video).
Albert S. Humphrey 1926 - 2005

• Developed SWOT Analysis.
Edgar Schein 1928

• Developed Shein's Model Of Organizational   Culture.

• Developed Shein's Career Anchors.

• Author of numerous Business Books.

Paul Hersey 1931 - 2012

• Developed the Situational Leadership Model®

• Leading authority on training and development.

• Author of numerous Business Books.

Philip Kotler 1931

• Author of Principles Of Marketing (15th Ed).

• Author of over 40 Books on marketing management.
Steven Covey 1932 - 2012

• Author of The Seven Habits Of Highly Effective   People.

• Author of numerous Business Books.

• One of the most influential Management Gurus.
Larry E. Greiner 1933

• Author of The Greiner Model For Organizational   Development.

• Author of Handbook Of Management Consulting.

• Author of numerous Business Books.
Jay Conrad Levinson 1933

“Father” of Guerilla Marketing.

• Author of 28 Books on marketing management.
Aubrey Daniels 1935

“Father” of Performance Management.

• Founder of Aubrey Daniels International.

• Author of numerous Business Books.
Joseph R. Mancuso 1938

• Founder of CEO Clubs, Inc.

• Author/editor of 26 Business Books.
Henry Mintzberg 1939

Business Management Expert.

• Developed Mintzberg's Management Roles.

• Author of numerous Business Books.

• Video 1 - Video 2 - Video 3.
Ken H. Blanchard 1939

• Developed the Situational Leadership Model®

• Author of The One Minute Manager (Video).

• Author of over 35 Business Books.

• Video 1 - Video 2 - Video 3 - Video 4.
Robert S. Kaplan 1940

• Developed Balanced Scorecard.

• Author of numerous Business Books.

• One of the most influential Management Gurus.
Tom Peters 1942

• Author of In Search Of Excellence.

• One of the most influential Management Gurus.
William G. Ouchi 1943

• Author of Theory Z.

• Author of numerous Business Books.
Eli Goldratt 1947 - 2011

• Developed Theory Of Constrains.

• Author of numerous Business Books.

• Video 1 - Video 2 - Video 3.
Michael L. George 1971

Expert on Lean Six Sigma.

• Author of What Is Lean Six Sigma?

• Author of numerous Books on Lean Six Sigma.

7. TRADITIONAL BUSINESS MANAGEMENT METHODS, SYSTEMS, AND TERMS

TRADITIONAL WESTERN-STYLE BUSINESS MANAGEMENT SCIENCE

Traditional Business Management Methods, Systems, And Terms ("Western-Style" Management) have been developed in the U.S. and Europe during the 20th century. Some of these methods, systems, and terms are presented below.

BASIC TRADITIONAL BUSINESS MANAGEMENT METHODS, SYSTEMS, AND TERMS

Sources:
Wikipedia, Google, YouTube, SlideShare,
Business Dictionary And Dictionary Of Accounting Terms.

Lean Business 2100

• Accounting
Accounting is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting, and communicating financial information for organization's decision makers. Accounting entails preparation of financial statements, such as balance sheets, income statements, and statements of cash flows which respectively reflect organization's financial status, financial performance, and cash flows.		 • Video 1
• Video 2
• Video 3
• Video 4
• Video 5
• YouTube
• Examples
• SlideShare		 Check
Point 41
• Accounting Cycle
The accounting cycle represents a sequence of activities designed to complete accounting activities within an organization. These activities include: entering transactions, posting journal entries, preparing trial balance, preparing worksheet, adjusting journal entries, preparing financial statements, and closing the accounting books. The accounting cycle is built into any accounting software and it is completed automatically.		 • Video 1
• Video 2
• Video 3
• Video 4
• Video 5
• YouTube
• Examples
• SlideShare 		Check Point 43
• Accounting Information System (AIS)
Accounting information system is a comprehensive system of collecting, storing, and processing financial and accounting data for organization's decision makers. Accounting information system deals with two types of accounting information external reports or financial accounting reports and internal reports or management accounting reports. Financial accounting reports include three types of financial statements and internal reports include four basic management accounting reports.		 • Video 1
• Video 2
• Video 3
• Video 4
• Video 5
• YouTube
• Examples
• SlideShare 		Check Point 42
• Accounting Period
Accounting period represents a time frame used by accounting professionals for evaluating accounting information, balancing books of account, and preparing financial statements. The length of the accounting period is commonly accepted as one full year, known as the fiscal year or financial year. Management has the option of selecting the beginning of the company's fiscal year in accordance with the particular operating conditions and other relevant factors or it can use a calendar year as a fiscal period.		 • Video 1
• Video 2
• Video 3
• Video 4
• Video 5
• YouTube
• Examples
• SlideShare		 Check Point 44
• Accounting Software For Small Business
Accounting software is a data-base-driven computerized method of classifying, managing, and reporting financial information related to the organization's status and performance to managers and shareholders. Accounting software includes various modules which deal with the specific part of accounting, such as accounts payable and accounts receivable, general ledger, billing, sales, purchases, inventory and much more.		 • Video 1
• Video 2
• Video 3
• Video 4
• Video 5
• YouTube
• Examples
• SlideShare		 Check Point 43
• Accounts Payable
Accounts payable include all amounts of money owed by the organization to its suppliers for goods and services provided during a specified operating period. Accounts payable are recorded by accounting personnel and controlled by management through a specific accounting software program. Accounts payable are summarized on the following basis: 30 days, 60 days, 90 days, and over 90 days.		 • Video 1
• Video 2
• Video 3
• Video 4
• Video 5
• YouTube
• Examples
• SlideShare 		Check Point 44
• Accounts Receivable
Accounts receivable include all amounts of money owed by customers to the organization for goods and services provided during a specified operating period. Accounts receivable are recorded by accounting personnel and controlled by management through a specific accounting software program. Accounts receivable are summarized on the following basis: 30 days, 60 days, 90 days, and over 90 days.		 • Video 1
• Video 2
• Video 3
• Video 4
• Video 5
• YouTube
• Examples
• SlideShare 		Check Point 44
• Accounts Receivable Factoring
Accounts receivable factoring is a method of raising additional working capital by the business to meet its short-term operating expenses. Accounts receivable factoring entails ceding the rights of ownership or "selling in advance" the organization's accounts receivable to a third party. As a result, the organization will receive discounted value of accounts receivable for immediate use and the third party will collect the full value of accounts receivable on due dates.		 • Video 1
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• SlideShare 		Check Point 50
• Activity-Based Costing (ABC)
Activity-based costing is a costing methodology designed to identify specific activities within an organization and assign the cost of these activities to the production of related products and services. Activity-based costing method enables the accounting personnel to accurately identify cost drivers related to specific products and services by categorizing and recording fixed costs, variable costs, and overhead costs.		 • Video 1
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• SlideShare 		Check Point 57
• Activity Diagram
Activity diagram is a graphical representation of operational workflows within an organization. Activity diagram can be used to describe any type of operational workflow and indicate optional results. Activity diagrams are used in business process modeling which enables capturing process requirements, defining process parameters, managing complex processes, and improving communication within the organization. 		• Video 1
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• Advertising
Advertising is a form of communication designed to inform, encourage, and persuade the audience, listeners, and viewers to learn about specific products and services and take action to acquire them. Advertising is an integral element of the marketing communication mix and it plays an important role in the process of promoting the company's products, services, and its corporate image in the marketplace.		 • Video 1
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• SlideShare		 Check Point 89
• Affiliate Marketing
Affiliate marketing represents a performance-based marketing method which enables an organization to market and sell its products and services in commerce and online. Affiliate marketing has four specific elements the merchant, or retailer, who provides the products and services, the affiliate network, which facilitates revenue-sharing affiliate marketing process, the affiliate partner, or the affiliate, and the ultimate customer who purchases a product or a service.		 • Video 1
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• SlideShare 		Check Point 91
• Assets
Assets represent the total resources controlled by the organization and utilized for the purpose of obtaining future benefits. Assets are provided to a business organization by two sources owners or shareholders and outside investors. All assets are classified as current assets, such as cash, accounts receivable, notes receivable, capital assets, or fixed assets, such as building, plant and vehicles, and intangible assets, such as goodwill, trademarks and copyrights. 		• Video 1
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• SlideShare 		Check Point 44
• Balanced Scorecard (BSC)
A balanced scorecard is a management tool designed to convert the organization's vision and mission into a practical strategic plan and develop key performance indicators (KPI's) for various areas of operational performance. These KPI's are subsequently used to identify, define, measure, monitor, and report actual operational performance. Balanced scorecards were developed by Dr. Robert S. Kaplan and Dr. David P. Norton in early 1990s.		 • Video 1
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• SlideShare 		Check Point 8
• Balance Sheet
A balance sheet is a statement of the company's financial position at a specific moment in time. A balance sheet is referred to as a "snapshot" of the organization's resources and obligations and is intended to describe the financial condition of the company on the date of closing books of account. A balance sheet provides details of all assets and liabilities of the organization and net worth of its shareholders at a given date. It does not indicate whether the company makes profit or incurs losses.		 • Video 1
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• Bank Reconciliation
Bank reconciliation is process of reconciling the variance between the monthly bank statement provided by the bank and the corresponding amount stated in the organization's books of account. The bank reconciliation process must be carried out at least on a monthly basis or more frequently depending upon the organization's specific requirements. Bank reconciliation provides business owners and managers with a very important method of financial control.		 • Video 1
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• SlideShare 		Check Point 51
• Basis Of Accounting
The cash basis and the accrual basis are two main accounting methods used for monitoring and managing income and expenditure in any organization. The cash method of accounting entails recording all receipts and disbursements only when the actual payment takes place. Conversely, the accrual method of accounting entails recording receipts and disbursements when they are actually incurred by the business, irrespective of the flow of cash.		 • Video 1
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• SlideShare 		Check Point 43
• Bookkeeping
Bookkeeping represents an integral part of accounting and it is based on specific bookkeeping principles, rules, and procedures. The main purpose of bookkeeping is to record, post, and track all accounting transactions related to an organization's business activities. There are several accounting software programs, which include a computerized bookkeeping system, widely available to small business owners today. 		• Video 1
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• Brand Management
Brand is a unique and proprietary name, term, sign, symbol, or design, or combination thereof intended to identify a product or a service offered by an organization in the marketplace and used to differentiate such product or service from other products or services offered by competition. Brand management entails a comprehensive evaluation, planning and implementation of all activities aimed at maximizing the brand performance in the marketplace.		 • Video 1 
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• SlideShare 		Check Point 87
• Break-Even-Analysis
Break-even analysis is a financial method designed to determine the point at which an organization will start making profit, based on the variation of revenues and expenses with the changes in sales volume. Break-even analysis is based on a detailed cost-volume-profit analysis and entails identification of fixed and variable costs. Break-even analysis can be based on past performance results or future budgeted projections.		 • Video 1
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• Budgeting
A budget is a quantified plan for a specific period of time. A budget represents a critical management tool for planning and controlling all operational activities of a business organization, such as general administration, human resources, finance and accounting, operations, marketing and sales. The final outcome of a budgeting process is a master budget which includes an operating budget and a financial budget.		 • Video 1
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• Business Intelligence (BI)
Business intelligence is a set of principles, methods, processes, and guidelines which transform raw data into meaningful and useful information for business purposes. Business intelligence can be applied to management analysis, planning and solutions in any area of operational activities. Business intelligence was developed by Hans Pete Luhn, author of Business Intelligence System published in 1958.		 • Video 1
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• Business Model
Business model defines the overall method and logistic used by an organization in generating revenue by creating products and services and delivering value to customers. Business model represents a description of the basic elements of a business organization, including purpose, offerings, strategies, organizational structure, trading practices, operational processes and policies.		 • Video 1
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• Business Plan
Business plan is a critical management document designed to summarize an organization's business objectives and comprehensive operational plans which will outline the methods of achieving its objectives. Business plan includes a mission statement, a summary of the organization's long-term, medium-term and short-term goals and objectives, a detailed SWOT analysis which summarizes the organization's strengths, weaknesses, opportunities and threats, and detailed operational and financial plans.		 • Video 1
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• Business Process Improvement (BPI)
Business process improvement (BPI) is aimed at improving the quality and productivity of business processes within an organization by eliminating or minimizing non-value added activities and costs through gradual enhancements. The main objective of BPI is to maximize the value of products and services offered to customers and increase the profitability. This process was developed by H. James Harrington, author of Business Process Improvement published in 1991. 		• Video 1
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• SlideShare 		Check Point 66
• Business Process Discovery (BPD)
Business process discovery (BPD), also called process discovery, is a set of management methods and procedures used to identify, define, map, and evaluate existing business processes within an organization. Analysis of the current state business processes provides a basis for future business process planning and improvements. BPD plays an important role in maximizing operational productivity and the organization's profitability. 		• Video 1
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• Business Process Management (BPM)
Business process management (BPM) represents a "holistic" approach to maximizing operational business performance. According to the Association Of Business Process Management Professionals (ABPMP): "Business process management is a disciplined approach to identify, execute, measure, monitor, and control both automated and non-automated business process to achieve consistent, targeted results aligned with an organization's strategic goals."		 • Video 1
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• Business Process Mapping
Business process mapping describes specific operational activities and summarizes what takes place within the organization regarding these activities, who is responsible for each activity, to what standard the operational activities should be performed, and how the success of these activities can be determined. The main objective of business process mapping is to maximize the efficiency of selected operational activities and improve overall organizational performance.		 • Video 1
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• SlideShare		 Check Point 66
• Business Process Modeling (BPM)
Business process modeling is the activity of identifying, evaluating, planning, and improving operational processes within any organization. Business process modeling entails the use of flow charts, control flow diagrams, functional flow block diagrams, Gantt charts, PERT diagram, and information technology. Business process modeling is used in improving systems engineering processes and business processes.		 • Video 1
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• Business Process Re-Engineering (BPR)
Business process re-engineering is a business management strategy, which entails fundamental re-evaluation of the organization's current mission and goals and re-design of business processes, operational workflows, and methods to achieve significant improvements in product and service costs, quality and reliability and to maximize the customers' satisfaction. BPR was developed in early 1990s.		 • Video 1
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• Cash Flow Forecasting
Cash flow forecasting or cash flow projection, or cash budget, represents a key method for financial planning and control. The cash budget provides a period-by-period projection of the following cash flow parameters: the opening bank balance, cash receipts, cash disbursements, and the closing bank balance. Cash budgets can be prepared for a weekly, monthly, quarterly, semi-annual and annual periods. 		• Video 1
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• Cash Flow Statement
A cash flow statement is an important financial statement, which summarizes all receipts and payments of funds by an organization during a specified accounting period. A cash flows statement reflects the movement of funds as a result of all operating, investing, and financing activities of the organization. The structure of this statement does not depend upon the type of operations, i.e. service, merchandising, or manufacturing company may have a similarly structured statement of cash flows.		 • Video 1
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• Change Management
Change management is a structured approach designed to facilitate a smooth and successful transition by individuals, teams, and organizations from their current state to a desired future state. Change management process entails a detailed evaluation of the current state parameters and a thorough planning of new parameters in the desired future state. This process may involve several factors such as strategies and objectives, measurement systems, sequence of process steps, and implementation details.		 • Video 1
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• Chart Of Accounts
Chart of accounts represents a listing of various account categories, specific accounts, and sub-accounts available in the accounting system for recording all financial transactions related to an organization's business activities. The chart of accounts consists of balance sheet accounts: assets, liabilities, and shareholders' equity, and income statement accounts: revenues, expenses, gains, and losses. 		• Video 1
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• Collaborative Software
Collaborative software focuses on implementing and maintaining cost-effective enterprise collaboration systems (ECS) within an organization. Enterprise collaboration systems are cross-functional systems that enhance communication, coordination, and collaboration between work teams in various departments. The EC systems may include network PC stations, servers, databases, and a broad range of groupware and application software packages.		 • Video 1
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• Communication Skills
Communication is defined as the exchange of information between two or more individuals. Communication skills are essential in a successful business management process and include verbal and non-verbal communication skills. Effective communication skills are based on the person's ability to communicate in a clear, concise, accurate, and timely manner and to demonstrate strong listening abilities.		 • Video 1
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• Communication Process
Communication process entails exchange of verbal and non-verbal information between two or more individuals. Communication process enables executives to carry out essential managerial functions of planning, organizing, leading, and controlling the company and communicating relevant information to employees. Communication process facilitates the creation of a suitable working environment within an organization and achievement of its business objectives. 		• Video 1
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• Computer-Aided Design (CAD)
Computer-aided design (CAD) is a process of using computers for the purpose of designing new products and modifying the existing ones. Various types of CAD software, used during the product design process, enable the designers to substantially increase the productivity of the entire design process and improve the overall quality of the design work. CAD also provides improved communication during the design process through documentation and available database.		 • Video 1
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• SlideShare 		Check Point 64
• Computer-Aided Manufacturing (CAM)
Computer-aided manufacturing (CAM) is a process of using computers for the purpose of manufacturing a broad range of parts and products. CAM entails using suitable software for programming selected machines for specific manufacturing operations. CAM may also include automated selection of special tools during the manufacturing process. The prime purpose of CAM is to increase the product accuracy and efficiency during various manufacturing processes, to reduce waste, and ensure smooth operational flow in the manufacturing facility.		 • Video 1
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• Computer Integrated Manufacturing (CIM)
Computer-integrated manufacturing (CIM) entails using computers in the manufacturing environment to control the entire production process. CIM facilitates exchange of relevant information between various manufacturing processes on a continuous basis. CIM usually operates in a closed-loop process control environment and provides real-time information to operators. CIM helps management to maximize efficiency and productivity of manufacturing processes and to increase the organization's profitability.		 • Video 1
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• Control Chart (Shewhart Chart)
Control charts, also known as Shewhart charts, represent one of the seven basic tools for quality control. Control charts are used to evaluate a specific process behavior and to determine whether this process should be further examined because of possible quality-related problems. Control charts are typically used for analyzing time-series data and for data which has logical comparability. These charts were developed by Walter A. Shewhart in the 1920's.		 • Video 1
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• Corporate Structure
Corporate structure represents a formal grouping of various positions and departments within an organization. Corporate structure consists of three basic components shareholders, board of directors, and management. Corporate structure relates to the selection of the organization's legal business structure which may include selection of a regular C-corporation, S-corporation, or Limited Liability Company. A suitable corporate structure may provide an organization with important tax advantages in the future.		 • Video 1
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• Cost Accounting
Cost accounting is an accounting management process which entails collecting, analyzing, summarizing, and evaluating information related to costing of products and services within an organization. Cost accounting focuses on four important tasks classification of costs, development of a cost accounting system, determination of cost recovery rates, and implementation of the cost accounting system.		 • Video 1
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• Cost-Benefit Analysis (CBA)
Cost-benefit analysis (CBA) is a systematic process for identifying, evaluating, and comparing costs and benefits related to a specific product, service, or project. CBA is used to evaluate the financial viability and competitive edge of existing products, services and projects offered to customers. CBA is also used to determine the economic viability of a proposed new capital equipment, or development of a new product or service line, or a project.		 • Video 1
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• Cost Engineering
Cost engineering entails a broad range of a project cost-related activities, including cost forecasting, estimating, and budgeting, cost analysis, cost control, and risk analysis. Cost engineering focuses on developing accurate cost estimates and budgets for specific projects, monitoring the actual project cost variances, ensuring that actual project costs are within the budget parameters, and taking corrective action to avoid project cost “overruns”.		 • Video 1
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• Cost Estimating
Cost estimating forms the basis for a quotation to customers and assists in determining the final selling price of products, services, and projects. Cost estimating entails preparing cost estimates for jobs, products, services, contracts, or projects prior to offering prospective customers a firm offer related to their specific request. Cost estimating also entails summarizing quantities and costs of required materials, production times, bought-out components, and sub-contracting services.		 • Video 1
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• Cost Of Goods Sold (COGS)
Cost of goods sold (COGS) usually represents the largest expense incurred by an organization which is involved in selling products to customers. Cost of goods sold is a general ledger account in perpetual inventory system. Cost of goods sold doesn't exist in a periodic inventory system. Instead, COGS are determined as cost of beginning inventory plus cost of goods purchased (less any returns or allowances) plus freight-in and less cost of ending inventory.		 • Video 1
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• Cost-Plus Pricing
Cost-plus-pricing is an effective pricing strategy designed to increase the organization's profitability, while minimizing the possibility of incurring operational losses. Cost-plus-pricing entails calculating the basic product, service, or project cost and adding pre-determined percentage or a “profit mark-up” to compute the selling price. Cost-plus-pricing may help avoiding operational losses as long as the organization’s overheads are accurately identified and correctly added to the basic cost.		 • Video 1  
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• Cost Reduction Methods
Cost reduction methods focus on identifying and evaluating excessive operational costs and determining most effective ways to minimize these costs within an organization. Cost reduction methods entail making positive adjustments and ensuring continuous improvement related to products, services, operational processes, personnel, plant, operational facility and collaboration with suppliers and other service providers.		 • Video 1
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• Critical Path Method (CPM)/PERT
Critical path method (CPM)/Program evaluation and review technique (PERT) is a project management method designed for scheduling specific project activities. One of the main features of the CPM/PERT and related techniques is their use of network diagrams, or precedence diagrams. This method was developed by J.E. Kelly of the Remington Rand Corporation and M.R. Walker of Du Pont Corporation in late 1950's. 		• Video 1
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• Customer Relationship Management (CRM)
Customer relationship management (CRM) is a data-based software program designed to assist in managing the organization's relationships with its existing and prospective customers. CRM is used primarily by marketing and sales managers and sales people who are involved in developing new marketing campaigns, generating new sales leads, maintaining current customers' accounts, and providing after-sales service.		 • Video 1
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• Customer Service
Customer service is the service provided by the organization to it’s to customers before, during and after purchasing and using products and services. Customer service represents one of the most important elements of the organization’s business, and it must be always maintained on above-average level to ensure the continuous and effective business performance. Poor customer service may cause many complaints from customers and subsequent loss of business.		 • Video 1
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• Customer Value Proposition (CVP)
Customer value proposition (CVP) is a summary of all benefits which customers may expect to receive from an organization in return for their payment or exchange of values between them. Organizations typically use a customer value proposition as part of their marketing strategy and approach to consumers designed to differentiate between them and their competitors. Customer Value Management was started by Ray Kordupleski in the 1980's.		 • Video 1
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• Data Mining
Data mining is the process of identifying large amount data from various sources, analyzing this data from different perspectives, and combining this data into a useful source of information. Data mining software is used as an analytical tool for analyzing data in various industries, discovering specific patterns in large sets of data and transforming this data into an understandable structure for further use by business owners and organizations.		 • Video 1
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• Data Flow Diagram (DFD)
A data flow diagram (DFD) is a graphical representation of the flow of data through a specific information system. DFDs are drawn for different levels where the first level represents an overview of the entire information system and each subsequent level provides a detailed view related to a specific process. A DFD shows what kind of information will be used as an input to and output from the system, what the source of this information is, where it will come from, and where will it go, and where the data will be stored.		 • Video 1
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• Debits And Credits
Debits and credits represent the foundation of a double-entry bookkeeping system. According to this system, equal amounts of debit and credit entries must be recorded for every business transaction. Debits and credits, abbreviated as Dr. and Cr. respectively, are entries made in a designated ledger accounts to reflect specific changes in those accounts. The difference between the total debits and total credits in a single ledger account is the account's balance. 		• Video 1
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• Decision-Making Process
A decision making process in business is a management process designed to enable business owners and managers to make effective decisions designed to maximize the operational performance of their organization. The decision-making process concerns with development and selection of a suitable course of action toward meeting organizational objectives in the most cost-effective manner. 		• Video 1
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• Decision Support System (DSS)
A decision support system (DSS) is a computer-based information system designed to provide accurate and timely information to business owners and managers during various stages of operational planning and control. DSS also provides a cost-effective management support in the overall decision-making process within the organization. DSS includes various knowledge-based systems and it is designed as an interactive tool to ensure effective decision-making process.		 • Video 1
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• Depreciation
Depreciation in accounting refers to a gradual decrease in a "book value" of an asset and systematic allocation of the cost of an asset from the balance sheet to depreciation expense on the income statement over the useful life of the asset. This allocation is done to comply with the matching principle and it doesn't reflect the actual value of an asset. Depreciation methods include straight-line method, the production method, the double-declining method, the accelerated depreciation method and other methods.		 • Video 1
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• Direct Marketing
Direct marketing is an interactive system of marketing which uses one or more advertising medias to affect a measurable response from consumers and enable the organization to promote and sell its products and services in the marketplace. Direct marketing includes several direct marketing methods, including telephone marketing, direct mail marketing, online marketing, direct selling, automatic vending, TV infomercials, TV home-shopping, and postcard decks.		 • Video 1
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• Discounts And Allowances
Discounts and allowances represent specific price reductions from defined selling prices of products and services. Sellers may offer buyers a broad range of discounts and allowances, such as trade discounts, quantity or volume discounts, cash discounts, and promotion discounts. Discounts and allowances provide business owners with important tools to increase the volume of business and to improve the cash flow of the organization. 		• Video 1
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• Distribution Channels
Distribution channels, or marketing channels, or marketing distribution channels, are defined as chains of individuals and organizations involved in the process of distributing products and services from producers to the end-users, or consumers. The two main types of distribution channels include consumer channels and industrial channels. Distribution channels may entail direct distribution to consumers or distribution through various levels of intermediaries in the marketplace.		 • Video 1
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• DMAIC Improvement Cycle
DMAIC (define, measure, analyze, improve and control) improvement cycle is a management tool designed to improve business process and operational activities within an organization. DMAIC cycle is the key management tool used in Six Sigma improvement project. The main purpose of the DMAIC improvement cycle is to define a specific business problem, to measure the scope of the problem, to identify the root of the problem, to improve the problem, and ensure successful results.		 • Video 1
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• SlideShare 		Check Point 76
• Double-Entry Bookkeeping System
A double-entry bookkeeping system is a set of rules for recording financial information in a financial accounting system. According to the basic rule of a double-entry accounting, every transaction affects at least two accounts and the basic requirement is that equal amounts of debit and credit entries must be recorded for every business transaction. The double-entry bookkeeping system was first introduced by Fra Luca Pacioli in Italy in 1494.		 • Video 1
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• SlideShare 		Check Point 43
• Email Marketing
Email marketing represents a very important direct marketing method which enables business owners to market their products and services by sending "opt-in" e-mails to current and prospective customers via Internet. Email marketing is to inform customers about existing and new products and services, to notify about special promotion details, to develop brand awareness and customer loyalty.		 • Video 1
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• SlideShare 		Check Point 91
• Employee Motivation
Employee motivation describes management's ability to stimulate the employees to work willingly and enthusiastically. Employee motivation methods include attractive remuneration, employee benefits, work security, interpersonal functional relations, the opportunity to advance, work challenge and satisfaction, safe and comfortable working conditions, correct guidance and reasonable orders, and credit for good performance.		 • Video 1
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• SlideShare 		Check Point 32
• Employee Performance Appraisal
Employee performance appraisal is a series of management methods designed to review employees' performance during a specified period of employment, to provide employees with feedback regarding their performance, to identify their strengths and weaknesses in various areas of work, to provide employees with an opportunity to express their opinions concerning their work, to identify suitable candidates for short- or long-term promotions and salary or wage increases.		 • Video 1
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• SlideShare 		Check Point 36
• Employee Planning And Forecasting
Employee planning and forecasting focuses on identifying specific demand for employees by an organization during a defined operating period and determining how this demand will be met. The main purpose of the employee planning and forecasting process is to secure the availability of specific types of people with the skills, experience, and background necessary to meet the organization's forthcoming business objectives.		 • Video 1
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• SlideShare 		Check Point 25
• Employee Training And Development
Employee training and development represents a critical process of converting organization's employees into productive and valuable team members to maximize the overall operational business performance. The employee training and development process entails assessing the individual employee requirements, setting specific training objectives, conducting general and technical training of employees, and evaluating employee training results.		 • Video 1
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• Enterprise Application Integration (EAI)
Enterprise application integration (EAI) is a process of connecting several computer systems and applications used by an organization into an effective and integrated framework, based on the compatibility of individual sub-systems. The EAI process may include various types of software programs used in the areas of human resources, financial management, operations management and marketing and sales management. This may include MRPII, ERP, CRM and other programs. 		• Video 1
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• SlideShare 		Check Point 11
• Enterprise Integration
Enterprise integration focuses on the technical aspects of enterprise architecture, such as electronic data exchange, product data exchange, system interconnection, and distributed computing environments. The main objective of enterprise integration is to provide accurate information to the organization's decision-makers at the right place and at the right time and to ensure cost-effective communication between people, machines and computers. 		• Video 1
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• SlideShare 		Check Point 11
• Enterprise Resource Planning (ERP)
Enterprise resource planning (ERP) is an integrated management software system designed to plan various operational activities within an organization on a cross-functional basis. ERP software typically consists of multiple enterprise software modules that are available on individual basis, depending upon the organization's specific requirements. Each ERP module is focused on one area of business processes, such as operations, accounting, inventory control, human resources, marketing and sales.		 • Video 1
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• SlideShare 		Check Point 11
• Equity (In Accounting)
Equity in accounting represents the net value of the business owners' interest in the organization, also known as shareholders' equity, or stockholders' equity, or net worth. According to the basic accounting equation, the total value of the shareholders' equity in an organization represents the excess of its total assets over its total liabilities. Thus, according to the basic accounting equation: shareholders' equity equals net worth or total assets less total liabilities.		 • Video 1
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• SlideShare 		Check Point 43
• Executive Information System (EIS)
Executive information system (EIS) combines many features of management information systems (MIS) and decision support system (DSS). EIS provides top executives with immediate and easy access to essential business information, helps to identify critical success factors that are essential to accomplishing strategic objectives. EIS is also used by lower level managers, business analysts and other employees who are engaged in the decision-making and operational planning and control processes.		 • Video 1
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• SlideShare 		Check Point 11
• Fiedler Contingency Model
Fiedler Contingency Model suggests that effectiveness of a working group depends upon the match between a leader's style and specific situation requirements. Fiedler Contingency Model is a dynamic model where the personal characteristics and motivation of a leader may influence the interaction with employees in a specific organization. Fiedler Contingency Model was developed by Fred Fiedler in 1967.		 • Video 1
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• FIFO And LIFO Accounting
FIFO (first-in, first-out) and LIFO (last-in, first-out) represent two inventory costing methods. The FIFO method is based on the assumption that the first merchandise purchased is the first merchandise sold. As a result, the ending inventory consists of the most recently purchased merchandise. The LIFO method is based on the assumption that the most recently purchased merchandise is the first merchandise sold. As a result, the ending inventory consists of the merchandise purchased during the earlier period. 		• Video 1
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• SlideShare 		Check Point 54
• Financial Accounting
Financial accounting is the field of accountancy concerned with the preparation of financial statements for decision makers, such as existing and potential shareholders, suppliers, banks, existing and potential investors, and government agencies. Financial accounting focuses on preparing financial statements such as balance sheets, income statements, and statements of cash flows, which respectively reflect the organization's solvency, profitability and liquidity.		 • Video 1
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• Financial Management (FM)
Financial management focuses on planning, organizing, directing, and controlling all financial management activities within an organization. Financial management includes accounting, bookkeeping, budgeting, cost accounting, pricing, payroll accounting, management accounting, collaborating with the organization's accountant in developing tax strategies and preparing tax returns, and providing accurate financial information to all relevant internal and external parties.		 • Video 1
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• Financial Ratios
A financial ratio illustrates the relationship between two specific values extracted from an appropriate balance sheet or income statement. Financial ratio analysis provides management and other parties with four essential parameters of the organization's condition: liquidity, solvency, profitability, and ability to manage assets. Subsequently each financial ratio is compared with the acceptable industry norms to verify whether the organization is on the right track.		 • Video 1
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• Financial Statements
Financial statements consist of three important financial documents which provide information regarding the organization's financial status. A balance sheet is a statement of the organization's financial position at a specific moment in time and describes its solvency. An income statement summarizes the organization's operational performance and describes its profitability. The statement of cash flows summarizes the organization's flow of funds and describes it liquidity.		 • Video 1
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• Flowchart
A flowchart is a structured graphic representation of a specific operational sequence or a process, organization chart, or similar formalized structure which may reflect a particular business process. The purpose of a flow chart is to provide users with a common language or point of reference when dealing with development or implementation of various operational processes or projects.		 • Video 1
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• Gantt Chart
A Gantt Chart is a bar chart designed to be used for specific work or project scheduling. A Gantt Chart is represented by a series of horizontal lines which show the amount of work done or production completed in certain periods of time in relation to the amount planned for those periods. Gantt charts illustrate the start and finish dates of the terminal elements and summary elements of a project. A Gantt Chart was developed by Henry Gantt in the 1910's.		 • Video 1
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• General Ledger
A general ledger contains all accounts for recording transactions relating to an organization's assets, liabilities, shareholders' equity, revenues, and expenses. In any typical accounting software package, or an ERP system, the general ledger works as a "grand central repository station" for holding all transactions related the organization's balance sheet and income statement items. Each account in the general ledger is called a ledger accounts and is managed separately.		 • Video 1
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• General Management
General management focuses on the overall management of an organization and entails making decisions on the top management level, developing and implementing strategic and operational plans, organizing operational processes and activities, developing management and organizational structure, leading employees toward meeting their specific objectives, ensuring effective communication with the organization, and controlling the organizational performance.		 • Video 1
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• Goodwill (In Accounting)
Goodwill is an organization's long-term intangible asset which may include a popular brand, loyal customers, well-trained employees, and ability to generate steady revenue. Goodwill may become a valuable asset, when the organization's owners decide to bring in new partners or sell it to new owners. The value of the goodwill is the cost of purchasing the business as a "going concern" less the fair net market value of all tangible and intangible assets obtained in the purchase.		 • Video 1
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• Historical Cost
A historical cost, or an original net purchase price, represents the monetary value of a product or a service, paid by an organization on the date of its acquisition. Each product upon purchase becomes an asset owned by an organization and it is subject to depreciation (except land). The "book value" of each asset is determined as historical cost less accumulated depreciation, and a "true market value" of an asset is determined on the basis of a "marked replacement value".		 • Video 1
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• Human Resource Management (HRM)
Human resources management focuses on planning, organizing, directing, and controlling effective utilization of human resources within an organization. HRM entails a wide range of HR functions, including employee planning, recruitment and hiring, screening and testing of applicants, employee interviews, orientation, training, development, compensation, performance appraisal, and career management, labor-management relations, employee safety and health, conflict management and separation.		 • Video 1
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• Incentive Programs
Incentive programs focus on promoting above-average performance and motivating employees to take specific action to achieve superior results. Incentive programs are frequently used by business owners and managers to motivate employees to achieve superior production and sales performance results and meet an organization's specific objectives. Incentive programs are also frequently used to attract and retain high caliber employees to the organization.		 • Video 1
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• Income Statement
An income statement summarizes the amounts of operating revenues earned and operating expenses incurred during a specific accounting period. Income statements, also known as the profit and loss account or P & L Account, are prepared on a monthly basis to provide management with an essential financial tool designed to measure and control the company's operational performance and determine gross margin from sales and net income.		 • Video 1
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• Information Technology (IT)
Information technology (IT) focuses on design, development, application, implementation, management, and support of computer-based information systems and data. The computer-based information is being used, distributed, stored, and transmitted for a wide range of business applications in the forms of audio, video, textual, and numerical data and is processed through the use of microelectronics and computers.		 • Video 1
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• Interpersonal Skills
Interpersonal skills are the life skills used by people every day to communicate and interact with other people, both individually and in groups. Interpersonal skills are critical in every person's success and include the following skills: verbal and non-verbal communication skills, listening skills, negotiating skills, managing, organizing and leading skills, problem-solving and decision making skills, assertiveness, flexibility, and open-mind.		 • Video 1
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• Inventory Management
Inventory management focuses on planning, purchasing, storing, controlling, and distributing various types of inventories throughout the organization. Inventory includes all direct materials, such as raw materials, work-in-process, parts and sub-assemblies, and finished goods, and indirect materials, such as consumables and supplies used in the production of products or services for customers.		 • Video 1
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• ISO 9000/ISO 9001 Quality Management System
The ISO 9000/ISO 9001 quality management system is designed to enable organizations to meet the needs of their customers while meeting statutory and regulatory requirements related to a specific product. ISO, or the International Organization for Standardization, publishes standards which are available through National Standards Organizations. ISO 9000 deals with the fundamental requirements of quality management systems and it was first published in 1987.		 • Video 1
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• Job Analysis
Job analysis is a management process which focuses on collection and study of information relevant to specific positions within the organization. Job analysis process entails several important considerations for employee positions and for managerial positions. Job analysis is frequently carried out by means of personal interviews, questionnaires or observations and entails gathering of job-related information.		 • Video 1
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Job Description And Job Specification

A job description is a detailed statement which summarizes the relevant duties, responsibilities, authority, and accountability of a specific job. A job description should be prepared for each employee within an organization. A job specification is a detailed statement which outlines the minimum level of knowledge, skills, education, and attributes necessary to ensure an acceptable standard of work.

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Key Performance Indicators (KPI’s)
Key performance indicators (KPI’s) are pre-determined and quantifiable performance factors designed to measure specific performance parameters of organization’s performance. KPI’s are developed in accordance with the organization’s specific goals in various areas of operational activities and they represent “target values” which must be achieved by the organization in order to meet its overall business objectives.

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Knowledge Management (KM)

Knowledge management (KM) is the process aimed at obtaining, storing, distributing, and effectively using knowledge on a cross-functional basis for the benefit of the entire organization. Knowledge management system is designed to promote an integrated approach to identifying, obtaining, evaluating, storing, retrieving, and sharing all information, such as documents, procedures, guidelines, rules, and databases which can be relevant to an effective management of an organization and help to maximize its performance.

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Leadership
Leadership is a key element of the leading process which can be defined as the art of influencing people so that they will strive willingly and enthusiastically toward the achievement of organizational goals. The leading process entails guiding, conducting, directing, managing, and motivating subordinates to accomplish specific organizational objectives. Two aspects of leadership behavior include leadership function and leadership style.

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Leasing
Leasing is a long-term financing method that enables the organization to obtain the right of using expensive capital equipment without paying its full price upfront to the supplier. Based on the leasing arrangement, the purchaser may derive immediate benefits from leasing equipment and generate additional revenues as a result of its usage. The ownership of leased equipment remains with the supplier. However, the purchaser may enjoy additional tax benefits since all leasing payments are fully tax deductible.

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Liabilities

Liabilities represent the total creditors' claims against assets utilized by the organization. Liabilities represent the total debt of the organization which may include money owed by the organization to its employees, suppliers, banks, tax authorities, and various creditors. Liabilities include current liabilities which are due to be paid during the next year and long-term liabilities which are due to be paid during a period in excess of one year.

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Management

"Management is the art of getting things done through people. One category of people, known as managers, should achieve their organizational objectives by arranging others, known as subordinates to carry out the necessary tasks instead of performing those tasks themselves." (Mary Parker Follet). Four prime management functions include planning, organizing, leading and controlling operational activities and employees with an organization.

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Management Accounting

Management accounting is the process of identification, measurement, accumulation, analysis, preparation, and communication of financial information, used by management to plan, evaluate, and control activities within the organization and to assure appropriate use and accountability for its resources, as defined by the National Association Of Accountants. Management accounting entails development of internal financial which are used exclusively by the organization’s management team.

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Management By Objectives (MBO)

Management by objectives (MBO) is a key management method which entails establishing planned operational objectives (expected results) by managers and employees on a joint basis, completing actual operational activities and measuring results (measured results), identifying the variance between both results, and taking corrective action. Management by objectives (MBO) plays a critical role in ensuring effective performance of every business organization.

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Management Information System (MIS)
Management information system (MIS) is a system designed to provide management with specific information to improve the organization’s performance. MIS focuses on gathering, processing, integrating and storing relevant data, both from inside and outside an organization. This data is constantly updated and made available to all employees within an organization who have the authority to access and use this data to meet organization’s objectives.

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Managerial Ethics

Managerial ethics commonly refer to the rules and principles that define “right” and “wrong” conduct in the business environment. Managerial ethics are influenced by several factors, including governmental regulations, industry ethical codes, social pressures, organizational framework, organization’s culture, specific individuals’ personal characteristics and values. High level of managerial ethics plays a critical role in the overall organizational performance and helps to maximize profitability.

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Manufacturing Methods

Manufacturing methods describe different ways to manufacture products. Manufacturing methods include three traditional methods: job shop production, batch production, and flow (mass) production. Manufacturing methods also include lean manufacturing methods or just-in-time manufacturing. Each method may be suitable in a specific manufacturing environment, and it has certain advantages and disadvantages.

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Manufacturing Processes

Manufacturing processes entail conversion of raw materials into semi-finished or finished products through the utilization of plant, equipment, tools, and qualified labor in a suitable production facility. Manufacturing processes are essential in producing a wide variety of products and include different types of processes, such as casting, molding, forming, machining, joining, and injection molding, and many more.

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Manufacturing Process Management (MPM)

Manufacturing process management (MPM) focuses on “how” a specific product should be produced. MPM entails determining suitable technologies and methods for manufacturing products in the most efficient manner in a particular manufacturing environment. MPM differs from ERP/MRP which is used to plan the ordering of materials and other resources, set manufacturing schedules, and compile cost data.

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Manufacturing Resource Planning (MRPII)

Manufacturing resource planning (MRP II) is a comprehensive operational method for planning all resources within a manufacturing organization. The main purpose of the MRP II is to plan, monitor, and integrate various resources and functions of a manufacturing company including operations, purchasing, accounting, and marketing. The MRP II was designed to enhance the value of the MRP system by integrating main operational planning activities on a company-wide basis.

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Marketing Management

Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. Marketing management entails analysis, planning, implementation, and control of activities designed to develop and maintain a beneficial exchange of ideas, products, and services in the marketplace to meet personal and corporate goals.

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Marketing Mix

The marketing mix is a business concept frequently used in marketing management by marketing professionals. The marketing mix is widely known as the ”Four P’s” and it includes four specific elements: product, price, place, promotion, and place (distribution). Lately, the “Four P’s” concept has evolved into a more comprehensive “Seven P’s” model, which also includes physical evidence, people, and process.

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Marketing Plan

A marketing plan is a detailed roadmap designed to achieve an organization's marketing objectives during a specified period of time. There are two types of marketing plans: new product or service marketing plan which summarizes marketing strategies, goals, and activities related to the introduction of new products and services in the marketplace, and annual marketing plan which summarizes all marketing management activities required to be implemented for achieving the organization's overall marketing objectives.

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Market Segmentation

Market segmentation is the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behavior patterns, who might require specific products or marketing mixes. Market segmentation is classified as consumer market segmentation and business market segmentation and it may include geographic segmentation, demographic segmentation, psychographic segmentation and behavioral segmentation.

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Marketing Strategies

A marketing strategy is a general statement outlining the way an organization plans to achieve its overall marketing objectives. The marketing strategy provides a general explanation of how a company intends to implement its marketing plan in a specific competitive environment. Marketing strategies may include: new venture strategy, growth strategy, market development strategy, market retention strategy, and balancing strategy.

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Materials Management

Materials management is a coordinated function responsible for planning purchasing, storing, moving, controlling, and dispatching materials and final products to optimize usage of facilities, employees, capital funds, and to provide maximum customer value and service. Materials management represents an integral part of the supply chain management within the organization. Materials management includes the function of inventory control related to raw materials, work-in-process, and finished products.

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Material Requirements Planning

Material requirements planning (MRP) is a computerized system which aims to calculate the quantity and determine the timing of materials, parts, and components required to complete a finished product. MRP and MRP II are important operations and inventory management systems used by many manufacturing organizations of various sizes. These systems are designed to enable manufacturing companies to become more cost-effective in a highly competitive global market environment.

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Matrix Management

Matrix management represents a management system which is used in a matrix-structured organization, where one employee may have to report to more than one supervisor, thereby creating a dual chain of command. This type of organizational structure is usually used in project management organizations. In a matrix structure the team members in every group have two superiors: the functional vice president and the product or project manager.

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Mobile Marketing

Mobile marketing is a direct marketing method of promoting products and services to current and potential customers via their mobile devices. Mobile marketing represents a powerful extension of internet marketing, since an increasing number of people are highly attached to their mobile phones. Mobile marketing can provide essential information to customers on a timely and cost-effective basis.

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Multi-Channel Marketing

Multi-channel marketing focuses on marketing products and services to consumers through several marketing and distribution channels simultaneously. This means, for example, that a product manufacturer will use traditional marketing distribution channels, such as distributors, wholesalers, and agents, and at the same time offer products online to customers through an online marketing channel.

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Online Marketing

Online marketing, also known as online advertising, focuses on promoting products and services directly to customers online, bypassing all traditional market distribution intermediaries. Online marketing became extremely popular recently and it may include search engine optimization (SEO), pay-per-click advertising (PPC), e-mail marketing, webinars, web banner advertising, social media advertising, and mobile advertising.

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Operational Intelligence (OI)

Operational intelligence (OI) provides business owners and managers with real-time answers to a question: “What is happening in our organization now?” OI focuses on identifying, evaluating, and delivering real-time business information to decision-makers. OI is designed to enable decision-makers take correct, immediate, and effective action to maximize their organization’s operational performance.

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Operational Planning

Operational planning relates to short-term operational activities within an organization during a period of one day to one year. The prime purpose of operational planning is to determine how an organization should implement its’ strategic plan to ensure that overall objectives are met. The main focus of operational planning is on the present activities of the company, and its prime concern is efficiency (doing things right), rather than effectiveness (doing the right things).

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Operations Management (OM)

Operations management focuses on planning, organizing, directing, and controlling the process of bringing together people, equipment, materials, and methods to accomplish a broad range of operational tasks in the most cost-effective manner. The nature of operations management may vary depending upon the type of the organization, namely: product manufacturer, service provider, product merchandiser, and project and contract organization.

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Opportunity Cost

An opportunity cost is the cost of a missed opportunity. In simple terms, an opportunity cost is the opposite of the value of a benefit which the organization would have derived if it would have taken the specific opportunity. In business terms, an opportunity cost represents a potential loss of profit that could have been earned by the organization if it would have implemented a specific opportunity, instead of not taking any action.

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Organizational Architecture

Organizational architecture focuses on four critical components in every organization: business strategy, organizational structure, organizational culture, and communications within and outside the organization. Organizational architecture is designed to enable business owners and managers to improve their organization’s performance during the transitional period and ensure that organization will achieve its strategic and operational objectives.

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Organizational Behavior

Organizational behavior represents an inter-disciplinary field of studies which includes general management, psychology, sociology, communications, and organizational theory. Organizational behavior focuses on evaluating the impact that individuals, groups of employees, and organizational structures have on behavior within an organization and applying this knowledge towards improving an organization's effectiveness.

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Organizational Chart

An organizational chart is a diagram that describes the formal structure of an organization and the relationships and relative ranks of various positions. An organizational chart also presents lines of authority, responsibility, and accountability for each position with the organization. The structure of the organizational chart depends upon the size and nature of an organization and may include functional structure, divisional structure, and matrix structure.

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Organizational Culture

Organizational culture refers to the character of the organization and is comprised of its unique values, traditions, and attitudes. It is developed throughout the company's existence and embodies the values, mentality, views, and aspirations of its owners. Organizational culture is heavily dependent upon the ethical standards of business owners and managers, who influence the organization’s behavior both within and outside the organization.

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Organizational Design

Organizational design focuses on arranging functions and people within an organization in the most efficient manner in accordance with the organization’s mission and strategic objectives and ensuring that these objectives are met. Organizational design entails developing a suitable organizational structure, formulating essential functions and roles, and defining the levels of authority, responsibility and accountability for each position.

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Organizational Departmentalization

Organizational departmentalization focuses on sub-dividing the organization into a number of specialized working groups to ensure maximum performance. The prime purpose of this process is to group people and activities into departments to allow orderly functioning of the enterprise. Organizational departmentalization can be accomplished through departmentalization by function, by product or service, by market or customer, or by territory.

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Organizational Development (OD)

Organization development is an ongoing, systematic process of implementing effective organizational changes. According to Larry E. Greiner who developed the Greiner Model For Organizational Development, every organization is expected to experience growth through the following six phases: creativity, direction, delegation, coordination and monitoring, collaboration, and extra-ordinary solutions.

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Organizational Psychology
Industrial and organizational psychology is a study which describes employee behavior, performance, and attitudes in the workplace. This study plays a critical role in ensuring effective human resources management processes, including job analysis, recruitment and hiring, performance appraisal, compensation and benefits, training, motivation, occupational stress, safety and health, separation, labor-management relations, organizational development and team work.

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Organizational Structure

Organizational structure is defined as an arrangement and interrelationship of the component parts and positions within an organization. Organizational structure depends upon the size of the organization, the nature of its operational activities, and the size of the market where it operates. Organizational structure focuses on specialization, standardization, and coordination of all operational activities, centralization and decentralization of decision-making process, and the size of the work unit.

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Partner Relationship Management (PRM)

Partner relationship management (PRM) is a management system designed to improve communication between an organization and its business partners. PRM system includes relevant strategies, methodologies, and software designed to improve supplier-business partner relationships. Web-based PRM software applications focus on customizing and streamlining administrative tasks by making shipping schedules and other real-time information available to all the partners online.

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Performance Appraisal

Performance appraisal focuses on evaluating performance of managers and employees within an organization. Employee performance appraisal entails evaluation of quality of work, quantity of work, required supervision, attendance, conservation, and general attitude. Management performance appraisal entails evaluation of a manager’s planning, organizing, leading, and controlling skills, execution of special duties and general attitude toward implementation of management tasks.

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Performance Management (PM)

Performance management (PM) is the systematic process of engaging and motivating employees within an organization to ensure efficient operational performance. PM also focuses on aligning the organization’s resources, systems, and employees to its mission, strategic objectives and priorities. PM entails planning, monitoring, developing, and rating, operational activities and rewarding employees for efficiently meeting organizational objectives.

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Personal Selling

Personal selling is a method where one party (the sales consultant) uses special skills and methods to motivate and convince the other party (prospective buyer) to make a purchasing decision related to certain products or services in exchange for money. The prime objective of a personal selling process is to identify specific needs for products or services by the potential buyer and to satisfy those needs in a fair exchange for monetary value.

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Petty Cash

Petty cash is a small amount of cash which is used to pay for incidental purchases, such as postage stamps, consumables, gas, food expenses, or tips. Financial manager may allocate a limited amount of cash to a “petty cash float” that could be available for small purchases, which are not paid by a check. Petty cash represents a current asset account in a general ledger and this account must be strictly controlled by the financial manager to avoid misappropriation of funds.

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Plan-Do-Check-Act (PDCA) Cycle

The Plan-Do-Check-Act Cycle is a four-step management method for planning, implementing, and controlling continuous improvement of processes, products, and services. The PDCA Cycle entails defining specific objectives and a plan, implementing the plan, evaluating actual results, identifying the performance variances, taking corrective action, and completing the plan implementation process. The PDCA Cycle, developed in the US by Walter A. Shewhart in 1930's, was introduced in Japan by W. Edwards Deming in 1950's.

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Pricing

Price can be defined as the monetary value assigned to the benefit one receives from a specific product or service. Pricing is a process of determining a selling price for organization’s products or services. Pricing must take into account marketing, operational and financial factors, such as customer's perceived value, marketing costs, competitor’s prices, discount structure, product or service uniqueness, operational or manufacturing costs, and financial costs.

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Pricing Strategies

Pricing strategy focuses on determining a suitable price for and price fluctuation through time, in order to support the product or service in the marketplace and to meet the sales and profit objectives of the organization. Pricing strategy must take into account at least three critical price-setting factors: actual cost of products and services, demand for products and services in the marketplace, and what is offered by competitors in terms of product and service quality and price.

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Problem-Solving Method

Problem-solving method is a seven-step process, which is based on a Plan-Do-Check-Act (PDCA) Cycle, and focuses on identifying and resolving a specific problem. Plan – Step 1: definition of the problem; Step 2: data collection and analysis; Step 3: Cause analysis (identify root causes); Do – Step 4: Solution planning and implementation; Check – Step 5: Evaluation of effects (did the solution work?); Act – Step 6: Standardization of the solution; Step 7: Final evaluation of new process.

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Process Mining
Process mining is a process management method designed to enable users to effectively analyze operational processes based on the current data. Process mining focuses on extracting current and relevant data from the IT, collecting and summarizing this data to describe specific operational processes, presenting this data to decision-makers in a clear format to ensure a quick and effective decision-making process. Process mining provides users with valuable information in a timely manner and this helps to maximize organization’s operational performance and profitability.

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Product Lifecycle Management (PLM)

Product lifecycle management (PLM) is the process which focuses on managing the complete lifecycle of a product from its conception, through design and manufacture, to service and disposal. PLM entails integration of relevant data, operational processes, business systems, and personnel related to a specific product. PLM plays a critical role in helping management to maximize organization’s operational performance and profitability.

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Product Management

Product management focuses on defining, developing, producing, and maintaining products and services, which can provide excellent value to customers, help the organization to develop competitive advantage, and generate desirable level of profitability. Product management activities are performed by product managers, who investigate, select, develop and manage products and services for the organization to meet specific business objectives and maximize the profitably.

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Project Management

A project is a time-limited and usually non-repetitive activity, which utilizes a variety of resources, such as human, material, and equipment, to accomplish specific goals in accordance with pre-determined objectives. Project management represents a broad range of management activities related to the development, initiation, planning, controlling, leading, and completing a specific project

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Publicity

Publicity is a free message about an organization, its’ products and services, and it appears in the mass media. Publicity focuses on newsworthy developments or activities related to a specific organization and it helps to promote its image and products or services in a more believable way in the marketplace. Managers use publicity to promote their organizations in various types of media, including magazines, newspapers, television, radio and internet.

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Public Relations (PR)

Public relations (PR) is a communication process aimed at promoting an organization and its image in the marketplace. PR focuses on managing the flow of information between an organization and the public. The main objective of PR is to persuade the public, prospective customers, investors, partners, employees, and other interested parties to maintain a certain point of view about the organization, its products, services, and people.

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Quality Assurance (QA)

Quality assurance (QA) is a set of procedures designed to ensure that a product, service, process, project, or facility under development (before work is complete) meets specified quality requirements. QA focuses on systematic measurement, comparison with pre-determined standards, monitoring of processes and providing feedback to ensure that acceptable levels of quality requirements are met during the operational process.

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Quality Control (QC)

Quality control (QC) is a set of procedures designed to ensure that a completed product, service, process, project, or facility meets specified quality requirements. QC entails evaluation and progressive refinement of manufacturing processes, identification of defects, and correction of problems before the quality of products and services deteriorates. QC entails inspections prior, during, and at the end of a specific manufacturing or operational process to ensure high quality of products and services.

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Quality Management (QM)

Quality management focuses on the complete implementation of all activities within an organization which are related to quality of products, services, processes, or projects and means of accomplishing high level of quality. The prime purpose of QM is to ensure effective implementation of quality planning, quality control, quality assurance, and quality improvement and to maximize the organization’s overall operational performance and profitability.

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Quality Management System (QMS)

A quality management system (QMS) focuses on developing suitable organizational structure, procedures, processes, and resources which are necessary to implement effective quality management within an organization. QMS prescribes setting specific objectives and time parameters which must be met by management to ensure effective implementation and maintenance of all aspects of quality control.

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Retail Business

Retail businesses sell small quantities of finished products to consumers in exchange for money. Retail businesses purchase larger quantities of various products for resale from wholesalers, dealers, distributors, agents, and manufacturers. Retail businesses purchase their merchandise at lower prices and add a retail mark-up to ensure a reasonable profit. Retail businesses have additional operating expenses in a form of rent, utilities, payroll, and merchandise costs.

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Sales Closing Techniques

Sales closing represents a pinnacle of every sales presentation – this is the moment when the customer makes a firm purchasing decision to buy a product, a service, or a project. Sales closing techniques comprise of numerous methods of “convincing” customers to make a purchasing decision. These techniques include an “alternative choice”, “summary close”, “assumption close”, “special concession close”, “last chance close”, “confirmation close”, and many more.

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Sales Force Compensation And Incentives
Sales force compensation and incentives are an effective tool for attracting and retaining most qualified sales people and motivating them to meet the organization’s sales objectives. Sales force compensation methods include straight salary, straight commission, salary plus commission, salary plus bonus plan or a combination plan. Sales force compensation may also include a wide range of additional employee benefits, such as a company car and gas, entertainment allowance and many more.

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Sales Management

Sales management focuses on planning, organizing, directing, and controlling all sales activities within an organization. Sales management entails preparing sales budgets, building an efficient sales organization, recruiting, selecting and training sales force, implementing sales force compensation methods, selecting and designing sales territories, managing and motivating the sales force, evaluating and controlling sales force performance on a continuous basis.

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Sales Process And Methods
Sales process represents a series of planned activities designed to meet the organization’s overall sales objectives. Sales process depends upon the size of the organization and the type of products and services it offers, specific needs of potential customers, the size of the marketplace and competition. Sales process entails planning and implementing appropriate sales methods designed to enable the organization to meet its business goals in the most efficient manner.

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Sales Promotion

A sales promotion is an incentive offered to customers to purchase a product or service. A sales promotion strategy is frequently used by organizations to introduce new products and services in a marketplace, or to dispose of excessive inventory of existing products. A sales promotion may include a free product sample or service demonstration, additional discount, coupon, special gift, rebates, and much more.

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Sales Territory

A sales territory is a pre-defined customer group or a geographic area which is allocated to an individual salesperson or a sales team, who will be responsible there for meeting specific sales objectives. Sales territories can be developed on the basis of specific geography, products, types of customers, or a combination of these factors. Proper sales territory design provides important contribution to cost-effective utilization of the organization’s sales force and to increased level of sales.

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Search Engine Optimization (SEO)

Search engine optimization (SEO) is the process of improving a website’s ranking and visibility in organic or “natural” search in various search engines on an international or local basis. SEO is a key-word driven process and its success depends upon many variables, including the quality and speed of the website, the relevant content on each landing page, overall presence online, pro-active participation in social media, and third-party links (backlinks).

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Service Business

A service business is a non-manufacturing activity in which each assignment results in completing a specific type of work designed to satisfying a customer's need. All service business operations can be classified as custom services and standard services. Custom service, similar to a job shop, is characterized by a specialized service-to-order operation. Standard service entails rendition of services on a continuous process basis irrespective of a specific customer's order.

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Service Management

Service management focuses on identifying specific customer needs and developing an efficient operational system within an organization which will ensure meeting these needs in a cost-effective and timely manner. Service management entails planning, organizing, leading and controlling all essential operational activities including hiring, training and supervising employees within the organization to maximize business performance.

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Seven Basic Tools Of Quality

Seven basic tools of quality represent an integral part of the total quality management (TQM). These tools include cause and effect diagram, flow charts or process-flow diagrams, Pareto charts, run or trend charts, histograms, scatter diagrams, and control charts. Different types of tools are used by operations managers depending upon the specific nature of their organization’s operational activities.

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SIPOC Diagram

SIPOC diagram is used in Six Sigma and lean Six Sigma as a process mapping tool. SIPOC means: suppliers, inputs, processes, outputs, and customers. SIPOC diagram provides process mapping at high level and identifies potential variances between suppliers and input specifications and between outputs and customers’ expectations. Subsequently SIPOC diagram provides management with a defined scope of required process improvements to meet the organization’s objectives.

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Situational Leadership Model
Situational Leadership Model suggests that successful leaders should change their leadership styles based on the maturity of their employees and the details of a particular task. This model offers four specific leadership styles: “telling” leadership style, “selling” leadership style, “participating” leadership style, and “delegating” leadership style. Situational Leadership Model was developed by Dr. Paul Hersey and Ken H. Blanchard in the late 1960’s.

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Six Sigma

Six Sigma is a management strategy designed to improve the quality of processes, products, services through systematic identification and removal of defects and errors in the operational processes. A Six Sigma process originated in a manufacturing environment but it is also used in non-manufacturing environment. Based on Six Sigma process requirements, 99.9999998% of all products manufactured are statistically expected to be free of defects. Six Sigma was developed by Motorola in 1986.

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Social Media Marketing

Social media marketing represents a direct marketing method designed to increase the level of product and service sales by maximizing the website’s exposure online. Social media marketing uses a broad range of platforms online such as: Google and Google+, Yahoo, Facebook, Twitter, LinkedIn, Amazon, Yelp, Instagram, Foursquare, Pinterest, StumbleUpon, Delicious, AOL, Dig, Squidoo, Posterous, Webnews, Tumblr, Blogs and e-mails.

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Statistical Process Control (SPC)

Statistical process control is a quality control process which entails the use of statistical methods designed to eliminate or minimize waste. Various process charts are used as key tools in the statistical process control analysis. This process provides early identification of problems in the area of product quality control before they occur instead of correcting problems after they occur. This method was developed by Walter A. Shewhart at Bell Laboratories in 1920's.

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Strategic Management

Strategic management is a comprehensive process of analyzing, planning, implementing, and controlling a broad range of management activities aimed at meeting the organization’s long-term strategic objectives. Strategic management entails systematic coordination and alignment of management activities with the available resources and adherence to the organization’s stated mission, vision, and goals.

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Strategic Planning

Strategic planning is the process of defining the organization's mission and long-term objectives, examining the existing situation, identifying the organization’s strengths and weaknesses, opportunities and threats, developing and selecting effective operational strategies, and establishing methods necessary to achieve specific objectives. Strategic planning provides an overall long-term direction for the organization and enables management to begin the operational planning process.

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Supply Chain Management (SCM)

Supply chain management entails effective management of a supply chain, which represents a sequence of suppliers, warehouses, manufacturing and operational facilities, wholesale distributors, retailers, and ultimate customers - the end-users of products and services. The scope of supply chain management may vary depending upon the specific nature of business, i.e. manufacturing, merchandising, service, project, or contracting.

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Target Market

Target markets are market segments established as a result of the market segmentation process which entails the grouping of various customers, or markets, on the basis of similarity of their requirements and characteristics. Three main target market coverage strategies include mass marketing, segmented marketing, and concentrating marketing. Target marketing can be also supported by international, national, and local online marketing campaigns.

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The AIDA Formula
The AIDA formula is used in marketing and advertising of products and services to customers. AIDA is an acronym for: attention, interest, desire, and action. According to the AIDA formula, effectiveness of marketing results depends upon attracting attention of prospective customers to a specific product or service, raising their level of interest, influencing their desire of owning such a product or a service, and taking action which will lead to the actual purchase by customers.

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Theory Of Constraints (TOC)

Theory of constraints (TOC) is a management method designed to identify bottlenecks and constraints in various business processes and to determine and eliminate their root causes. According to TOC, each process in the organization, like in a chain, is as strong as its weakest link. The prime purpose of TOC is to eliminate all possible root causes for process constraints to enable the organization to achieve its goals. TOC was developed by Eliyahu M. Goldratt and published in The Goal in 1984.

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Theory X And Theory Y

Theory X and Theory Y describe two contrasting models of human behavior. Theory X (pessimistic approach) suggests that people don't really like to work, seek security in the workplace, lack imagination, creativity, and initiative. Theory Y (optimistic approach) suggests that people actually like to work, are self-starters, willing to accept responsibility, are creative and imaginative. Both theories were developed by Douglas M. McGregor in 1960.

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Time Management

Time management focuses on planning and implementing a wide range of specific activities in a timely and organized manner to maximize the efficiency and productivity and minimize wasteful activities. Time management entails defining realistic goals, setting priorities, organizing activities in an orderly manner, maintaining a steady professional and emotional attitude, adhering to planned activities, and avoiding procrastination.

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Total Quality Management (TQM)

Total quality management (TQM) is based on a philosophy, which involves every person within an organization with a common purpose to maintain continuous effort in improving quality of products, services, and processes and to maximize customer satisfaction. TQM is really an attitude and a culture, which must be adopted by everybody within the organization to ensure effective and profitable long-term business performance and high level of customer loyalty.

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Trade Credit

Trade credit represents the authority to obtain products and services on the basis of a promise to pay for them at a certain date in the future. Many business transactions take place on a credit basis and necessitate the development of a stringent credit control. It is essential to follow a set policy of credit control governing the amounts of credit that may be granted to customers, or trade debtors, as well as the period allowed for the repayment of such amounts, known as accounts receivable.

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Value Chain

A value chain represents a sequence of interlinked value-added activities undertaken by an organization in the process of creating value in a form of products or services delivered to customers. Value chain activities begin with inbound distribution of materials and proceed with manufacturing operations, outbound distribution, marketing, selling, and after-sales service. These activities are supported by purchasing, research and development, human resource development, and general management activities.

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Value Engineering (VE)

Value engineering is a method designed to maximize the value of products, services, projects, and processes through a systematic evaluation of their functions and costs. Value is defined as a ratio of function to cost and it can be improved by increasing the scope of the function or decreasing the cost. Value engineering was originally termed value analysis and developed by Lawrence D. Miles during 1940’s in U.S.

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Variance Analysis

Variance analysis represents the third element of the PDCA Cycle (Check) and it provides an effective method of management and budgetary control. Variance analysis entails comparing actual results with expected results and determining the difference. If the difference between actual and expected results in negligible, this signifies that everything is “under control”. If a variance exists, it must be identified and corrected, if necessary.

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Work Breakdown Structure (WBS)

A work breakdown structure is a key element in project management and systems engineering planning and control. A WBS represents a hierarchical breakdown of the scope of work to be completed into smaller components, deliverables, tasks, and activities. A WBS provides a consistent basis for managing, delegating, and controlling a specific project and ensuring that each work deliverable is accomplished, tested, and accepted.

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Workflow Management

A workflow represents a series of inter-connected operational steps which follow one after another without delay. Workflow management entails automating operational steps in a business process and ensuring that each step is supported by accurate information and documentation related to each which is passed from one participant in the process to the next participant according to specified set of rules.

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Workforce Management (WFM)

Workforce management (WFM) entails all activities, processes, methods, required to ensure effective management of employees within the organization. WFM entails employee planning, forecasting, recruiting, hiring, screening, testing, interviewing, training, motivating, managing job compensation, incentives, benefits, performance appraisal, career management, labor relations, safety, health, and separation.

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Working Capital (WC)

Working capital (WC) represents an important financial metric of organization’s liquidity and ability to cope with current operational business challenges. Working capital, used by an organization, is determined as current assets minus current liabilities. Working capital turnover represents an important financial ratio which compares net sales generated by the organization against the average value of working capital employed.

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8. THEORY Z, NINE LESSONS IN SIMPLICITY, AND THE BEGINNING OF LEAN

WHAT IS THEORY Z?

Hopefully, you had a chance to become familiar with various elements of the traditional Western-style business management methods, systems, and terms and now you are probably asking:

Which business management methods and systems should I use in my business to ensure successful performance?

A UCLA professor William G. Ouchi conducted a comprehensive research aimed at finding out how can American business owners improve their business performance. He compared American and Japanese business organizations and subsequently published Theory Z - How American Business Can Meet The Japanese Challenge in 1981. This theory describes the basic elements of the Japanese management approach and explains what American business people can learn from their Japanese counterparts. (7)

According to Ouchi, there are major differences between Japanese Companies and American Companies. Some of these differences are summarized below.

MAJOR DIFFERENCES BETWEEN  JAPANESE AND AMERICAN COMPANIES

Japanese Companies 
(Type J)

American Companies 
(Type A)
•
•
•
•
•
•
•
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  • Lifetime employment.
  • Slow evaluation and promotion.
  • Non-specialized career development.
  • Implicit control mechanisms.
  • Collective decision-making.
  • Collective responsibility.
  • Collective values.
  • Holistic concern for employees.
•
•
•
•
•
•
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  • Short-term employment.
  • Rapid evaluation and promotion.
  • Specialized career development.
  • Explicit control mechanisms.
  • Individual decision-making.
  • Individual responsibility.
  • Individual values.
  • Partial concern for employees.

© From Theory Z: How American Business Can Meet The Japanese Challenge by William Ouchi. Copyright 1981. Adapted and reprinted by permission of Perseus Book Publishers, a member of Perseus Books, L.L.C

William Ouchi introduced three types of companies - Type J, Type A, and Type Z presented below.

THREE TYPES OF COMPANIES ACCORDING TO THEORY Z
   

Type J

  

Type A

  

Type Z
Japanese 
business-style 
companies.		   American 
business-style 
companies.		  

American companies
with Japanese
business-style
characteristics.

As a result of his study, William Ouchi concluded that despite many differences between Japanese (Type J) and American (Type A) companies, there are also certain similarities between them. Ouchi further identified a number of American companies that have characteristics similar to firms in Japan and referred to such companies as Type Z Organizations. These organizations tend to have long-term employment, often for a lifetime, although the lifetime relationship is not formally stated.

JAPANESE MANUFACTURING TECHNIQUES:
NINE HIDDEN LESSONS IN SIMPLICITY

Richard J Schonberger authored a remarkable book titled Japanese Manufacturing Techniques: Nine Hidden Lessons In Simplicity in 1982. In his book the author identified nine important lessons that American business owners can learn from their Japanese counterparts and adopt in their own organizations. These lessons include:
1. Management technology is a highly transportable technology.
2. Just-in-time production exposes problems otherwise hidden by excess inventories.
3. Quality begins with production, and requires a company-wide "habit of improvement."
4. Culture is no obstacle; techniques can change behavior.
5. Simplify, and goods will flow like water.
6. Flexibility opens doors.
7. Travel light and make numerous trips, like the water beetle.
8. More self-improvement, fewer programs, less specialist intervention.
9. Simplicity is the natural state.

The Theory Z developed by William Ouchi and Nine Lessons developed by Richard J. Schonberger became the precursor to further studies of Japanese management principles, methods, and guidelines by American business experts.

THE BEGININNING OF LEAN

During the 1980’s several U.S. experts conducted extensive studies of Japanese manufacturing methods with an objective to identify the “secret Japanese manufacturing weapons”. One such study was undertaken by a group of researchers at the Massachusetts Institute of Technology (MIT) led by Dr. James P. Womak.

The term “Lean” was first introduced by John Krafcik in his 1988 article, “Triumph Of The Lean Production System”, based on his master's thesis at MIT. Initially, this term applied exclusively to manufacturing processes in a large scale production environment. However, later lean concepts, methods, and tools have been expanded to cover a broad range of manufacturing and non-manufacturing processes alike in companies of all sizes.

Today lean is the symbol of “how to do things right at the right price” and provide high quality products and services to customers in the most cost-efficient manner. For this reason you owe it to yourself to study Lean Management Principles to ensure the long-term success of your business.

Lean Management is discussed in detail in Tutorial 1.

9. LEAN BUSINESS MANAGEMENT METHODS, SYSTEMS, AND TERMS

LEAN MANAGEMENT

Lean Management incorporates lean business management methods, systems, and terms ("Eastern-Style" Management), developed in Japan during the 20th century.

A large part of the information about lean management in this check point is based on concepts, principles, guidelines, methods, and tools developed by management experts in the Toyota Motor Corporation in Japan and contained in the Toyota Production System (TPS).

Lean Management is discussed in detail in Tutorial 1.

THE TOYOTA WAY-14 MANAGEMENT PRINCIPLES

The Toyota Way-14 Management Principles represent the foundation of the Toyota Production System (TPS) developed by Toyota Motor Corporation in Japan during the last sixty years. The TPS has evolved into a comprehensive Lean Management Methodology which is currently used by small, medium-sized and large manufacturing and non-manufacturing lean organizations of all over the world.

Please watch these videos to get a better understanding of TPS:

•  Driven - The Toyota Way.
•  The Toyota Way Philosophy.
•  Toyota Production System Principles.
•  The Toyota Way To Lean Leadership By Jeffrey Liker.
•  Book Review: The Toyota Way By Jeffrey Liker, Business Book Mix.

Some of the Lean Business Management Methods, Systems, And Terms are presented below.

LEAN (“EASTERN-STYLE”) BUSINESS MANAGEMENT METHODS, SYSTEMS, AND TERMS

Sources:
Wikipedia, Google, YouTube, SlideShare,
Business Dictionary And Dictionary Of Accounting Terms.

Lean Business 2100

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Andon (Visual Display)

“Andon” means a problem display board in Japanese and it represents an important method of providing electronic visual display or a warning sign to operators, when a specific problem may arise during a manufacturing process. Andon represents an essential element of jidoka quality control and may include a mechanism of stopping a production operation in case of a specific problem. Andon it is an integral part of the Toyota Production System (TPS).

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Gemba And Gemba Walk

“Gemba” means “the real place” in Japanese. “Gemba walk” is an important activity in every lean organization and it means “go and see in the real place” where the value is created to identify problems and non-value-added activities, i.e. production floor in a manufacturing organization, operational facility and office space in a service organization, or construction site in a construction organization. Gemba walk has been introduced by Taiichi Ohno in 1950's and it became an integral part of the Toyota Production System (TPS).

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Hansei (Self-Reflection)

“Hansei” is one of the most important words uniquely attributed to Japanese culture. Hansei means “self-reflection” in Japanese and it is focused on being honest and self-critical, identifying what went wrong, acknowledging personal mistakes, taking responsibility, and making commitment to improve the situation. Hansei also prescribes modest behavior and humility when success has been achieved. Hansei culture represents an integral part of the Toyota Production System (TPS).

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Heijunka (Production Leveling)

“Heijunka” means production leveling, or production smoothing in Japanese. The main purpose of Hejunka is to minimize negative effects of production flow fluctuation in a manufacturing organization. Hejunka represents an important lean method for reducing waste (muda) and increasing the production flow efficiency during the manufacturing process. Heijunka is an integral part of the Toyota Production System (TPS).

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Hoshin Kanri (Direction Management)

“Hoshin Kanri” means “direction management” or “policy deployment” in Japanese. Hoshin Kanri represents an important lean management methodology designed to enable business owners and managers to develop and implement comprehensive long-term strategies and short-term plans on a company-wide basis and involve employees on all levels in this process. Hoshin Kanri was popularized by Kaoru Ishikawa in the late 1950's.

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Ishikawa Diagram (Cause And Effect Analysis)

Ishikawa diagram, also called “fishbone diagram” or cause-and-effect diagram, is designed for problem analysis and summarizing root causes of various problems in specific categories. These categories may include: people, methods, machines, materials, measurements, and environment. Ishikawa diagram was created by Kaoru Ishikawa in 1968 and it is used in problem-solving processes in lean organizations.

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Jidoka (Autonomation)

“Jidoka” means "automation with a human touch" in Japanese. Jidoka means that when a problem occurs in any process, the equipment will stop immediately, thereby preventing defective products from being produced. This in turn will help to increase the level of quality and minimize waste (muda). Jidoka was originated by Sakichi Toyoda, the founder of Toyota Industries in the beginning of the 20th century, and it is an integral part of the Toyota Production System (TPS).

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Just-In-Time (JIT) Method

“Just-in-time” represents a “methodology for eliminating or minimizing waste in the total operational process from purchasing through distribution”. The main purpose of JIT methodology is “to produce only what is needed, when it is needed, and in the amount needed!". JIT methodology was envisioned by Kiichiro Toyoda, the president of Toyota Corporation between 1941 and 1950's and developed by Taiichi Ohno in 1950s. JIT methodology and it is integral part of the Toyota Production System (TPS).

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Just-In-Time (JIT) Method - Cellular Manufacturing

Cellular manufacturing represents a lean management strategy which is based on the principles of group technology for manufacturing processes. Lean manufacturing cells are used extensively in just-in-time manufacturing environment and provide higher level of product quality, efficiency, and productivity. Cellular manufacturing is an integral part of the Toyota Production System (TPS).

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Just-In-Time (JIT) Method - Cycle Time

“Cycle time” or “lead time” is the total time required to complete one job, task, or one unit of product or service flowing through a value stream from start to finish in a lean manufacturing organization. This includes work preparation time, waiting time, document preparation time, inventory-related time, tooling time, material movement time, assembly time, packaging time, delivery time and any additional time related to a specific product or service.

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Just-In-Time (JIT) Method - Inventory Management
JIT inventory management is focused on minimizing the level of inventory and keeping only what is needed when it is required and in the quantity required by a customer. Lean organizations carry minimal amount of inventory, which may include direct and indirect materials used in the process of producing products and services for customers. JIT inventory management system was developed by Taiichi Ohno and it is integral part of the Toyota Production System (TPS).

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Just-In-Time (JIT) Method – Kanban

Kanban means "signboard" or "card" in Japanese. Kanban is a center-part of the just-in-time production scheduling and control system which represents an important part of every lean organization. Kanban contains specific information related to a particular part or product and it is used as a visual signal to “pull” manufacturing operations. Kanban was developed by Taiichi Ohno in 1950's and it became an integral part of the Toyota Production System (TPS).

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Just-In-Time (JIT) Method - Supply Chain And Logistics

Just-in-time supply chain and logistic systems entail development and management of the following elements: vendor selection, transportation network, warehousing, material handling, inventory, order fulfillment, procurement, and customer service. The main purpose of JIT supply chain and logistic systems is to maximize customer satisfaction, minimize waste, and increase operational efficiency and profitability of the organization. JIT is an integral part of the Toyota Production System (TPS).

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Just-In-Time (JIT) Method – Takt Time

“Takt time” means “pace” or “beat” or “Taktzeit” in German. Takt time sets the production pace in the manufacturing process based on customer demand. Takt time is calculated by dividing the available production time (in minutes) by the number of product or service units required by a specific customer during the same period. Takt time is used as a benchmark for synchronizing the lead time or cycle time with the customer-driven demand for products or services.

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Just-In-Time (JIT) Method – The Pull System

The JIT "pull system" is at the core of the just-in-time manufacturing methodology which is driven by actual daily orders received from customers. The JIT pull system uses kanban cards as signals in a lean organization. All materials and information flow in direction opposite to the traditional “push system”. The JIT pull system can be described by a chain of procedures which usually take place in an ordinary supermarket. The JIT pull system was developed by Taiichi Ohno and it became an integral part of the Toyota Production System (TPS).

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Just-In-Time (JIT) Method – Value-Added Analysis

Value-added analysis is an essential process which entails summarizing all operational activities related to the production of specific products and services and determining whether each activity adds value or doesn’t add value to the final product or service. Value-added analysis represents a critical element of the just-in-time methodology and it entails examination of each operational activity from the customers’ perspective. Value-added analysis is an integral part of the Toyota Production System (TPS).

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Kaikaku Or Radical Kaizen

“Kaikaku” or “Breakthrough Kaizen”, “Radical Kaizen” or “System Kaizen” means “reform”, “major change”, or “innovation” in Japanese. This method is effective when traditional kaizen, used for small and incremental changes and improvements, may not be sufficient. Kaikaku is used when significant or complete changes may be required in operational processes or activities. Similar to kaizen, this method can be applied to all operational activities within any lean organization.

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Kaizen (Continuous Improvement)

“Kaizen” means “good change”, “change for better” or "improvement" in Japanese. Kaizen prescribes “continuous improvement in personal life, home life, social life, and work life”. When applied to the workplace, kaizen means continuous improvement of everything by everyone - managers and workers alike. Masaaki Imai introduced kaizen philosophy all over the world in 1980s. Kaizen is an integral part of the Toyota Production System (TPS).

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Kaizen Event

A kaizen event, or kaizen workshop, or kaizen blitz, is a work improvement project designed to eliminate specific operational problems within an organization. A typical kaizen event may run a day or several days, depending upon the scope and complexity of the kaizen project. This event should be planned well in advance and include all relevant managers and employees involved in the operational process or activities targeted for improvement. Kaizen events are an integral part of the Toyota Production System (TPS).

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Kano Model

The Kano model is a customer satisfaction model which provides a visual way to understand what customers really want and what is their reaction in various purchasing situations. The Kano model provides a graphic representation of customer satisfaction and classifies product and service attributes, based on how they are perceived by customers and their effect on customer satisfaction. The Kano model was developed by a Japanese professor Noriaki Kano in the 1980’s.

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Lean Accounting (Lean Financial Management)

Lean accounting represents a comprehensive lean financial management methodology designed to support business practices in a lean enterprise. Lean accounting includes several elements including lean performance measurements, value stream accounting, and decision-making process in lean accounting, accounting simplification, transaction elimination, and target costing.

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Lean Analytics

Lean analytics is designed to enable entrepreneurs to evaluate critical parameters of their business performance during a business startup process and determine what really works and what doesn’t work. Ben Yoskowitz and Alistair Croll authored new book Lean Analytics which describes how to measure progress through lean startup process by “building, measuring and learning” during the business startup process to maximize chances for a successful performance. You can obtain a Free e-Book online.

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Lean Change Management

Lean change management is a process designed to transform a traditional business organization into a lean organization. Lean change management entails educating the entire management team within the organization about the basic lean management principles, methods and guidelines. The next step entails the evaluation of the organization’s current situation, development of a pro-active plan of action, and implementation of specific lean management solutions.

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Lean Construction

Lean construction is a “way to design production systems to minimize waste of materials, time, and effort in order to generate the maximum possible amount of value." Lean construction methodology is used by architects, designers, builders, engineers, contractors, and suppliers. The term "lean construction" was introduced by the International Group for Lean Construction in its first meeting in 1993.

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Lean Culture

Lean culture is a moral compass of every lean organization. Lean culture is based on several essential principles: respect for customers, employees, and suppliers, continuous pursuit of excellence in the workplace, elimination of wasteful activities, emphasis on built-in product quality and customer service, broad participation of employees on a cross-functional basis, pro-active approach to problem solving, simplicity in developing value-added streams, and continuous employee training and education.

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Lean History

Lean history, according to Lean Enterprise Institute (LEI), goes all the way back to the Arsenal in Venice in the 1450's. Lean pioneers who contributed to the development of lean principles, methods, and guidelines include Sakichi Toyoda, Kiichiro Toyoda, Walter A. Shewhart, W. Edwards Deming, Henry Ford, Taiichi Ohno, Shigeo Shingo, Eiji Toyoda, Kaoru Ishikawa, Genichi Taguchi, Shoichiro Toyoda, and Masaaki Imai.

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Lean Human Resources (HR) Management

Lean human resources management incorporates specific lean management principles, methods, and guidelines designed to maximize the HR contribution to providing customers with the best possible value of products and services while eliminating or minimizing waste and non-value added activities. This process entails development of efficient employee recruitment and hiring procedures, screening and testing applicants, employee orientation, training, development, motivation, compensation and performance appraisal.

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Lean Education
Lean education represents an important process of educating business owners, managers, consultants and students in various areas of lean management. This includes basic lean management principles, methods and guidelines, introduction to key point indicators (KPIs), lean metrics, the mapping process, value-added and non-value-added activities, various types of waste, lean tools, standardized work, kaizen, just-in-time, jidoka and other lean management elements.

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Lean Integration

Lean integration is a management system which focuses on creating the best possible value for customers while using fewer resources by integrating various processes and data in a lean organization. Lean integration principles include focusing on the customer, engaging in continuous improvement, empowering the team, adopting an organization-wide approach, planning for change, automating processes, ensuring built-in quality. Lean integration was first introduced by John Schmidt in 2009.

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Lean Improvement And Perfection

Lean improvement and perfection represents the ultimate destination process in every lean organization. This process is based on kaizen guidelines, which prescribe gradual and continuous improvements in every area of operational activities within the organization. Lean improvement and perfection process may also include kaikaku or “radical change” to meet the organization’s long-term strategic requirements.

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Lean Management

Lean management is a comprehensive management methodology designed to maximize the all-around operational performance and profitability of a business organization by creating the best possible value of products and services for customers, based on quality, reliability, and price, while minimizing waste and using fewer resources. Lean management has its origin with Toyota Production System (TPS) and it has evolved gradually over the last sixty years.

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Lean Manufacturing (Lean Operations Management)

Lean manufacturing is a comprehensive lean operations management methodology designed to enable a manufacturing organization to provide customers with the best possible value of products and services while eliminating or minimizing waste and non-value-added activities. Lean manufacturing has its origin with Toyota Production System (TPS) and it has evolved gradually over the last sixty years.

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Lean Marketing And Sales Management
Lean marketing and sales management is based on specific lean management principles, methods, and guidelines designed to maximize the value of products and services offered to customers while eliminating or minimizing waste and non-value-added activities. This process entails development of an efficient marketing and sales value stream, continuous process improvement and employee training, and pro-active marketing and sales management planning and control.

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Lean Metrics
Lean metrics include a broad range of standard performance parameters related to various operational activities in a lean organization. Lean metrics provide critical information about operational performance and enable business owners and managers to evaluate performance results and effectively plan ahead. Lean metrics relate to operational, financial, marketing, sales, and employee performance activities.

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Lean Office
Lean office is an office which is organized according to lean management guidelines and principles. The prime purpose of a lean office is to maximize the quality and efficiency of work produced in the office, while minimizing all wasteful activities. Lean office plays an important role in ensuring overall operational efficiency in a lean organization.

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Lean Principles

Lean principles are based on Toyota Production System principles and focus on providing customers with the best possible value of products and services, creating a value stream and a smooth flow through continuous improvement of all operational activities, developing a customer-driven operational pull system, reducing or eliminating waste, and showing steady respect to customers, employees and suppliers. Lean principles are summarized in Lean For Dummies Cheat Sheet.

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Lean Process Improvement

Lean process improvement represents a comprehensive management methodology focused on maximizing the product and service value for customers, improving all operational processes, increasing value-added activities, ensuring high level of product, service, and process quality, minimizing waste, reducing lead times and total costs, and respecting all employees. Lean process improvement relates to all operational activities and is implemented on an organization-wide basis.

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Lean Product Development

Lean product development is a practical method aimed at delivering products and services to the market in the most cost- and time-effective manner through waste elimination in planning, resource management, and interdisciplinary communication. Lean product development consists of three key elements: minimizing waste during the product development process, improving the product development process, and visualizing the product development process.

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Lean Project Management
Lean project management is based on specific lean management principles, methods, and guidelines designed to maximize the value of the project results offered to customers while eliminating or minimizing waste and non-value-added activities. This process entails development of an efficient project flow value stream, continuous process improvement and employee training, and pro-active project management planning and control.

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Lean Problem-Solving

Lean problem-solving is a method of identifying specific problems and developing most effective solutions in a lean organization in accordance with lean management principles. This method entails setting realistic limits for the team, identifying specific problems, prioritizing these problems, checking and adjusting solutions, making the process visible and continuing with the process on a continuous basis.

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Lean Quality Management And Control
Quality is built into each step of the process in a lean organization. “Quality control consists of developing, designing, producing, marketing, and servicing products and services with optimum cost-effectiveness and usefulness, which customers will purchase with satisfaction” according to Kaoru Ishikawa. Dr. Ishikawa popularized Total Quality Control (TQC) in Japan which became an integral part of the Toyota Production System (TPS).

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Lean Retail Management
Lean retail management is based on specific lean management principles, methods, and guidelines designed to maximize the value offered to customers while eliminating or minimizing waste and non-value-added activities. This process entails development of efficient retail procedures, continuous process improvement, employee training, and pro-active retail management planning and control.

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Lean Simulation And Lean Games
Lean simulation is an interactive training method which introduces lean concepts, principles, and guidelines to students and employees in a classroom environment. Lean simulation includes lean games designed to provide an opportunity to learn about lean methods and practices in a fun way, select specific lean metrics, and determine how these metrics may relate to various operational activities within a lean organization.

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Lean Six Sigma

The Lean Six Sigma is a management strategy for problem-solving and process improvement which is based on two methodologies: Lean management and Six Sigma. The main purpose of Lean Six Sigma is elimination or reduction of waste (muda) and meeting the strict Six Sigma quality standards for products and services. Lean Six Sigma was popularized by Michael L. George, author of numerous Lean Six Sigma books, including What Is Lean Six Sigma?

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Lean Startup

Lean startup is a business startup strategy based on lean management guidelines for entrepreneurs and business owners. The main purpose of lean startup strategy is to enable entrepreneurs and small business owners is to apply lean management principles, methods, and guidelines during a business startup process. Lean startup strategy was introduced by Eric Ries in his book titled The Lean Startup in 2011.

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Lean Terms

Lean terms include unique Japanese words which describe lean management concepts, principles, and methods. These terms include andon, gemba, hejunka, hansei, hoshin kanri, jidoka, kaizen kanban, muda, mura, muri, poka-yoke, and many more. Lean terms also include non-Japanese words, such as just-in-time, cellular manufacturing, cycle time, takt time, quality circles, pull system, standard work, the 5S method, the 5Why method, total productive maintenance, value stream mapping, visual factory, visual management board, and many more.

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Lean Transformation Management
Lean transformation management is a process aimed at “converting” a traditional “western-style” business organization into a lean organization. This process entails educating the management team with lean management principles, methods, and guidelines and implementing them within the organization. The main purpose of this process is to enable the organization to maximize its performance by providing the best possible value of products and services to customers, while minimizing waste and using fewer resources.

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Lean Warehousing And Storage
Lean warehousing and storage includes application of relevant lean management principles, methods, and guidelines in a warehouse or storage facility. The prime purpose of this process is to minimize waste and non-value-added operational activities, to streamline the operational flow, to maximize the utilization of human resources, plant and equipment, and to improve the operational efficiency within the facility.

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Muda, Mura, Muri - Seven Types Of Wastes

Muda, mura, and muri, or the “Three M’s”, are non-value-added operational activities in a lean organization which are considered as waste. Muda means “waste”, mura means “unevenness”, and muri means “overdoing” in Japanese. Taiichi Ohno identified seven types of waste in a lean organization which must be eliminated or minimized and this became an integral part of the Toyota Production System (TPS).

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Poka-Yoke

"Poka-yoke" means "mistake-proofing" in Japanese and it represents an important method of ensuring a zero-defect operational process. Poka-yoke represents any device or procedure designed to assist the operator in preventing a mistake during a specific operational process. This method was introduced by Shigeo Shingo and became an integral part of the Toyota Production System (TPS).

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Quality Circle

A quality circle is a group of volunteer employees from the same work center who meet on a scheduled basis to discuss job-related issues and problems. Such a group is usually led by a supervisor or by an experienced production worker and includes no more than 10 to 12 employees. Quality circle meetings are usually held once a week outside regular working hours. Kaoru Ishikawa is credited for introducing quality circles in Japan in 1962. Quality circles became an integral part of the Toyota Production System (TPS).

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Quality Function Deployment (QFD)

Quality function deployment is a method designed to transform specific customer requirements into defined product or service characteristics. According to Yoji Akao, who introduced QFD in Japan in 1966, "the main purpose of this method is to transform user demands into design quality, to deploy the functions forming quality, and to deploy methods for achieving the design quality into subsystems and component parts, and ultimately to specific elements of the manufacturing process."

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Standardized Work (In A Lean Organization)

Standardized work is one of the most critical elements of kaizen and continuous gradual improvement of all operational activities, people, processes, products, and services in a lean organization. Standardized work prescribes documenting best current work practices and using them as the baseline for future improvements. Once new improvements take place, they will become the next baseline and this process will be repeated in the never-ending continuous improvement journey.

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The Lean Manager

The Lean Manager: A Novel of Lean Transformation is authored by lean experts Michael Ballé and Freddy Ballé and published by Lean Enterprise Institute in 2009. This book is a business novel and a sequel to The Gold Mine, published earlier by the same authors. The Lean Manager provides organizations with detailed guidelines designed to maximize benefits of lean transformation through improved operational and financial performance and continuous development of the organization.

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The Plan-Do-Check-Act Cycle Or PDCA Cycle

The Plan-Do-Study-Act cycle, also known as the Shewhart cycle, Deming cycle, or the PDCA cycle, is a four-step management method for planning, implementing, and controlling continuous improvement of products, services, and processes. The PDCA cycle represents an integral part of total quality management (TQM) and lean management. The PDCA cycle was developed by Walter A. Shewhart, popularized in Japan by W. Edwards Deming in 1950's, and became an integral part of the Toyota Production System (TPS).

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The 5S Method (Or The 5S Plus 1 Method)

"The 5S" method, or "5S plus 1" method, is a practical method for eliminating or minimizing waste and maximizing operational efficiency in a lean organization. The 5S method includes six specific activities: sort out (seiri), systemize (seiton), scrub (seiso), standardize (seiketsu), sustain (shitsuke), and safety (the sixth S). This method was developed by Hiroyuki Hirano and it became an integral part of the Toyota Production System (TPS).

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The 5 Why's Method - Root Cause Analysis

"The 5 Why's" method, or root cause analysis, is a practical method for identifying real sources of problems in a lean organization. The 5 Why's method entails identifying a specific problem and examining the cause-and-effect relationships by asking "Why?" at least five times to determine the underlying reason for the problem. Sakichi Toyoda developed the 5 Why's method and it became an integral part of the Toyota Production System (TPS).

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Total Productive Maintenance (TPM)

Total productive maintenance represents a lean methodology designed to ensure full maintenance of plant, equipment, and tooling on a pro-active basis. The main purpose of TPM is to minimize operational costs as a result of plant and equipment breakdowns and maximize productivity in operational processes. TPM originated in Japan and became an integral part of the Toyota Production System (TPS). TPM guidelines are also applicable to service, contracting, project management, and merchandising companies of any size.

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Toyota Production System (TPS)

The Toyota Production System represents the foundation of lean manufacturing and its main purpose is complete elimination of all waste in pursuit of the most efficient manufacturing methods. This system includes kaizen, just-in-time, jidoka, hejunka, and total productive maintenance (TPM) and other lean methods. The TPS was developed by Kiichiro Toyoda, Taiichi Ohno, Shigeo Shingo, and Eiji Toyoda at Toyota Motor Corporation during the 20th century.

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Value Stream Mapping (VSM)

Value-stream mapping is an effective process which provides a visual representation of all operational activities related to specific products and services and summarizes relevant information, documentation, and time requirements. VSM entails completing an operational flow diagram which summarizes each step in the operational process starting with suppliers and ending with customers. VSM is an integral part of the Toyota Production System (TPS).

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Visual Control

Visual control is an effective method which focuses on providing visual information to employees in a lean organization instead of providing written information or instructions. Visual control is implemented by using different types of visual signals, such as kanban card, heijunka box, andon, or electronic visual display, and a visual management board. The prime purpose of the visual control is to maximize process efficiency and minimize waste. Visual control is an integral part of the Toyota Production System (TPS).

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Visual Workplace

Visual workplace uses various types of visual control methods to improve communication and motivation of employees, to maximize operational efficiency, and to minimize wasteful activities in a lean organization. Visual workplace is developed in accordance with the organization's specific needs and subsequently specific visual control tools are used. Visual workplace is an integral part of the Toyota Production System (TPS).

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ARE YOU SERIOUS ABOUT YOUR BUSINESS TODAY?

Reprinted with permission.

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LESSON FOR TODAY:
The Difference Between Entrepreneurs And Managers Is The Weekend!