In our preceding discussions on operations management, we focused on the crucial issues of efficiency and cost. In this post, we will explore the equally important aspect of quality management. It is widely recognized that successful business operations require effective management of all three elements - Efficiency, Cost, and Quality...
Gartner finance glossary defines cost management as the process of planning and controlling the costs associated with running a business. It includes collecting, analyzing, and reporting cost information to more effectively budget, forecast and monitor costs. Cost in operations management or operational cost, refers to the monetary value associated with...
Operations management rests on three tripods - efficiency, cost, and quality. In this post, we will look at efficiency, its role and importance in operations management and explore some practical tips and strategies organizations can use to improve efficiency in the management of its operations. In subsequent posts in this...
According to Walter P. Chrysler, “the reason so many people never get anywhere in life is that when opportunity knocks, they are out in the backyard looking for four-leaf clovers”. While it is believed that four-leaf clovers bring good luck, with a frequency of approximately 1 in 5000, the rarity...
As a professional, you are often responsible for making tough decisions, dealing with conflicts, and navigating challenging situations. It's important to have people you can turn to for advice, guidance, and support. Building a support network is just as essential for success in your career as it is in your...
Having gone through the previous posts in this "Stepping into Management" series, you should no doubt be sufficiently prepared for the next level – Managing Others! As you transition from an individual contributor to a manager, your responsibilities shift from achieving personal goals to achieving corporate goals through people. Doing...
Becoming a manager for the first time can be both exciting and challenging. You're stepping into a new role with new responsibilities, managing former peers, and building credibility as a leader. Having come this far in your career, a point where you are no longer responsible for just yourself, a point where you...
As the old saying goes, "With great power comes great responsibility." This is certainly true for those who step into a management role for the first time. Management is a crucial component of any organization, and effective management can make the difference between success and failure. However, the transition to...
