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The Management and Industrial Engineering Approaches to Lean Production
Published in Darina Lepadatu, Thomas Janoski, Framing and Managing Lean Organizations in the New Economy, 2020
Darina Lepadatu, Thomas Janoski
More specifically, strategic management involves setting objectives for competitive advantage inside the organization and outside of it in the competitive environment. It involves the evaluation of strategies given that competing organizations may change in a dynamic organizational environment. Strengths, weaknesses, opportunities, and threats (SWOT) analysis is a typical approach of looking at the organizations. SVOR is similar with strengths (S), vulnerabilities (V), opportunities (O), and risks (R). Harvard Business school professor Michael Porter developed the five forces as a similar approach: (1) threat of new entrants; (2) existing competition; (3) threat of new goods or services; (4) bargaining power of suppliers; and (5) bargaining power of buyers or consumers (2008, 1980). Strategic management is much larger than lean production in that it may include product strategies in a global market, mergers, or spinoffs that affect the size and opportunities for a company (more agile and focused smaller company versus a larger company with more interconnected resources and skill sets), downsizing and outsourcing, and so forth. Strategic management is often associated with management fads such as core competencies, MBO or OKR; and so forth (Doerr 2018). It is usually associated with CEOs and top level management.
Reporting
Published in Gerhard Plenert, Joshua Plenert, Strategic Excellence in the Architecture, Engineering, and Construction Industries, 2018
Gerhard Plenert, Joshua Plenert
The balanced scorecard is a strategic management tool for reporting the performance of the organization or division based on a select few business metrics. The “balanced” in balanced scorecard suggests that the report should balance financial with nonfinancial metrics, thus reducing the narrow-mindedness of purely financial reporting methodologies. The balanced scorecard focuses on how well the organization is executing the strategy. All the metrics included on the balanced scorecard should come directly from the strategic plan and should be grouped by objective, priority, and perspective to make it clear how well the organization is supporting the strategy and which areas may need work. The metrics on the balanced scorecard should be selected from all four strategic perspectives, which are financial, operational, employee, and customer.
Balancing the 5 Ps of Strategic Management
Published in Bert Brijs, Business Analysis for Business Intelligence, 2016
Although I have found some confirmation of these clues, I believe we are giving too much credit to the CEO who is not as almighty as shareholders believe. Strategic management is the combination of formation, formulation, and implementation. In the first two phases, the CEO may have maximum impact but in the implementation aspects even the best executive dashboard will only give her the illusion of strategic control as worker, customers, and competitors will play their roles fully. The main reason for choosing (or being forced to choose) one of these strategic management styles is the combination of two interacting phenomena: The certainty in the organization about causal relationships: Does a customer leave the company because of the competition, flaws in our service, the general economic climate, the announcement of a substitute technology in the coming years, and so on?The level of goal sharing in the organization: Are we looking at a loosely stitched together fabric of acquisitions or are we at the other end of the scale, looking at an organically grown enterprise with directors stemming from the pioneering days?
AI based decision making: combining strategies to improve operational performance
Published in International Journal of Production Research, 2021
Abdulrahman Al-Surmi, Mahdi Bashiri, Ioannis Koliousis
In this research, the outputs were selected as a 242*5 matrix including 242 samples and 5 output variables (OP1–OP5); the input variables were ED1–3, ITS1–8, MS1–8, OS1–3. We used the ANN fitting to make a proper ANN with 22 input and 5 output variables with the presence of a ten hidden layer and one output layer, as depicted in Figure 5. To construct the network, according to the available data (242 collected data) we used 170 samples for training, 36 samples for validation and remaining 36 samples for testing which are equivalent of 70%, 15% and 15% for training, validation and test, respectively. This utility function is commonly used in the strategic management and operations management literature. The training set ratio used has been used by previous researchers such as Tsai and Wu (2008) and Kashani et al. (2020).
A comparative analysis between different resource allocation and operating strategy implementation mechanisms using a system dynamics approach
Published in International Journal of Production Research, 2020
Previous studies of SD have examined its application in two management contexts: operations management and strategic management. Regarding the application of SD in operations management, papers have focused on (a) dealing with production and supply chain management issues (Kochan et al. 2018); (b) creating improvement programmes in operations such as improving production and inventory systems (Poles 2013) and enhancing long-term capacity planning for sustainable performance (Sudarto, Takahashi, and Morikawa 2017), retail operations (De Marco et al. 2012), and environmental issues (Tang and Rehme 2017); (c) addressing project management issues (e.g. Lyneis and Ford 2007); (d) dealing with new product design and innovation (e.g. Anderson and Parker 2002); and (e) investigating effects of various production technologies (e.g. Zahn, Dillerup, and Schmid 1998). Sterman et al. (2015) claimed that there are four main methodological elements of SD that are distinctive and relevant to operations management. First, models represent the structural and behavioural aspects of the systems. Second, SD models capture disequilibrium. Third, SD models describe the importance of a broad model boundary. Last, grounded methods can be applied to SD models.
Project Ranking in Petroleum Exploration
Published in The Engineering Economist, 2020
Imre Szilágyi, Zoltán Sebestyén, Tamás Tóth
Project portfolio management must serve the strategy of the organization—it is a very important and effective tool to implement strategy (Archer and Ghasemzadeh 2004; M. G. Kaiser et al. 2015; Martinsuo and Lehtonen 2007; Patanakul 2015; Teller and Kock 2013; Voss and Kock 2013). Meskendahl (2010) claims that there is a lack of a coherent and integral framework from strategy to success; therefore, the portfolio management process must conceptually be extended by strategic aspects. Killen et al. (2012) examined how strategic management theories were successfully applied in project management and project portfolio management processes. Project portfolio management must be aligned to strategy and, as a result, a strategic criterion could be an important element of a project selection model. It is obviously suggested that strategic criteria be included in the project ranking exercise, because if portfolio selection conforms to the strategy of the organization, it improves project portfolio performance (Müller et al. 2008).