Brief summary of 6 pages containing information from classes, coming from slides, lecture notes and extensive research. This summary contains theory, examples, and relevant images for you to understand BPM 2.
Multiple Choice Questions Exams – 40 questions, 4 options
Exam will include questions based on the Primary Hotels case
Balanced Score Card (Kaplan & Norton) = business tool that aligns different dimensions of business
strategy. Creates a strong link between financial goals and other parts of the company strategy.
Developed to include metrics to check that company objectives are being met.
Vision and strategy:
Financial: To succeed financially, how should we appear to our
shareholders?
Internal business process: What business processes must we excel at?
Customers: How should we appear to our customers?
Learning and Growth: How will we sustain our ability to change and
improve?
Strategy (Treacy and Wiersema):
1. Product Differentiation = product leadership -> best product (Tesla)
2. Operational Competence = Operational Excellence -> best total cost (Toyota)
3. Customer Responsive = Customer Intimacy -> best total solution (Lexus)
A company should have elements of all 3.
A third view: Performance Management
1. Critical Success Factor (CSF): Dominant share in the global market
2. Objective: Increase market share
3. Measure: Number of potential customers reached
4. Target: 10% increase in 3 years
5. Initiatives: Expand our activities in North America, Develop a program for goal-oriented
marketing, Communicate with customers through e-business tools
Key Performance Indicators = The way many companies measure
their delivery of value.
Lagging = Looking backwards; Sales, Yield
Leading = Looking forwards; Investments, Advertising spend
Basic Scorecard Terminology = to identify and improve various
internal functions of a business and their resulting external
outcomes. It is used to measure and provide feedback to
organizations.
Objectives: What the strategy is trying to achieve?
Measures: How success or failure (performance)
against objectives is monitored
Targets: The level of performance or rate of
improvement needed
, Initiatives: Key action programs required to achieve
targets
A complete Scorecard = a program for action.
Lesson 2
Bill of Materials = a description of the necessary components.
Value Chain
Famous clothing designers (singers for marketing):
Large amount of out-sourcing (manufacturing and transport)
Electronic communication with suppliers
New clothes every 2/3 months
Factories:
60% factories in Asia
low labour cost
900 suppliers worldwide
Design and production planned for longer period of time.
Value engineering: Reducing BOM Cost:
1. Identify the main elements of a product, service or project
2. Analyse the functions of those elements
3. Develop alternative solutions for delivering those functions
4. Assess the alternative solutions
5. Allocate costs to the alternative solutions
6. Develop in more detail the alternatives with the highest likelihood of success
Lesson 3
Sourcing = Purchasing, Buying, Procurement
Insourcing = the practice of using an organization's own
personnel or other resources to accomplish a task that was
previously outsourced.
Outsourcing = obtain (goods or a service) by contract from
an outside supplier. If its low value and routine, outsource
it.
Off-shoring = the practice of basing some of a company's
processes or services overseas, so as to take advantage of
lower costs.
Portfolio analysis:
Bottleneck = Avoid risk of delivery. Inexpensive, highly specialised. (high risk, low value)
Critical/Strategic = Partnership. Essential part, must work closely with supplier. (high risk,
high value)
Leverage = Press on price. Look for best price in several potential suppliers (low risk, high
value)
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