December 31, 2017

MBA Core Management Knowledge - One Year Revision Schedule


The blog contains articles on all management subjects developed using the most popular book on the subject. You can read articles on the sybject of your choice or use the following schedule.


One Year MBA Knowledge Revision Plan

Revision Schedule


Current Month -  April  


January  - February  - March  - April  - May   -   June

July       - August     - September  - October  - November  - December


Subject Details of Each Month



January  (Principles of Management)
February (P.of M & Marketing Management from 23 Feb 2015 )

March (Mktg. Mgmt. & Operations Management from 17 March 2015)
April  (Supply Chain Management and Financial & Cost Accounting)

May  (Management Accounting & Organizational Behavior)
June (Innovation, Industrial Engineering and Economics)

July  (Economics, Engineering Economics, & Managerial Ethics)
August    (Statistics, Quality and Six Sigma, OR & BRM)

September (HRM, Mentoring, Training, Maintenance, Energy & Environment Management)  -  October  (Information Technology and Management Information Systems, Logistics - Warehousing and Transport)

November (Strategic Management & Financial Management)
December (Business Laws, Negotiation, Taxes and Government Relations)

Subject                                               Revision Period

Principles of Management                15 January   to   19 February

Marketing Management                    22 February to   16 March

Operations Management                   17 March     to    2 April

Supply Chain Management                 3 April       to  15 April

Financial & Cost Accounting            16 April       to  12 May




I am participating in April A to Z Blogging Challenge and I am writing on the theme Top Management Challenges.

Top Management Challenges.


Article 1: Awareness of Environment
http://nraomtr.blogspot.com/2017/04/awareness-of-environment.html




Updated 1 April 2017.  22 February 2017,  10 December 2015




October 5, 2017

Business Logistics - An Introduction

Logistics – Introduction

A dictionary definition of logistics is “the branch of military science having to do with procuring, maintaining, and transporting material, personnel, and facilities.”
The definition promulgated by the Council of Logistics Management (CLM), is: “Logistics is the process of planning, implementing, and controlling the efficient, cost-effective flow and storage of raw materials, in-process inventory, finished goods and related information from point of origin to point of consumption for the purpose of conforming to customer requirements.”
Ballou explained that in the context of manufacturing it appears from the definition that the logistician is concerned with flow of goods to and from his firm. But the responsibility extends to the flow of components and goods through the production process as well. But the logistician may not deal with detailed production processes, machine scheduling, quality control etc. in the production process. Also the manufacturing logistics definition excludes maintenance which is a part of military logistics.
The mission of logistics in a business firm is to get the right goods or services to the right place, at the right time, and in the desired condition, while making the greatest contribution to the firm. Value in logistics is a combination of time, place and cost.
Logistics is about creating value – value for customers, value for suppliers and value for the firm’s stakeholders.

The Activities of Logistics Function

Council of Logistics Management identified the following:


  • Customer Service
  • Demand Forecasting
  • Distribution Communications
  • Inventory Control
  • Material handling
  • Order Processing
  • Part and Service Support
  • Plant and Warehouse Site Selection
  • Purchasing
  • Packaging
  • Return Goods Handling
  • Salvage and Scarp Disposal
  • Traffic and Transportation
  • Warehousing and Storage


Case for Organizing a Separate Logistics Department

Both marketing and production have recognized the importance of logistical activities. According to Philip Kotler, “Marketing management is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges with target groups that satisfy individual and organizational objectives.”

Therefore distribution of goods is identified as an important activity in marketing. Ballou quotes, McClain and Thomas, who stated that operations management has the responsibility for the production and delivery of physical goods and services. Hence delivery of goods at destinations required by the customer or the sales department is recognized as a part of operations management function.

But Ballou argued that both marketing and production have more important core activities to perform and hence logistic activities may not get adequate attention. According to him marketing may be given the job of creating possession value and production may be given the job of creating form value. A separate logistics department would be concerned with providing time and place value. Ballou recognized the interface problems that arise as more departments are created and hence stresses the need for coordination.

Objectives of Business Logistics Function

The logistics function has to earn the highest possible return on investment over time as far as internal objective is concerned. But to achieve this internal objective it has to first achieve external objectives. It has to earn revenue and minimize costs.

Therefore a logistics system has to be designed and operated considering its impact on revenue contribution that comes through the quality of customer service provided and cost of logistics facilities, system and operation.

Costs of logistics function include capital costs are operating costs. Wages, public warehousing (rented warehouses or warehouse space) expenses, public transport expenses, financial expenses related to inventory investment, other administrative expenses are examples of operating costs. Capital costs are one time costs, own warehouse, own trucks are examples of capital costs.

The financial objective of the logistics function can be expressed as “Maximize over the time the ratio of the annual revenue (due to the customer level provided) less the operating costs of the logistics system to the annualized investment in the logistic system.”

Time value of money may be considered and the objective can be expressed in net present value (NPV) terms or internal rate of return (IRR) terms.


Study of Logistics

Study of logistics can focus on management process and the skills needed to perform the activities involved. Management process can be briefly described as planning, organizing and controlling. The three important domain areas of logistics are facilities location, inventory levels and mix, and transport facilities. Logistics function is concerned with providing service levels to customers and managing costs appropriately for the company. All decision making requires information. Study of logistics includes principles and practices related to the above issues.  Some of the issues are discussed in detail in specialized texts related to those areas and a logistician has to examine them now in the context of logistics.

References


The Handbook of Logistics and Distribution Management: Understanding the Supply Chain

Alan Rushton, Phil Croucher, Peter Baker
Kogan Page Publishers, 03-Jan-2017 - Business & Economics - 912 pages

The definitive guide to supply chain philosophy, strategy AND the practicalities of logistics and distribution. The Handbook of Logistics and Distribution Management is a step-by-step guide to setting up and managing supply chains to add maximum value to the organisations they serve. Benefiting from the author team's years of practical field-based experience in some of the most challenging environments across the world from developed economies to third world countries and war zones, this is a book that will enthuse students and be an invaluable desk reference throughout the careers of practitioners.

Packed with worked examples and real-world data The Handbook of Logistics and Distribution Management offers complete coverage on all the key aspects of distribution, logistics and supply chain planning and management with clear and straightforward explanations. This is not a compilation of work drawn from a disparate collection of research papers and miscellaneous projects but a logical and complete holistic view of how supply chains fit together including the detailed, nitty gritty of the distribution and logistics.

Globalisation, increased competition and new technologies have all changed the landscape in which supply chains operate. This fully revised 6th edition of The Handbook of Logistics and Distribution Management provides solutions to the key challenges. With new material on international freight forwarding, environmental best practice, cool chain, intermodal shipping and outsourcing and a new, detailed index of contents this is the ultimate study/reference companion.
https://books.google.co.in/books?id=g_vTDQAAQBAJ

Ronald H. Ballou, Business Logistics Management, Fourth Edition,  Prentice Hall Int. Inc., USA,  1999.
Joh O. McClain and L. Joseph Thomas, Operations Management: Production of Goods and Services, Second Edition, Prentice Hall, USA, 1985.

http://www.bms.co.in/elements-of-logistics-management-notes/




http://knol.google.com/k/narayana-rao/business-logistics-an-introduction/ 2utb2lsm2k7a/ 1384


Updated 6 October 2017, 30 May 2012

October 4, 2017

October - Management Knowledge Revision



October  (Information Technology and Management Information Systems, Logistics - Warehousing and Transport)


October 1 to 5

Principles of Information Systems - Ralph M. Stair and George W. Reynolds
http://nraomtr.blogspot.com/2015/10/principles-of-information-systems-ralph.html

An Introduction to Information Systems

2.
Foundations of Information Sytems
http://www.comp.polyu.edu.hk/~csajaykr/introduction.pdf

E-Business
http://www.comp.polyu.edu.hk/~csajaykr/E_Business.pdf

3.
Competitive advantage with information systems
http://www.comp.polyu.edu.hk/~csajaykr/CA.pdf

IT Infrastructure
http://www.comp.polyu.edu.hk/~csajaykr/ITI.pdf

4.

Communication and Networking
http://www.comp.polyu.edu.hk/~csajaykr/CN.pdf

Improving decision making and managing knowledge
http://www.comp.polyu.edu.hk/~csajaykr/IDM.pdf

5.
Enterprise Applications
http://www.comp.polyu.edu.hk/~csajaykr/EAP.pdf

Economics of Information Technology - Hal Varian
people.ischool.berkeley.edu/~hal/Papers/mattioli/mattioli.pdf


October 8 - 12

Logistics - Warehousing and Transport




October 15 - 19



October  22 - 26







October 23  - 29



Industrial Engineers support Engineers and Managers in Efficiency Improvement of Products, Processes and Systems



One Year MBA Knowledge Revision Plan

January  - February  - March  - April  - May   -   June

July  - August     - September  - October  - November  - December


Updated 6 October 2017, 6 June 2014

October 2, 2017

Product Management in Digital World - Recent Trends



What Makes a Truly Great Product Great - Digital Products Related
Published on March 2, 2015
Jeff Weiner
CEO at LinkedIn
https://www.linkedin.com/pulse/what-makes-truly-great-product-jeff-weiner/


The one-stop product management guide
http://www.experiox.com/productmanagementguide/

Down the Book - Strategic Role of Product Management
http://pragmaticmarketing.com/strategic-role-of-product-management.aspx


The evolving role of product management
What product management is and why it’s so relevant today.
By Martin ErikssonRichard BanfieldNate Walkingshaw June 22, 2017
Excerpt from Chapter 1 of “Product Leadership.
https://www.oreilly.com/ideas/the-evolving-role-of-product-management

“The job of a product manager is to discover a product that is valuable, usable, and feasible.”
Product management is the intersection between business, user experience, and technology

Product managers for the digital world
By Chandra Gnanasambandam, Martin Harrysson, Shivam Srivastava, and Yun Wu
May 2017
http://www.mckinsey.com/industries/high-tech/our-insights/product-managers-for-the-digital-world


Product managers connect many functions related to  a product— market research, design, engineering,  marketing, sales, marketing, operations, finance, legal, and more. They are involved in the decisions about what gets built but also influence every aspect of how it gets built and launched.

The product manager of today is increasingly given the role of  the mini-CEO of the product.

16 Killer Videos on Product Management Essentials
June 9, 2016
https://userbrain.net/blog/12-killer-product-management-videos

A Panel Discussion on Product Management
12 March 2010
Stanford Graduate School of Business
Features executives formerly at Apple Computer, Hewlett-Packard, PeopleSoft, and Sybase:
Rita Iorfida, VP Products, Liquid Engines;
Rich Mironov, former VP Product Marketing, AirMagnet;
Tiffany Riley, VP Marketing at Nextance;
David Straus, SVP Worldwide Sales and Marketing, Corticon.
_________________

_________________


Product Management At Google
http://a-knol.blogspot.com/2010/01/product-management-at-google.html


Updated 3 October 2017, 15 July 2017

October 1, 2017

Power - The Concept and Theory in Organizational Behavior

Power is an important dynamic (concept or variable) in organizational behavior.

Power - The Concept

Max Weber: "The probability that one actor within a social relationship will be in a position to carry out his own will despite resistance."

Pfeffer: "The potential ability to influence behavior, to change the course of events, to overcome resistance, and to get people to do things that they would not otherwise do."

The concept of power needs to be distinguished from authority and influence.

The concept of power needs to be distinguished from authority and influence.

Authority is the right to direct others and ask them to do things which they would not otherwise do, but it is legitimate and is exercised in the working of organizations.

Influence is conceived as more broader and it is the ability to alter actions of other people in general ways by changing their satisfaction criteria and thus improve their performance. Authority is different from power because of its legitimacy and acceptance in an organizational context and leadership is broader than power and indicates a willingness on the part of the follower to follow in the absence of authority.

Luthans remarked that operational definition of power is still lacking.

The classifications of Power

Psychologists John French and Bertram Raven provided five categories

1. Reward power
2. Coercive power (punishment power)
3. Legitimate power
4. Referent power
5. Expert power

Contingent Explanations of Power

Power comes to people from being in the right place.

1. Power comes to people who have control over resources such as budgets, physical facilities and can allocate them with discretion.
2. Control over access to information can give power.
3. Formal authority and legitimate power comes from organizational positions.

Some of the propositions related to power in contingent explanations are:


1. The greater the professional orientation of group members, the greater relative strength referent power has in influencing them.
2. If the high ranking participants show less interest in managing a task, low ranking participants obtain more power.
3. The greater the target's dependency on agent, the more targets are manipulated against their will.
4. If people are uncertain about the appropriateness or correctness of their behavior, they allow the powerful people to manipulate them.


Source:
Fred Luthans, Organizational Behavior, 9th Edition, McGraw-Hill International,



New Theory of Power - Dacher Keltner


People who attain enduring power today exhibit five behaviors

1.    Enthusiasm: They express interest in others, advocate on their behalf and take joy in their achievements.
2.    Kindness: They cooperate, share, express appreciation and dignify other people.
3.    Focus: They establish shared goals and rules, a clear purpose and keep people on task.
4.    Calmness: Through their actions and communication, they instill calm and perspective.
5.    Openness: They display empathy and a disciplined process of listening attentively.

According to Keltner over 70 studies have shown that people who rise in power – whether it be in business, education or the military – consistently embody these qualities.

https://www.inc.com/marcel-schwantes/according-to-science-this-is-the-best-way-to-gain-.html

http://markccrowley.com/how-we-gain-power-and-influence-sciences-surprising-answer/

https://greatergood.berkeley.edu/article/item/power_paradox


Modern concept of power as a social and economic theory
http://www.ejournalnet.com/Contents/Issue_2/4/4_2002.htm

The Concept of power
http://www.jstor.org/pss/588888

Power and Politics - Basic Concepts
http://www.sociology.org.uk/ppbc.pdf



Updated 2 October 2017, 23 November 2011

September 18, 2017

10 - 15 - 20 - 25 Activities and Skills for Success as Manager at All Levels



4P Model of Management


I developed 4P Model of Management. Managers have to undertake Four major activities.

Providing Value  - They have to identify opportunities to add value to potential consumers, communicate value to them and exchange value with them.

Purchase Inputs - Managers have to purchase inputs to provide value.

Process Inputs and Convert them into Valuable Outputs

People Relations - Business is for People, Business is by People and Business is with People

The 4Ps fall into Business Skills, Process Skills and People Skills.

Detailed article
http://nraomtr.blogspot.com/2015/05/4-ps-of-management-4-essential-tasks-in.html


You can see how various authors only prescribe these skills in their articles.




Peter Economy - 10 things that super successful leaders do.


It was published in the Corporate Dossier of Economic Times (22 May 2015). Peter Economy was the author.

The 10 things listed were:

1. Acknowledge
2. Motivate
3. Be Decisive
4. Communicate
5. Trust
6. Be Confident
7. Develop
8. Direct
9. Partner
10. Be Honest and Transparent.


Jack Zenger and Joseph Folkman wrote in article in HBR Blogs.

The Skills Leaders Need at Every Level


The list given by them

Inspires and Motivates others
Displays High Integrity and Honesty
Solves Problems and Analyzes Issues
Drives for Results
Communicates Powerfully and Prolifically
Collaborates and Promotes and Teamwork
Builds Relationships
Displays Professional or Technical Expertise
Develops Others
Takes Initiative
Innovates
Champions Change
Connects the Group to the Outside World
Establishes Stretch Goals
Practices Self Development.

https://hbr.org/2014/07/the-skills-leaders-need-at-every-level


Updated 19 September 2017, 21 May 2015

Principles of Management - Subject Update


Basic Chapter Summaries of Principles of Management Based on Koontz and O'Donnell's Book

4 Ps of Management - 4 Essential Tasks in Business Management
Provide value - Procure inputs - Process inputs (Produce output) - People focus
http://nraomtr.blogspot.com/2015/05/4-ps-of-management-4-essential-tasks-in.html


Productivity Focus of Management  - Industrial Engineering

Taylor - Narayana Rao Principles of Industrial Engineering
_______________

_______________
Download full paper: Full Paper - https://www.xcdsystem.com/iise/abstract/File7673/UploadFinalPaper_2569.pdf

June 2017

Change Management - How to manage the eight ‘change personalities’ at work?
https://www.theglobeandmail.com/report-on-business/careers/management/how-to-manage-the-eight-change-personalities-at-work/article35041096/

Making Decisions in Meetings
http://blog.lucidmeetings.com/blog/making-decisions-in-meetings

May 2017

How to Retain Employees Through 'Servant' Leadership
https://www.entrepreneur.com/article/289730


April 2017

By studying and writing on Principles of Management, I became the original author of Principles of Industrial Engineering, a Management Subject with foundation in engineering.

Basic and Detailed Principles of Industrial Engineering
http://nraoiekc.blogspot.com/2016/07/basic-principles-of-industrial.html

http://www.xcdsystem.com/iise/abstract/File7673/UploadFinalPaper_2569.pdf


March 2017

Leaders have to manage the current activity to change it to make it better

http://www.managementexchange.com/story/first-line-manager-leaders-must-manager-lead



March 2016

Seven Quality management principles (QMPs) 

by ISO  - Read them compulsorily if you have not read so far.
http://www.iso.org/iso/pub100080.pdf

One of the definitions of a “principle” is that it is a basic belief, theory or rule that has a major influence on the way in which something is done. “Quality management principles” are a set
of fundamental beliefs, norms, rules and values that are accepted as true and can be used as a basis for quality management.

The QMPs can be used as a foundation to guide an organization’s performance improvement. They were developed and updated by international experts of ISO/TC 176, which is responsible for
developing and maintaining ISO’s quality management standards.


The seven quality management principles



QMP 1 – Customer focus
QMP 2 – Leadership
QMP 3 – Engagement of people
QMP 4 – Process approach
QMP 5 – Improvement
QMP 6 – Evidence-based decision making
QMP 7 – Relationship management


These principles are not listed in priority order.  All are important and the relative importance
of each principle will vary from organization to organization and can be expected to change over time in the same organization.

Seven Principles of Supply Chain Management


Principle 1: Segment customers based on the ser­vice needs of distinct groups and adapt the supply chain to serve these segments profitably.

Principle 2: Customize the logistics network to the service requirements and profitability of customer segments.

Principle 3: Listen to market signals and align demand planning accordingly across the supply chain, ensuring consistent forecasts and optimal resource allocation

Principle 4: Differentiate product closer to the customer and speed conversion across the supply chain

Principle 5: Manage sources of supply strategically to reduce the total cost of owning materials and services

Principle 6: Develop a supply chain-wide technology strategy that supports multiple levels of decision making and gives a clear view of the flow of products, services, and information

Principle 7: Adopt channel-spanning performance measures to gauge collective success in reaching the end-user effectively and efficiently
http://www.supplychain247.com/paper/the_7_principles_of_supply_chain_management

Seven Principles of Change Management


Senders and Receivers
Resistance
Authority for Change
Value Systems
Incremental vs. Radical Change
The Right Answer Is Not Enough
Change Is a Process
https://www.prosci.com/change-management/thought-leadership-library/the-seven-principles-of-change-management


The APICS Principles of Operations Management consists of five classroom-based, instructor-led courses.

         The Principles of Inventory Management

         The Principles of Operations Planning

         The Principles of Manufacturing Management

         The Principles of Distribution and Logistics

         The Principles of Managing Operations


A HBR article on Negotiation
https://hbr.org/2003/10/nice-girls-dont-ask/

Free Open Access Book

http://open.lib.umn.edu/principlesmanagement/


TENDENCIES IN EVOLUTION OF 21ST CENTURY
MANAGEMENT
https://www.efst.hr/management/Vol20-Specissue/1-Buble%20-%20Management%20tendencies.pdf

THE PRINCIPLES OF MANAGEMENT OF EDUCATIONAL INNOVATIONS IN MODERN HIGHER EDUCATION INSTITUTION.
Source: In the World of Scientific Discoveries / V Mire Nauchnykh Otkrytiy . 2014, Vol. 60 Issue 11.11, p4244-4261. 18p.
Author(s): Danakin, N. S.; Shutenko, A. I.; Ospishchev, P. I.

Developing a Theory and Philosophy of Management
Chapter 1 of Pearson Book
https://www.pearsonhighered.com/assets/hip/us/hip_us_pearsonhighered/samplechapter/0205088155.pdf


November 2015

Innovation Excellence requires Ambidextrous Management
http://www.innovationexcellence.com/blog/2015/11/12/innovation-requires-ambidextrous-management/


September 2015
New and Updated articles in area

Systems Approach in Management - Very detailed treatment is now posted
http://nraomtr.blogspot.com/2014/12/systems-approach-in-approach.html

Execution is an important function of management

Planning and Execution - Theory and Practice
http://nraomtr.blogspot.com/2015/09/planning-and-execution-theory-and.html

Resourcing is an important activity for all managers to accomplish set goals

http://nraomtr.blogspot.com/2012/03/resourcing-function-of-management.html


May 2015

Negotiation: What Makes the Right Business Deal
http://www.forbes.com/sites/ianaltman/2015/05/05/negotiation-what-makes-the-right-business-deal/





Get the Boss to Buy In.

By: Ashford, Susan J.; Detert, James. Harvard Business Review. Jan/Feb2015, Vol. 93 Issue 1/2, p72-79.

Middle managers  gather valuable intelligence from direct contact with customers, suppliers, and colleagues; they can often see when the market is ripe for a certain offering, for instance, or spot signs that a partnership won't work. But in a top-down culture, they may not voice their ideas and concerns -- and even when they do, they often struggle to persuade the people at the top.


The authors suggest that middle managers should tailor their pitch to the goals, values, and knowledge of decision makers; frame the issue to show how it supports a strategic goal; manage emotions (their own and their audience's); get the timing right by, say, attending to a boss's preoccupations or watching larger trends; involve others, both in and out of their networks; and  adhere to organizational norms, such as how leaders prefer to receive information.


MANAGING YOUR MISSION-CRITICAL KNOWLEDGE.

By: IHRIG, MARTIN; MACMILLAN, IAN. Harvard Business Review. Jan/Feb2015, Vol. 93 Issue 1/2, p80-87. 8p. 2 Color Photographs, 2 Diagrams.

Large-scale, sustainable growth is  possible when people take insights from one knowledge domain and apply them in another -- when deep technical expertise in one business unit is applied in a different business unit, for example, or when a best-in-class marketing group pulls a product development unit into the 21st century by sharing market insights gleaned from customer data.

The authors describe how to map your organization's strategic knowledge.  When knowledge assets are placed in a grid along two dimensions -- unstructured (tacit) versus structured (explicit) and undiffused (restricted) versus diffused (shared) -- it becomes easier to manage them for future competitive advantage.





Playbook - AMA NET

Interesting Source for Management Articles
http://playbook.amanet.org/

Managing Power Dynamics in International Negotiations
BY YADVINDER RANA
About The Author: Yadvinder S. Rana is Professor of Cultural Management at the Catholic University in Milan, Italy, lecturer on intercultural negotiation and influence in leading international business schools, and founder of Neglob, a management consultancy firm that assists companies in international negotiations and global teams performance improvement. For more information about Rana and his new book, The 4Ps Framework: Advanced Negotiation and Influence Strategies for Global Effectiveness, please visit www.neglob.com.
http://playbook.amanet.org/managing-power-dynamics-in-international-negotiations/




The New Rules of Motivation: Unleash Employee Reciprocity
BY RODD WAGNER
About The Author: Rodd Wagner is the New York Times bestselling author of the new book Widgets: The 12 New Rules for Managing Your Employees As If They’re Real People (McGraw-Hill, April 2015).
http://playbook.amanet.org/the-new-rules-of-motivation-unleash-employee-reciprocity/

Only 10% are great managers.
Around 35% OK.
http://www.fastcoexist.com/3044630/this-may-not-surprise-you-only-10-of-managers-have-what-it-takes-to-be-managers



Principles of Management - Subject Update - 2014


Updated 19 Sep 2017,  7 June 2017,  7 May 2017,  8 April 2017,   12 March 2017, 26 Mar 2016, 16 Feb 2016, 11 Dec 2015