Showing papers in "Managing Smart in 1999"
289 citations
TL;DR: It turns out that adding one more worker to the line, for a total of seven, results in 147 units produced each hour, or 21 units per person.
Abstract: At some point, increased effort put into a task or operation will not result in an equal increase in output. Let's look at a production line as an example. Suppose five workers are able to produce 100 items each hour, or 20 items per person. Six workers are able to produce 132 each hour, or 22 items per person. The additional worker has increased overall productivity from 20 to 22 units per person per hour. But in this case, it turns out that adding one more worker to the line, for a total of seven, results in 147 units produced each hour, or 21 units per person.
55 citations
TL;DR: More and more, computers are developing the ability to “think,” although there is still a long way to go before they reach the complexity of a human brain.
Abstract: Computers that can see, feel, and act like people? While it may sound like science fiction, artificial intelligence (AI) simulates such processes of the human brain as reasoning, learning, and problem solving More and more, computers are developing the ability to “think,” although there is still a long way to go before they reach the complexity of a human brain
24 citations
TL;DR: In this article, the authors describe how managers can better motivate their staffs by understanding Abraham Maslow's concepts of human motivation and how each need must be satisfied before the next can be addressed.
Abstract: Managers can better motivate their staffs by understanding Abraham Maslow's concepts of human motivation. Maslow described a pyramid of human needs; each need must be satisfied before the next can be addressed.
22 citations
TL;DR: The RMA Annual Statement Studies (RMA) as mentioned in this paper is a ratio tool that provides ratios on more industries than any other source, and it is the best known ratio tool in the world.
Abstract: 1) RMA Annual Statement Studies (Risk Management Associates) Call Number: HF 5681 .B2 R6 (latest 10 years on Reserve) The best known ratio tool, RMA gives you more ratios on more industries than any other source. RMA derives its data from annual statements. Know your company’s NAICS code before using this (get that code from Mergent). The library has RMA from 1973 to date; ask for the latest 10 years at the Access Services Desk on the 2nd (Main) floor.
20 citations
TL;DR: A lie detector test for pre-employment screening or to a current employee is prohibited by federal law as discussed by the authors, which states that polygraphs, voice analyzers, or any mechanical device that attempts to analyze a person's honesty are all considered lie detectors.
Abstract: Federal law prohibits most private employers from administering lie detector tests for pre-employment screenings or to a current employee. Polygraphs, voice analyzers, or any mechanical device that attempts to analyze a person's honesty are all considered lie detectors. The employer may not discharge, discipline, or discriminate against an employee or job applicant who refuses to take a lie detector test.
9 citations
TL;DR: The GAAP stands for "generally accepted accounting principles" and refers to the framework on which modern accounting is built as discussed by the authors. And it is a good idea to be familiar with these ground rules of accounting.
Abstract: GAAP stands for “generally accepted accounting principles” and refers to the framework on which modern accounting is built. It is a good idea to be familiar with these ground rules of accounting.
8 citations
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TL;DR: In this paper, the authors argue that training is costly and can be justified only if the training is job-related and will result in measurable payoff, and that it makes sense to offer training to staff only if they can demonstrate that the training will lead to measurable payoff.
Abstract: Training is costly. Offering training to your staff makes sense only if you can demonstrate that the training is job-related and will result in measurable payoff.
7 citations
TL;DR: The Uniform Commercial Code (UCC) as mentioned in this paper helps protect companies against the loss of income from bad debts, which is not enough to just bill and collect receivables for products and services, it's also important to understand the rules and regulations that govern commercial transactions.
Abstract: It's not enough to just bill and collect receivables for products and services. It's also important to understand the rules and regulations that govern commercial transactions. The Uniform Commercial Code (UCC), which establishes these rules and regulations, helps protect companies against the loss of income from bad debts.
7 citations
TL;DR: The principles of entrepreneurship extend far beyond this simplification as mentioned in this paper, however, there is still widespread misunderstanding of the basic concepts of entrepreneurship, and there is a need to re-examine these principles.
Abstract: The term entrepreneur is a current buzzword. Even large companies are benefiting from maintaining an entrepreneurial perspective. Nevertheless, there is still widespread misunderstanding of the basic concepts of entrepreneurship. An entrepreneur is commonly considered to be a risk taker seeking large financial rewards. The principles of entrepreneurship, however, extend far beyond this simplification.
6 citations
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TL;DR: In this article, the SWOT analysis is used to characterize an organization's overall strategic situation, and it provides a simple framework by using four general classifications, i.e.
Abstract: One of the most useful ways to characterize an organization's overall strategic situation is the SWOT analysis. It provides a simple framework by using four general classifications:
TL;DR: The value of developing and writing a solid business plan is frequently unrecognized in the business world as mentioned in this paper, which is why it is important to develop and write a business plan that is a report detailing the nuts and bolts of a business concept.
Abstract: The value of developing and writing a solid business plan is frequently unrecognized in the business world. Essentially, a business plan is a report detailing the nuts and bolts of a business concept. It presents a comprehensive picture in which all of the elements related to the business concept must be synthesized and every relevant issue addressed.
TL;DR: The Deming Cycle as mentioned in this paper is a framework for finding solutions to problems, which was originally introduced by W. Edwards Deming and further conceptualized by Walter A. Shewhart.
Abstract: One framework for finding solutions to problems is the Deming Cycle, which was originally introduced by W. Edwards Deming and further conceptualized by Walter A. Shewhart. The cycle consists of four stages, referred to as Plan, Do, Check , and Act (PDCA). Using the PDCA cycle ensures an orderly approach to problem solving. This framework draws upon scientific method and thus provides rigorous data analysis and verification of results.
TL;DR: The time value concept of money as mentioned in this paper has been used in finance to show that the certainty of having a given sum of money today is worth more than the likelihood of having an equivalent sum at a later date.
Abstract: Is one dollar today the same as one dollar 10 years from now? This simple question raises one of the most important concepts in finance—the time value concept of money. In essence, the certainty of having a given sum of money today is worth more than the certainty of having an equivalent sum at a later date.
TL;DR: In this paper, an employee survey may be useful if a large number of employees do not communicate well in a one-on-one situation and the feedback they provide will not be of much value.
Abstract: Some employees do not communicate well in a one-on-one situation and the feedback they provide will not be of much value. In this situation an employee survey may be useful. If you have a large number of employees and cannot conduct enough employee forums to involve them all (see tip #230), an employee survey may be a valuable way of getting feedback. You can either hire an expert to design and administer a survey for you, or you can create your own.
TL;DR: A manager needs to juggle a busy schedule that includes meetings, phone calls, progress reports, presentations, routine activities, and unforeseen events that often pop up at the worst possible time as mentioned in this paper.
Abstract: Every manager needs to juggle a busy schedule that includes meetings, phone calls, progress reports, presentations, routine activities, and unforeseen events that often pop up at the worst possible time. On top of all this, personal commitments may often conflict with planned work.
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TL;DR: ISO 9000 family of standards specifies general criteria by which any organization can ensure that products leaving its facility meet the quality expectations and requirements of its customers as mentioned in this paper, and outlines a comprehensive way to do business that provides measurable bottom-line improvements.
Abstract: ISO 9000 family of standards specifies general criteria by which any organization can ensure that products leaving its facility meet the quality expectations and requirements of its customers. It outlines a comprehensive way to do business that provides measurable bottom-line improvements. The ISO 9000 family consists of three quality assurance models against which an organization can be certified: 9001, 9002, and 9003. The difference between them is merely one of scope.
TL;DR: You need to start your retirement planning sooner or later, and the sooner you begin, the more your funds will grow with time.
Abstract: You need to start your retirement planning sooner or later, and the sooner you begin, the more your funds will grow with time. Do you know what type of retirement plan your employer has adopted? Do you understand your options and benefits? You need to ask these questions and find out what retirement coverage you have. You may have to sign up to participate in the plan. You also may have the options of putting additional funds into your retirement plan. Often your employer will match this amount in whole or in part. The funds you put into your plan give you an additional tax deduction, and interest compounds tax-free.
TL;DR: The role of information systems has been expanding as systems have evolved and become more sophisticated as discussed by the authors, and information systems play an important role in both the operations and management of a company.
Abstract: Information systems play a role in both the operations and management of a company. The role of information systems has been expanding as systems have evolved and become more sophisticated. The systems that support operations management consist of:
TL;DR: Management by objectives (MBO) is a method of managing in which an organization's members jointly establish its goals as discussed by the authors, and the members do not necessarily have to be from the same department or area; they just need to share a common goal or purpose.
Abstract: Management by objectives (MBO) is a method of managing in which an organization's members jointly establish its goals. The members do not necessarily have to be from the same department or area; they just need to share a common goal or purpose.
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TL;DR: The Managerial Grid as mentioned in this paper defines a manager's approach along the two axes of concern for people and concern for production, which are rated on a scale from one to nine, depending on the concern for each factor.
Abstract: The Managerial Grid , a 1964 book by Robert R. Blake and Jane S. Mouton that has become a managerial classic, describes leadership styles in terms of their orientation toward production and toward people. Blake and Anne Adams McCanse updated the concept in 1991, renaming it the Leadership Grid® in their book Leadership Dilemmas — Grid® Solutions , but its central elements remain the same. The Grid defines a manager's approach along the two axes of concern for people and concern for production. The level of concern for each factor is rated on a scale from one to nine.
TL;DR: The Benchmarking Exchange's annual ranking is to show the business processes that are receiving the most attention and to provide insight into what to expect in the coming year.
Abstract: Each year, The Benchmarking Exchange (TBE) reports on the most actively benchmarked business processes from the preceding year. The purpose of the annual ranking is to show the business processes that are receiving the most attention and to provide insight into what to expect in the coming year.
TL;DR: It takes a certain degree of humility to admit that someone else is better at something than you are, but you must be wise enough to recognize superior practices in other organizations in order to learn how to match or surpass them.
Abstract: It takes a certain degree of humility to admit that someone else is better at something than you are. This realization, however, sits at the heart of the benchmarking effort. You must be wise enough to recognize superior practices in other organizations in order to learn how to match or surpass them.
TL;DR: In this paper, the authors propose a just-in-time (JIT) inventory management system that is capable of delivering materials as close as possible to the time they are needed.
Abstract: Are you in a business where inventory is always inadequate to meet orders? Or is inventory so high that large amounts of liquid assets are tied up unnecessarily? The happy medium is just-in-time (JIT) inventory. JIT requires integrated management systems capable of delivering materials as close as possible to the time they are needed. This saves storage space and the expense of larger inventories.
TL;DR: In this article, the authors suggest that learning and practicing different forms of feedback will lead to more effective communication, such as improving questioning skills, becoming an active listener, and being aware of nonverbal communication.
Abstract: Learning and practicing the different forms of feedback will lead to more effective communication. Improving your questioning skills, becoming an active listener, and being aware of nonverbal communication are all ways of becoming a better communicator. Additional guidelines include:
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TL;DR: The concept of a value-added chain is relatively straightforward as mentioned in this paper, as a product travels from suppliers of materials to the manufacturer and on to customers, its value increases at each point.
Abstract: The concept of a value-added chain is relatively straightforward. As a product travels from suppliers of materials to the manufacturer and on to customers, its value increases at each point. The companies involved add value by producing a finished product from raw materials, adding function to a product, making a product more attractive to consumers, or moving a product closer to consumers. Figure 11 represents a simplified value-added chain.
TL;DR: The most common techniques for identifying quality problems and their causes are known as the seven Quality Control tools, or the magnificent seven as mentioned in this paper, and these techniques demonstrate each of these techniques.
Abstract: Talking about quality is meaningless without having some way of measuring and tracking the effects of quality management. The most common techniques for identifying quality problems and their causes are known as the seven Quality Control tools , or the magnificent seven. Figures 14–20 demonstrate each of these techniques.
TL;DR: In this paper, the authors present some tips for giving an effective presentation in front of a group, especially when the audience consists of top executives or key clients, and almost everyone gets a little nervous.
Abstract: Almost everyone needs to do some public speaking at one time or another. And almost everyone gets a little nervous in front of a group, especially when the audience consists of top executives or key clients. If you have not had much experience making speeches, the following are some tips for giving an effective presentation.