Management Practices in Competitive World Order Instructions: Note: To prepare for this essay please read the required articles that is attached
I need an essay in the following subject:
Your task is to prepare an annotated outline of your Final Project, briefly indicating the content you plan to include in each section of the report and the concepts and techniques you plan to apply for analysing any data and developing your argument.
The outline should not include detailed sections of the Final Project. Instead, it should be a specific and crisp overview of the contents that will comprise the final report.
You need to briefly describe what information you will include in each section of the report that will work to satisfying these requirements. The work that will be carried out in the outline should represent a higher-level view than the contents of the Final Project. As such, you must remain at this level to avoid reusing the same wording in the final document.
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Note: To prepare for this essay please read the required articles that is attached
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Management Practices in Competitive World Sample Answer
In today’s competitive world, management practices play a key role in bringing success to any business organization. Managers develop strategies that help to steer the organization and bring success in the long run. Companies need to develop clear and attainable goals to in order to reflect success in it’s the value of the business. To attain business excellence, there is a need for quality management which focuses on customers, suppliers, employees and other stakeholders to build an efficient and smooth running of business activities. Business excellence can be attained by the commitment to improving the business situation, by seeking breakthrough through innovation and creativity.
However, these annotated provides an outline to assess the BEST model by shading light on the importance of teamwork. On the same note, the paper shows how BEST tools and competencies could be applied to attain excellence.
Business Excellence through Speed and Teamwork (BEST) is a powerful tool used in management to drive a company to attain top notch performance in business practices. Development of improvement programs must go hand in hand with managing the speed of business process since slow implementation process may not enable the organization attain its goal keeping in mind the extreme competition in today’s business world. BEST model view that timely implementation of business processes are paramount in order to add value and reduce the turnaround time and hence deliver business value.
Efficient teamwork and team spirit plays an important role in the pursuit of excellence by facilitating sharing of beneficial ideas and knowledge. On the same note, provide support to each other within the organization in order to have an advantage over the competitors Luburić, 2014). Team spirit and team work constitute the core values of huge organizations such as Philips. Their success in business is attributed to their willingness to work together to attain business excellence. BEST ensure quality management through constant perfection of organization management by employing the following best tools
- Balanced Business Scorecard
BBS involves strategic planning of business processes and employing management system that can help align business practices with the organization goals and core values. This can be achieved through the improvement of external and internal communications and also monitoring the company performance against strategic goals of the organization. Of late, BBS has evolved into a full management and strategic planning system. BBS help to transform organization plan from blue prints by implementing the ideas and merging them with organization day to day activities.
- Process Survey Tools (PST)
These tools are ideally used to assess organization business process in order to come up with a plan that can help to improve the organization and ultimately lead to attainment of world class performance.
- Regular Headquarter Audits (HQA), In order to substantiate the value of leadership in providing a clear direction to the employees and other stakeholders within the organization.
By and large, it is quite imperative that the best model can perform better when implemented simultaneously with the PDCA model. PDCA is a continuous process revolving on Plan, Do, Check and Act to help in planning and implementing of strategic plans.
Ideally the two paradigms BEST model and Total Quality Management need to complement each other for the organization to record an active and continuous improvement of an organization. After practicing these two strategic models, the ideology has been proved that the core of these paradigms are developed based on the notion of stakeholder satisfaction, pursue of excellence in business, quality organization management, and attainment of competitive edge based on better utilization of resources and quality management. BEST model emphasizes the value of teamwork and strong corporate culture built based on the corporate culture which perceives the workers as valuable in achieving excellence.
The BEST model focus on teamwork and paying attention to various stakeholders as compared to Edebanjo’s ideologies which focus on Total Quality Management where he proposes that internal stake holder provides off value within the organization. Adebanjo (2001)found out that the performance measurement system provides insights to organizational loyalty to the TQM principles in pointing out varied stakeholders aspect with respect to satisfaction, process competence and as well as organization sensitivity (Evans, 2013). Process Survey Tools (PST) in the BEST model enables teams to evaluate on the excellence of the design in order to improve teamwork. On the same note, HQA is employed when evaluating business management team in attaining business distinction (Oakland, 2003).
BEST tools and competencies can be applied in organization in order to benefit the organization. Employing EFQM excellence model for self-assessment can be employed in the managerial processes to reduce bureaucracy and help deliver employees to deliver during their day to day activities. BEST model can enable an organization to simplifying and speeding the decision-making and implementation process (Ooi, 2012). An organization such as Global Oil and Gas Company (BP exploration LTD) has been able to reduce bureaucracy and delays in internal procedures. These can enable the organization to avoid past mistake of wrong decisions and delay which caused them disasters in the past. Finally, the BEST model allows the organization to enjoy knowledge management that helps to internalize learning hence improve the quality of sharing.
Management Practices in Competitive World Bibliography
Adebanjo, D. (2001) ‘TQM and business excellence: is there really a conflict?’, Measuring Business Excellence, 5 (3), pp. 37–40.
Evans, J. (2013). Quality & performance excellence. Cengage Learning.
Luburić, R. (2014). Total quality management as a paradigm of business success. Journal of Central Banking Theory and Practice, 3(1), 59-80.
Ooi, K. B. (2012). The effectiveness of TQM: A stimulator for knowledge distribution?. Total Quality Management & Business Excellence, 23(5-6), 653-671.
Oakland, J. S. (2003) TQM: text with cases (pp. 454–470). 3rd ed. Oxford: Butterworth-Heinemann.
