In today’s business scenario where there is lot of competition, only source of lasting is Knowledge. It is argued that knowledge management is a necessity due to changes in the environment such as increasing globalization of competition, speed of information and knowledge aging, dynamics of both product and process innovations, and competition through buyer markets. Knowledge management promises to help companies to be faster, more efficient, or more innovative than the competition. Also, the term ‘‘management” implies that knowledge management deals with the interactions between the organization and the environment and the ability of the organization to react and act Various researchers then gave the various definitions on Knowledge Management and still it’s the buzzword today. Knowledge management is the process through which we can manage human centered assets efficiently and effectively. The function of knowledge management is to guard and grow knowledge owned by individuals, and where possible, transfer Continue reading
Modern Management Concepts
Value Analysis – Definition, Mechanism and Process
Value Analysis (VA) was established by Lawrence D. Miles of General Electric in America. The basic fundamental of value analysis can be implemented in any product to optimize its value. In more details, value analysis is actually a process of systematic review that is applied to existing product designs in order to compare the function of the product required by a customer to meet their requirements at the lowest cost by eliminating unnecessary costs that consistent with the specified performance and reliability needed. First of all, value analysis (and value engineering) is a formal and organized process of analysis and evaluation which required management activities including planning, control and coordination. These analysis concerns the function of a product such as utility, guarantee, or safety performance to meet the demands needed or required by a customer. Thus, to meet this functional requirement the review process must include an understanding of the Continue reading
Programme Budgeting
Programme Budgeting is mainly useful to government departments and non-profit organizations. In Programme Budgeting special emphasis is laid on formulation of different budgets for different programmes. It utilizes a planning and budgeting process in an output-oriented programme format; which is oriented to its objectives to facilitate developing and evaluating alternatives. It leads to the allocation of resources over a planning period. Programme Budgeting integrates all of the organizations planning activities and budgeting into total system. Programme Budgeting Process First, programmes are identified for achieving different goals of the organizations. Then, each programme is divided into different elements. Resources such as materials, men, machines, utilities, etc., are allocated to various programmes over the period. The emphasis is continuously placed on analysis of alternatives (including existing programmes) and estimating cost of accomplishing objectives and fulfilling purposes and needs. The steps involved in the programme budgeting may be listed as follows: Identification of Continue reading
Four Components of Emotional Intelligence
Emotional Intelligence was first described by Daniel Goleman, PhD, in the Harvard Business Review. Dr. Goleman has described many important scientific discoveries about emotions and human behavior in his book, “Emotional Intelligence.” The book organizes the information into a description of how emotion drives behavior, and describes intelligent ways of managing both. According to Goleman, people who know and monitor their own feelings and recognize and deal with the feelings of others, have advantages in all areas of life, but those who cannot get a control over their emotional lives battle constantly and this prevent them to produce continued work and clear thoughts. He has identified a set of competencies that differentiate individuals with Emotional Intelligence. Goleman’s Model: Four Components of Emotional Intelligence Emotional Intelligence consists of two kinds of abilities. The vertical axis describes awareness vs. behavior. “What You See” (left column) is the ability to recognize and understand Continue reading
Involvement and Participation in Organizational Change
Involvement and participation are perhaps the most powerful techniques management can use to gain acceptance of change. Commitment to carry out these decisions is intensified. Personal satisfaction derived from the job is increased. The extent of personal involvement can range from merely being informed, to discussing problems and voicing opinions and feelings to actually making and implementing decision. At the most superficial level, some participation occurs when one is designated to receive information either written via distribution lists or in face-to-face briefings. At a slightly more intensive level, participation can be gained through individual or group consultations. This process is no more than an extension of the face-to-face discussion. In the process of soliciting inputs, the managers carry this approach to step further. Those present are asked to make suggestions about how the change might be accomplished. Alternately a problem might be assigned to a group for analysis and recommended Continue reading
Knowledge Management Value Chain
Knowledge management refers to the set of business processes developed in an organization to create, store, transfer, and apply knowledge. Knowledge management increases the ability of the organization to learn from its environment and to incorporate knowledge into its business processes. Following figure illustrates the five value-adding steps in the knowledge management value chain. Each stage in the value chain adds value to raw data and information as they are transformed into usable knowledge. In the figure, information systems activities are separated from related management and organizational activities, with information systems activities on the top of the graphic and organizational and management activities below. One apt slogan of the knowledge management field is, “Effective knowledge management is 80 percent managerial and organizational, and 20 percent technology.” In the case of knowledge management, as with other information systems investments, supportive values, structures, and behavior patterns must be built to maximize the Continue reading