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Service industries characteristics and why their performance is difficult to measure and control. # 开始学习
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Perishability. | Intangibility. | Transfer of ownership lacking. | Heterogeneity. | Simultaneity. PITHS - białe włókno owoców cytrusowych. Perishability - Service cannot be stored. | Heterogeneity - hard to standardise since each service is different. | Simultaneity - The service is created as it is consumed (e.g. during the customer's stay in a hotel).
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Good information qualities: # 开始学习
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Timely. | Relevant. | Accurate. | Concise. | Inexpensive. good TRACI
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4+ 开始学习
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Financial perspective. | Customer perspective. | Internal processes perspective. | Innovation and learning. + Vision and strategy*. *in the centre. How do we look to our shareholders? | How do our customers see us? | What must we excel at? | Can we continue to improve and create value?
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Fitzgerald and Moon's Building Blocks of Performance. 开始学习
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Dimensions. | Standards. | Rewards. DSR | graphics available
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Building blocks: Six generic dimensions of performance: # 开始学习
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Financial performance.| Competitiveness.| Flexibility.| Resource utilisation. | Innovation. | Quality of service. FC FRIQ 2x downstream results | 4x upstream determinants
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Building blocks: Standards (main concepts) 3 开始学习
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Ownership. | Achievability. | Equity. OAE
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Building blocks: Rewards. Motivation achieved through standards that are: 2cz 开始学习
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Clear | and linked to controllable factors.
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Lynch and Cross - the Performance Pyramid # 开始学习
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Corporacyjni marketowi finansiści, cudownie faworyzowali produktywność, qurwa debile, cymbały wierutne. Corporate vision, || Market, | Financial, || Customer satisfaction, | Flexibility, | Productivity, || Quality, | Delivery, | Cycle time, | Waste.
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It is generated from the sum of 5 weighted ratios. 开始学习
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1.2 + 1.4 + 3.3 + 0.6 + 1.0 <1.8 - company may heading towards bankruptcy. | 1.8-3 = company needs further investigation to assess probability of failure. | >3 company financially sound and expected to survive. X1 = working capital ÷ TAs (liquidity).| X2 = retained earnings ÷ TAs (gearing).| X3 = PBIT ÷ TAs (productivity of assets).| X4 = MV of equity ÷ total liabilities (equity decline before insolvency)| X5 = sales ÷ TAs (ability of asset to generate revenue).
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The Argenti Models suggests connected areas that indicate likely failure: 3 Qualitative model to predict company failure. 开始学习
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Defects. | Mistakes. | Symptoms of failure (Bleak financial indicators*, non-financial signs** and eventual terminal signs. DMS | If the overall score is more than 25, the company has many of the signs preceding failure. Management weakness and accounting deficiencies may be included. > 10/45 is unsatisfactory. | Occur as a result of defects and include high gearing, overtrading, o failure of a big project. > 15/45 is bad. | *creative accounting; **high staff turnover.
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Product lifecycle stages. 5 开始学习
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Development. | Introduction. | Growth. | Maturity. | Decline.
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Management styles of performance appraisal by Hopwood: 3 开始学习
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Non-accounting. | Budget constrained. | Profit-conscious. NBP
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# 开始学习
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Appraisal costs. | Prevention costs. | Internal failure costs. | External failure costs. + sometimes Opportunity costs* A PIE + O | * Such as foregone contribution margins and profit from lost sales, lost production or lower prices due to poor quality. | Appraisal costs - occur AFTER production and aim to check that products meet quality standards. Cost of quality inspection and testing. | Cost of preventing defects before they occur. | Cost of quality failure before product or service reaches the customer. | Cost of quality failure after the product reaches the customer.
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# 开始学习
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1: Definite the process or problem. | 2. Measure existing problems. | 3. Analyse the process. | 4. Improve the process. | 5. Control the process. DMAIC Six sigma aims to reduce the number of faults that go beyond an accepted tolerance level of 3.4 defects per 1 million units produced.
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# 开始学习
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Structurise. | Systemise. | Sanitise. | Standardise. | Self-discipline day-to-day. ETATY Structurise. - introduce order where possible. | Systemise - identify items for ease of use and systematic approach. | Sanitise. - be tidy, avoid clutter. | Standardise - be consistent in approach taken. | Self-discipline - do above daily.
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Types of environmental costs: 开始学习
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Conventional | Contingent | Relationship | Reputational. CCRR+ examples Such as energy cost. | Decommissioning costs. | Cost of producing environmental information for reporting. | Cost of falling to address environmental issues.
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# 开始学习
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COC. | Investment in WC. | Cash tax rate. | Incremental capital expenditure. | Operating margin. | Revenue. | Growth period. CICI. ORG | COC = cost of capita. | WC = working capital. Each level of management will be able to link its activities to one or more of these value drivers. E.g. a key value driver at operational level may be departmental service levels. This will link to the strategic drivers of revenue and operating drivers.
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Total quality management (TQM) features: # 开始学习
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Prevention of errors. | Real participation by all. | Improvement continual. | Management commitment. PRIM Performance measures should be linked to the programme CSFs.
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