After discussing the basic definition of the term 'Integrated Management System' and its benefits here, in this article, I will discuss the integration between quality management and risk management systems. In specific, I will examine the rationales behind this integration. Quality Management: More than an ISO 9000 Standard The quality management knowledge area was founded … Continue reading The Integration between Quality Management and Risk Management Systems
Companies need management systems to link strategies to operations. A management system starts by defining a strategy followed by translating it into specific objectives that are accomplished via certain resources. During the execution, the management will monitor and control the performance and then periodically assess the adequacy of that strategy and act accordingly (Norton & … Continue reading Integrated Management Systems
The overall purpose of a corporate strategy is to provide the direction for everyone in the company on how to achieve its objectives. Different models and frameworks can be used for this purpose. In this article, the below model will be discussed and used. (Source: Modified from Terry Hill (1993) in: “Manufacturing Strategy: The strategic … Continue reading Operations Strategy for Industry
In 2013, interesting statistics that were published by Intel Company revealed what happens in an Internet Minute. The study said: 138,889 hours of videos watched on YouTube, 4.1 million searches on Google, 3.3 million pieces of content shared on Facebook and 347,222 tweets on Twitter are being done every minute. It is real. The way … Continue reading Linear Competitive Strategy Formulation Processes and the Application of Porterian Models in E-Commerce Businesses
All companies aim at creating success and maintaining a 'competitive advantage' using their 'core competencies' and more importantly, using the 'distinctive' ones. The fulfillment of that is the essential purpose of any strategic management process. Competitive advantage in plain English is anything the company performs better than its competitors using its core competencies (David 2013, … Continue reading The Role of Dynamic Capabilities in Strategic Management
A company's failure is not necessarily attributed to a bad management. Instead, it is related to the absence of a management system that articulates a business strategy, implements it, and finally evaluates that effectiveness of it (Norton & Robert 2008). Strategic management can be defined as "the art and science of formulating, implementing and evaluating … Continue reading Business Strategy Development: Art or Science?