Business Finance - Management Week 8 Assignment- Improving Business Performance
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Week8Assignment-ApprovingBusinessPerformance.docx
Improving Business Performance
Week 8 Assignment
System Thinking for Good, Part 1
In the Assignments for this module, you will assume the role of a consultant who has been asked by the upper management team to evaluate an organizational performance problem within an organization. You will present your findings in the form of a written report with an executive summary presented as a PowerPoint presentation. The organization for this evaluation will be one of your choices, and it should be one with which you are familiar. This organization could be where you currently work or where you have worked in the past.
After selecting an organization with which you are personally familiar, you are to present your evaluation and recommendations in a detailed business report. Additionally, you will prepare an executive summary of your findings to be presented as a PowerPoint slide deck to the organization’s upper management team. Your report should contain three parts (Part 1 is due this week; Part 2 is due in Week 9; and Part 3 is due in Week 10) and must include specific examples from the organization, as well as relevant citations from the Learning Resources, the Walden Library, and/or other appropriate academic sources to support your evaluation.
To prepare for this Assignment:
· Download the Module 3 Assignment Template (Word document) Download Module 3 Assignment Template (Word document) . Note: Be sure to keep a copy of your completed Assignment this week, as you will be adding to the same file for your Assignments for Week 9 and Week 10.
Submit Part 1 of your business report, to include the following:
Part 1: Business Improvements (4–5 pages)
· Analyze some of the basic details about the organization. At a minimum, the basic details should include: the industry and products/services the organization offers, the overall operational and financial health of the organization, and a qualitative or systems diagram summary of how the organization operates to fulfill its commitments to customers.
· Analyze what you believe to be the fundamental physical, policy, or market constraints that are preventing your organization from moving to the next level of performance. Be sure to clearly identify each primary constraint and provide a detailed argument and evidence for why you think each is a primary constraint to organizational performance. Be sure to support your response with appropriate concepts from performance management and/or systems thinking.
· For each of the fundamental physical, policy, or market constraints that you identified as preventing your organization from moving to the next level of performance, justify a specific recommendation for how to elevate, support, and potentially eliminate the constraint.
· Using the concepts of throughput accounting and Theory of Constraints accounting measurements for each of your recommendations, evaluate how the primary metrics of T, I, and OE would be affected and why the recommendations would make sense from a performance measurement perspective.
Week8LearningResources-ImprovingBusinessPerformance.docx
Improving Business Performance
Week 8 Learning Resources
The Theory of Constraints
Through these resources, you will explore the subject of the Theory of Constraints. TOC was developed by Eliyahu Goldratt and first presented in his book, The Goal (originally published in 1984). The objective of TOC is to prevent “constraints,” referred to as bottlenecks, from limiting the throughput (i.e., production rate) of an organization. This is accomplished through managing constraints as opposed to attempting to eliminate them.
· Cox, J. F. III. (2015, August). Unlocking the service sectorLinks to an external site. . Industrial Engineer, 47(8), 30–35.
· Cox, J. F. III., Robinson, T. M., & Maxwell, W. (2016, February). Unconstraining a doctor’s officeLinks to an external site.. Industrial Engineer, 48(2), 28–33.
· CorrectionLinks to an external site. . (2016, March). Industrial Engineer, 48(3), 11. Note: This article simply contains a brief correction to the Unconstraining a Doctor’s Office article.
· Dalton, M. A. (2009). What’s constraining your innovation?Links to an external site. Research Technology Management, 52(5), 52–64
· Fox, K. (2012). Seeing the forest for the trees: Theory of constraints reduces cost of governmentLinks to an external site. . The Public Manager, 41(3), 10–13.
· Hsu, P.-F., & Sun, M.-H. (2005). Using the theory of constraints to improve the identification and solution of managerial problemsLinks to an external site. . International Journal of Management, 22(3), 415–425.
· Monteiro, V. (2018). TOC in the emergency roomLinks to an external site. . Industrial and Systems Engineering at Work, 50(7), 38–42.
· Weiss, E. N. (2004, February 20). A brief note on the theory of constraints . Darden School Foundation, University of Virginia. https://hbsp.harvard.edu/
Throughput Accounting
Using these resources, you will explore the concept of throughput accounting, which is a method of increasing productivity and generating more income and profit. When people in traditional accounting and finance roles lead the budgeting process, there can be more opportunities for wrong decisions to be made, especially when there is an overemphasis on costs. By applying throughput accounting principles, you can gain a more comprehensive and enlightened perspective on decisions that need to be made within an organization by increasing the focus on throughput.
· Albright, T., Lam, M. (2006). Managerial accounting and continuous improvement initiatives: A retrospective and frameworkLinks to an external site. . Journal of Managerial Issues, 18(2), 157–174.
· Corbett, T. (2006). Three-questions accountingLinks to an external site. . Strategic Finance, 87(10), 48–55.
· Kadhim, H. K., Najm, K. J., & Kadhim, H. N. (2020). Using throughput accounting for cost management and performance assessment: Constraint theory approachLinks to an external site. . TEM Journal, 9(2), 763–769. https://doi.org/10.18421/TEM92-45
· Kirli, M. (2016). Throughput accounting in strategic cost management: An applicationLinks to an external site. . Annals of Dunarea de Jos University. Fascicle I: Economics and Applied Informatics, 22(2), 78–87.
Combining the Three Systems: Leaning, Six Sigma, & Theory of Constraints
Through these resources, you will explore the benefits of combining the best of the three main continuous performance disciplines: Lean, Six Sigma, and the Theory of Constraints. This combination is referred to as the velocity approach. Each of these systems has strengths and weaknesses but, when used together, they can efficiently improve business performance.
· Aghili, S. (2011). Throughput metrics meet Six SigmaLinks to an external site. . Management Accounting Quarterly, 12(3), 12–17.
· Hudson, J. D. Jr. (2017, October). CL6 allows three shots at better improvement: Instead of bickering over methodologies, find synergies between theory of constraints, lean and six sigmaLinks to an external site. . Industrial and Systems Engineering at Work, 49(10), 43–47.
· Ioana, B. R. (2018). TOC, lean, six sigma are complementary?Links to an external site. Ovidius University Annals, Economic Sciences Series, 18(2), 389–394.
· Piraseth, R.M., Kannappan, S. (2013). The synergy of continuous process improvementLinks to an external site. . Industrial Engineer, 45(6), 41–45.
Important Documents
· Goldratt, E. & Cox, J. (2014). The goal: A process of ongoing improvement (4th ed., pp. 1–123). North River Press. Note: This resource will be used for this week’s Discussion.
· Document: Module 3 Assignment Template (Word document)
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