All entries for May 2019

PURSUIT OF GROWTH

This week has been a start of a very interesting module knowledge based asset management. We have to present the Board of Directors a five year strategic plan on implementation of knowledge and asset systems in waveriders. I haven't read too much on the topic so probably I ll start writing blogs and building my knowledge from the next blog. In this blog I ll discuss about the strategic growth plan. It is something which comes under the scope of my dissertation where I am making a growth strategy for the unorganized manufacturing business in India. I have gone through a lot of testing processes to stand where I am right now in my dissertation which comes out of the scope of this blog.

I have developed a criteria on the basis of which I ll find the loopholes in the current practices of unorganized manufacturing firms. The first part of growth is stability. Hence it is essential for my growth plan to provide them stability in the initial few years and talk about growth after that. It is really exciting how I have been able able to research on organizational capabilities and develop a whole new model on the basis for which I will be judging an organizational capability. For me the whole process of making this criteria has been overwhelming. It is like a small baby for me. Before coming here I imagined to look at all the aspects of organization and with my research I think I have learnt a lot. But there is only one thing which is left. To implement this criteria I think I need to have a practical experience in the application of it. This will give me a strong understanding of the practical implementation.

I am thinking now of making various steps and layers in my criteria. This will help to build foundation and get in quick wins. I can also put in the basic elemnts of each step in each level in the strategy. It is important to understand what these organizations want and what they wanna achieve. My basic role will be to coach them on the various issues. For now I know that they are keen on having good system, develop world class quality and have a strong market hold. My strategy should be such that it can holistically target these priority issues. I liked this phrase, "the art of possible" said by paul. It shows quick wins and keeps the people interested in the growth project. It is about taking one step at a time and understanding what is critical to their business. i think I know the absolute critical areas. I just need to formulate them. For instance, on the critical front if I can make my strategic growth plan in such a way that their scrap reduces within 6 months of implementation then I will be showing them the art of possible. It will all come with experience.

For this I can use the basic quality tools such as the Flow chart, histograms, checksheets, run chart, cause effect and pareto, and the 5S. The basic quality tools will help me to make major impact. I have believed in continuous improvement this model will be a a self evolving medel. i have to keep on updating it. i have approached CII on their SMe projects. I am sensing that they are not doing anything for the unorganized sector. My work has to be something which does not need government support. If i get it is good. But i have to make an impact anyways without relying on government. i have to show people the benefit of the work. i am passionate about making it happen. I hope that I keep my energy up in the future. The process and the journey will be really good I feel. Looking forward to develop the strategic growth plan for waveriders.

Saurabh Kukreja : 29 May 2019 22:05 |  Tags: Change Efqm Management Mbe Sme |  Comments (0) |  Close comments |  Report a problem

DECISION MAKING WITH STATISTICS

Today is the start of a very interesting day. We are doing decision making with statistics today. I was waiting for this module. The start was of the basic tools such as mean and mode. We learnt in Six Sigma that we should not rely just on the averages. We can use a combination of mean and modes to analyse the data further. The calculation of variation in the data in always beneficial to make the right decisions. Also it is very important to understand the variation with regard to the six sigma control limits to understand the process better.

It is interesting how various tools like geometric mean can be used to calculate the value of investments in future compared to the present value. But for that we need to have the values of the expected return on the investments. Again, nothing can work just on the assumptions. There has to be either probabilities or data to help in these calculations.

The other very interesting aspect is the use of normal distribution in statistics. The way vagelis portrayed it in the class it was very helpful. The data was collected from the production process and the weight of the product was measured. It was very beneficial to see how the concept of normal distribution that I learnt in my Undergrad was helpful to see the probability of the weights of the product. Calculating this way I can use this statistics to absolutely measure how many defected products I expect and what is the probability of getting that. Also, helping to know the aspects of the product that need to be worked on. This normal distribution can be used to model the whole production process and look at the normal deviation of it. Such accurate data, will help the company to understand their process and accurately tell their suppliers and stakeholders on what can be expected from the company. Such accurate awareness of own processes can act as a competitive advantage for the organisations and help win contracts.

Until now, what I am understanding is that more practical application of these tools is required. But it is something which is not much difficult, it will come with right guidance and experience. The main trick is to identify which distribution fits to solve what kind of a problem. I liked how hypergeometric distribution can be used to check the probability of the defective products. If we have agreed with a contract that only 5% of the products will be defective out of population of 1000 pieces. Then me as a customer, I can use the sample of the population to determine whether the claim given by the supplier is right or wrong. I have done the concept of confidence limits in my under graduation as well. But it is important to understand how this hypothesis testing will be used in the decision making in the organisations.

I can relate this application with the average width of the sole in shoes. This hypothesis testing can be used to measure the average of the sample and then try to prove the hypothesis whether this sample average is close to the average width of shoe population. This way we can make a judgement whether to sell the batch or rework on the whole batch. The decision making with statistics has been really beneficial for me to understand the practical implication of these tools.

Saurabh Kukreja : 03 May 2019 11:42 |  Comments (0) |  Close comments |  Report a problem