June 10, 2016

facilities management

Follow-up to facilities management from Haiyue's blog

It was completely not the case; asset management should sort out things related to company facilities. Design & Build hence need to do with facilities building, designing, maintenance and management, such as construction buildings, equipment and materials. Appropriate management of it can ensure physical security, cost-effectiveness and environmental standards meeting.

In this case, the clients are not customers of Waveriders, but rather the company itself, can be the facilities manager, who take care of security and maintenance of buildings and equipment. The 5-Year strategic plan for Waveriders should therefore based more on the assumptions of its current building and other facilities usage.

facilities management

Our team has developed knowledge management practices for Waveriders together last week. Since it was a little bit inefficient when we did all together, we made the decision to divide the asset management into 4 parts and do it separately.

8 key themes of asset management are considered as the main aspects for us to develop strategic objectives. As I am working on the property management and design & build activities, I first analyzed the current situation of Waveriders related to the two, linked them to the EFQM criteria, and then identify the areas for improvement, hence to offer practical suggestions.

However, when we met together today to discuss what we have found, I noticed that I misunderstood my part of design & build activities. I thought it was related to the design and development of products for Waveriders. I said that one significant current issue of the company was inadequate marketing research and lengthy approval system and provided solutions for them based on the ‘5b’ of EFQM, like engage customers in the design of new products and set market research department to collect customer voice on a country-oriented basis.

(to be continue...)

June 06, 2016

asset management

Assets can be the physical and non-physical assets that support the operation of companies. So appropriate management of them can ensure the company functions in a cost-efficient way, which promote co-ordination among functions thus to provide excellence for customers and achieve the greatest return.

We can see from Waveriders that inefficiency and conflicting objectives of different departments is a key issue need to be addressed. Lack of coordination and inadequate management of assets lifecycle may contribute to redundant properties and overlapping functionality of them. All act as obstacles to the optimization of owner’s investment.

March 13, 2016

Group decision making reflection

After a brief discussion on Monday, our team decided to use four tools, SWOT, Cost Benefit Analysis, Decision Tree and SMART to make a decision for Wave Riders on location selection for the production of a new product, Sea Catch. The reason why we went for those tools is quite logic with adequate discussion and analysis, which includes both quantitative and qualitative tools in order to make a robust decision.

SWOT can provide an overview that shows the basic information of the two possible locations, comparing the strengths and weaknesses of them, while indicates significant aspects for comparison, like costs, production capacity and resale value, which could be important source for attributes defining in SMART analysis later. Cost Benefit Analysis is one of the most common tools that companies prefer as it relates to the profit. We calculated the profit for the two different location choice in both good and poor market conditions, with the consideration of 1-year and 2-year prototype development time. In addition, we calculated the payback periods of the two alternatives in order to further convincing that Lymington is a better choice. We also used Decision Tree as which is a quantitative tool that helps us to calculate the costs of two alternatives accurately while considering all possible conditions. With the help of those three tools and previous analysis, we are then able to use the multi-attribute rating technique, SMART, to assess the performance of Lymington and Exmouth as well as to ensure our previous choice. We thought sales, production capacity and labour are the first three most important attributes as which are relevant to the profit most. Normalized weights for them are 33, 27 and 20, leading to Lymington again as our best choice.

I think we were quite systematic and logical in the decision-making process; the tools we have selected are hierarchical from basic analysis to deep analysis, with tables, figures and diagrams to support. However, we didn’t use any tool for market research due to time limit and inadequate information. And the sensitivity analysis should also be included in SMART.

March 06, 2016

RDM lectures reflection

It was not until last week that I realized how subjective we are in decision-making process. I was quite shocked by the inaccuracy of the judgement quiz I did in class on the one hand, and the reality of bounded rationality in making decisions of almost everyone. I got only 2 correct answers out of 12 in that quiz, most of which I had believed I was right before. Ironically, most of our classmates experienced exactly the same as me, which to some extent indicated the bias of human decision making and its unconsciousness. It is true that sometimes we think we can do well, but there is much more to gain a robust decision than at first appears.

The involvement of emotion, imagination and intuition in decision making are all the possible reasons that lead to bias. We can hardly consider all possible options and carefully compare them one by one in terms of costs and benefits while we make a choice, especially when the time and the knowledge of decision makers is limit. We are more likely to focus on the only attributes that we care the most and then eliminate all other options that do not satisfy those attributes due to our subjective emotions or feelings, which are largely related to various personalities. It is therefore quite important to use some tools and methods to conduct a robust decision. With the help of them, we can thus to make a choice and eliminate alternatives objectively and accurately taking all essential attributes into account.

Decision tree and value tree impressed me the most among those methods, as which bring something new to me using statistic calculation combined with charts and tables other than SWOT analysis that I have learned before. The two are quite helpful for companies to make a optimal choice when conditions are complex.  

November 19, 2015

Enjoy sharing ideas on individual work

Sometimes I feel pressure while I am working on the PMA alone at home, struggling on the arguments, structures, evidence to support my views, etc. until today I found it is stupid to ignore a good ideas and suggestions source --- my colleagues. Today TJ asked John to work together on PMAs, which attracted my attention. I found it was very interesting to share ideas on the individual work, and more importantly, they tried to use this way to monitor each other, encouraged both to spend time on it and improve efficiency. Then I began to enjoy engaging to their discussion and sharing my ideas as well, which gives more inspiration to my work comparing with I working alone at home.

What’s more, we can avoid wrong directions in our understanding of the questions in PMA by sharing ideas. For example, on the first question of CBE’s PMA, TJ and Saif held different opinions about whether the definition of continuous improvement should be discussed or not. TJ thought it should be because it is the basis for further achievement of it, while Saif said it is not necessary because the question didn’t ask so. I held the same opinion with TJ and think it should be mentioned but in short. We finally agreed. I enjoy this kind of discussion very much, it brings ideas and helps to improve our efficiency on individual work.

October 12, 2015

A New Journey

A New Journey
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I feel so lucky to be here at our MBE family. I have already felt the warmness and eagerness from all the classmates and teammates around me. And also, the teaching, or let's say communicating style of Paul was amazing and well accepted by us. I do very much appreciate the team allocation job done by Paul, which gives me a great opportunity to communicate with people from completely different cultures, more importantly, in English! Even if I don't have much confidence on my English skills and I'm quite afraid of public speaking, I look forward to the one-year journey absolutely.

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