ACCT2118 - Industrial Project - Skill Audit


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I made this for RMIT VIETNAM Industrial Project course (ACCT2118). It contains the theories we will need for the final project.

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  • ACCT2118 - Industrial Project - Skill Audit

    1. 1. Industrial Project<br />Skill Audit<br />
    2. 2. A PICK Chart is used when a team is faced with multiple improvement ideas. The tool helps solve such issues related to deciding which ideas should be implemented.<br />Next, the decision needs to be taken as to where the idea falls on the PICK Chart by categorizing them under actions such as Possible, Implement, Challenge, and Kill.<br />The actions are classified as: A) Low payoff, easy to do – Possible B) High payoff, easy to do – Implement C) High payoff, hard to do – Challenge D) Low payoff, hard to do – Kill <br />PICK Chart <br />
    3. 3. PICK Chart<br />
    4. 4. Herzberg Motivational Theory<br />Herzberg proposed the Motivation-Hygiene Theory, also known as the Two factor theory (1959) of job satisfaction. According to his theory, people are influenced by two sets of factors:<br />
    5. 5. Herzberg Motivational Theory<br />
    6. 6. Herzberg Motivational Theory<br />Hygiene factors are based on the need to for a business to avoid unpleasantness at work. If these factors are considered inadequate by employees, then they can cause dissatisfaction with work. Hygiene factors include:<br />Company policy and administration<br />Wages, salaries and other financial remuneration<br />Quality of supervision<br />Quality of inter-personal relations<br />Working conditions<br />Feelings of job security<br />
    7. 7. Herzberg Motivational Theory<br />Motivator factors are based on an individual's need for personal growth. When they exist, motivator factors actively create job satisfaction. If they are effective, then they can motivate an individual to achieve above-average performance and effort. Motivator factors include:<br />Status<br />Opportunity for advancement<br />Gaining recognition<br />Responsibility<br />Challenging / stimulating work<br />Sense of personal achievement & personal growth in a job<br />
    8. 8. Key Findings:<br />People are made dissatisfied by a bad environment, but they are seldom made satisfied by a good environment.<br />The prevention of dissatisfaction is just as important as encouragement of motivator satisfaction.<br />Hygiene factors operate independently of motivation factors. An individual can be highly motivated in his work and be dissatisfied with his work environment.<br />All hygiene factors are equally important, although their frequency of occurrence differs considerably.<br />Hygiene improvements have short-term effects. Any improvements result in a short-term removal of, or prevention of, dissatisfaction.<br />Hygiene needs are cyclical in nature and come back to a starting point. This leads to the "What have you done for me lately?" syndrome.<br />Hygiene needs have an escalating zero point and no final answer.[3<br />Herzberg Motivational Theory<br />
    9. 9. PROMPT stands for presentation, relevance, objectivity, method, provenance and timeliness and can be a helpful acronym to keep in mind while evaluating information.<br />PROMPT Evaluation of Articles<br />
    10. 10. 5 Steps Problem Solving Skills<br />1. What is the problem?<br />Tell yourself exactly what the problem is. Be clear and specific.<br />2. What is my plan?<br />Think of at least 2 or 3 possible strategies that you might use to solve the problem. A strategy is a way or method or process for solving a problem. It's not the answer or solution itself but, rather, how you can find the solution or answer.<br />3. What might happen if?<br />Examine your list of possible strategies, and choose the one that seems best.<br />4. Try it out!<br />Try your best strategy and see if it works to solve the problem. If it works, you're done!<br />5. How did I do?<br />If your best strategy doesn't work, go back to your list of possible strategies in Step Two and choose another. Then, try this one.<br />Or, stop thinking about the problem for awhile, and come back to it later.<br />Or, research the problem, and then start again with Step Two.<br />
    11. 11. Cause and Effect Diagrams help you to think through causes of a problem thoroughly. Their major benefit is that they push you to consider all possible causes of the problem, rather than just the ones that are most obvious.<br />Ishikawa Diagram (Fishbone/C&E)<br />
    12. 12. Identify the problem:Write down the exact problem you face in detail. Where appropriate identify who is involved, what the problem is, and when and where it occurs. Write the problem in a box on the left hand side of a large sheet of paper. Draw a line across the paper horizontally from the box. This arrangement, looking like the head and spine of a fish, gives you space to develop ideas.<br />Work out the major factors involved:Next identify the factors that may contribute to the problem. Draw lines off the spine for each factor, and label it. These may be people involved with the problem, systems, equipment, materials, external forces, etc. Try to draw out as many possible factors as possible. If you are trying to solve the problem as part of a group, then this may be a good time for some brainstorming.<br />Using the 'Fish bone' analogy, the factors you find can be thought of as the bones of the fish.<br />Ishikawa Diagram (Fishbone/C&E)<br />
    13. 13. Identify possible causes:For each of the factors you considered in stage 2, brainstorm possible causes of the problem that may be related to the factor. Show these as smaller lines coming off the 'bones' of the fish. Where a cause is large or complex, then it may be best to break it down into sub-causes. Show these as lines coming off each cause line.<br />Analyse your diagram:By this stage you should have a diagram showing all the possible causes of your problem. Depending on the complexity and importance of the problem, you can now investigate the most likely causes further. This may involve setting up investigations, carrying out surveys, etc. These will be designed to test whether your assessments are correct.<br />Ishikawa Diagram (Fishbone/C&E)<br />
    14. 14. In a general sense, contingency theories are a class of behavioral theory that contend that there is no one best way of organizing / leading and that an organizational / leadership style that is effective in some situations may not be successful in others (Fiedler, 1964).<br />In other words: The optimal organization / leadership style is contingent upon various internal and external constraints.<br />Four important ideas of Contingency Theory are:<br />1. There is no universal or one best way to manage 2. The design of an organization and its subsystems must 'fit' with the environment 3. Effective organizations not only have a proper 'fit' with the environment but also between its subsystems4. The needs of an organization are better satisfied when it is properly designed and the management style is appropriate both to the tasks undertaken and the nature of the work group.<br />Contingency Theory<br />
    15. 15. The 5 Whys is a simple problem-solving technique that helps you to get to the root of a problem quickly. Made popular in the 1970s by the Toyota Production System, the 5 Whys strategy involves looking at any problem and asking: "Why?" and "What caused this problem?„<br />The 5 Whys strategy is an easy and often-effective tool for uncovering the root of a problem. Because it's simple, you can adapt it quickly and apply it to almost any problem.<br />5 WHYs<br />
    16. 16.
    17. 17. About the theory in details <br />Maslow Hierarchy of Needs<br />
    18. 18. The BCG model is a well-known portfolio management tool used in product life cycle theory. BCG matrix is often used to prioritize which products within company product mix get more funding and attention.<br />BCG Matrix Model<br />
    19. 19. BCG STARS (high growth, high market share)<br />- Stars are defined by having high market share in a growing market.- Stars are the leaders in the business but still need a lot of support for promotion a placement.- If market share is kept, Stars are likely to grow into cash cows.<br />BCG QUESTION MARKS (high growth, low market share)<br />- These products are in growing markets but have low market share.- Question marks are essentially new products where buyers have yet to discover them.- The marketing strategy is to get markets to adopt these products.- Question marks have high demands and low returns due to low market share.- These products need to increase their market share quickly or they become dogs.- The best way to handle Question marks is to either invest heavily in them to gain market share or to sell them.<br />BCG Matrix Model<br />
    20. 20. BCG CASH COWS (low growth, high market share)<br />- Cash cows are in a position of high market share in a mature market.- If competitive advantage has been achieved, cash cows have high profit margins and generate a lot of cash flow.- Because of the low growth, promotion and placement investments are low.- Investments into supporting infrastructure can improve efficiency and increase cash flow more.- Cash cows are the products that businesses strive for.<br />BCG DOGS (low growth, low market share)<br />- Dogs are in low growth markets and have low market share.- Dogs should be avoided and minimized.- Expensive turn-around plans usually do not help.<br />BCG Matrix Model<br />
    21. 21. McGregor developed a philosophical view of humankind with his Theory X and Theory Y in 1960. His work is based upon Maslow's Hierarchy of Needs, in that he grouped the hierarchy into lower-order needs (Theory X) and higher-order needs (Theory Y). He suggested that management could use either set of needs to motivate employees, but better results would be gained by the use of Theory Y, rather than Theory X. <br />McGregor X/Y theory<br />
    22. 22. McGregor X/Y theory<br />
    23. 23. Theory X<br />With Theory X assumptions, management's role is to coerce and control employees.<br />People have an inherent dislike for work and will avoid it whenever possible.<br />People must be coerced, controlled, directed, or threatened with punishment in order to get them to achieve the organizational objectives.<br />People prefer to be directed, do not want responsibility, and have little or no ambition.<br />People seek security above all else.<br />McGregor X/Y theory<br />
    24. 24. Theory Y<br />With Theory Y assumptions, management's role is to develop the potential in employees and help them to release that potential towards common goals.<br />Work is as natural as play and rest.<br />People will exercise self-direction if they are committed to the objectives (they are NOT lazy).<br />Commitment to objectives is a function of the rewards associated with their achievement.<br />People learn to accept and seek responsibility.<br />Creativity, ingenuity, and imagination are widely distributed among the population. People are capable of using these abilities to solve an organizational problem.<br />People have potential.<br />McGregor X/Y theory<br />
    25. 25. The Pareto principle (a.k.a. the 80-20 rule, the law of the vital few and the principle of factor sparsity) states that, for many events, 80% of the effects comes from 20% of the causes. <br />80/20 Pareto<br />
    26. 26. Pareto effect or Pareto’s law:<br />a small proportion of causes produce a large proportion of results. Thus frequently a vital few causes may need special attention wile the trivial many may warrant very little. It is this phrase that is most commonly used in talking about the Pareto effect – ‘the vital few and the trivial many’.<br />A vital few customers may account for a very large percentage of total sales.<br />A vital few taxes produce the bulk of total revenue.<br />A vital few improvements can produce the bulk of the results.<br />80/20 Pareto<br />
    27. 27. Push-Pull Strategy<br />
    28. 28. PUSH<br />A “push” promotional strategy makes use of a company's sales force and trade promotion activities to create consumer demand for a product.<br />The producer promotes the product to wholesalers, the wholesalers promote it to retailers, and the retailers promote it to consumers.<br />A good example of "push" selling is mobile phones, where the major handset manufacturers such as Nokia promote their products via retailers such as Carphone Warehouse. Personal selling and trade promotions are often the most effective promotional tools for companies such as Nokia - for example offering subsidies on the handsets to encourage retailers to sell higher volumes.<br />A "push" strategy tries to sell directly to the consumer, bypassing other distribution channels (e.g. selling insurance or holidays directly). With this type of strategy, consumer promotions and advertising are the most likely promotional tools.<br />Push-Pull Strategy<br />
    29. 29. PULL<br />A “pull” selling strategy is one that requires high spending on advertising and consumer promotion to build up consumer demand for a product.<br />If the strategy is successful, consumers will ask their retailers for the product, the retailers will ask the wholesalers, and the wholesalers will ask the producers.<br />A good example of a pull is the heavy advertising and promotion of children's’ toys – mainly on television. Consider the recent BBC promotional campaign for its new pre-school programme – the Fimbles. Aimed at two to four-year-olds, 130 episodes of Fimbles have been made and are featured everyday on digital children's channel CBeebies and BBC2.<br />As part of the promotional campaign, the BBC has agreed a deal with toy maker Fisher-Price to market products based on the show, which it hopes will emulate the popularity of the Tweenies. Under the terms of the deal, Fisher-Price will develop, manufacture and distribute a range of Fimbles products including soft, plastic and electronic learning toys for the UK and Ireland.<br />In 2001, BBC Worldwide (the commercial division of the BBC) achieved sales of £90m from its children's brands and properties last year. The demand created from broadcasting of the Fimbles and a major advertising campaign is likely to “pull” demand from children and encourage retailers to stock Fimbles toys in the stores for Christmas 2002.<br />Push-Pull Strategy<br />
    30. 30. Extension of the leadership grid focusing on the characteristics of followers as the important element of the situation, and consequently, of determining effective leader behavior .<br />Hersey Blanchard Situational Leadership<br />
    31. 31. Hersey Blanchard Situational Leadership<br />
    32. 32. PEST Analysis: Making a peripheral analysis by using macro-environmental Political, Economic,Social and Technological factors.SLEPT Analysis: Adding Legal factors to PEST!PESTEL Analysis: Adding Environmental factors to SLEPT!<br />Go Here for more information<br />PEST/SLEPT/PESTLE<br />
    33. 33. SWOT analysis is a tool for auditing an organization and its environment. It is the first stage of planning and helps marketers to focus on key issues. SWOT stands for strengths, weaknesses, opportunities, and threats. Strengths and weaknesses are internal factors. Opportunities and threats are external factors.<br />SWOT Analysis<br />
    34. 34. Ways that High and Low Context Differ<br />The Structure of Relationships<br />High:<br />   Dense, intersecting networks and longterm relationships, strong boundaries, relationship more important than task<br />Low:<br />   Loose, wide networks, shorter term, compartmentalized relationships, task more important than relationship<br />Main Type of Cultural Knowledge<br />High:<br />  More knowledge is below the waterline--implicit, patterns that are not fully conscious, hard to explain even if you are a member of that culture<br />Low: <br />  More knowledge is above the waterline--explicit, consciously organized<br />High/Low Context Culture<br />
    35. 35. The general terms "high context" and "low context" (popularized by Edward Hall) are used to describe broad-brush cultural differences between societies.<br />High context refers to societies or groups where people have close connections over a long period of time. Many aspects of cultural behavior are not made explicit because most members know what to do and what to think from years of interaction with each other. Your family is probably an example of a high context environment.<br />Low context refers to societies where people tend to have many connections but of shorter duration or for some specific reason. In these societies, cultural behavior and beliefs may need to be spelled out explicitly so that those coming into the cultural environment know how to behave.<br />High/Low Context Culture<br />
    36. 36. High Context<br />Less verbally explicit communication, less written/formal information<br />More internalized understandings of what is communicated<br />Multiple cross-cutting ties and intersections with others<br />Long term relationships<br />Strong boundaries- who is accepted as belonging vs who is considered an "outsider"<br />Knowledge is situational, relational.<br />Decisions and activities focus around personal face-to-face relationships, often around a central person who has authority.<br />Examples:<br />Small religious congregations, a party with friends, family gatherings, expensive gourmet restaurants and neighborhood restaurants with a regular clientele, undergraduate on-campus friendships, regular pick-up games, hosting a friend in your home overnight.<br />High/Low Context Culture<br />
    37. 37. Low Context<br />Rule oriented, people play by external rules<br />More knowledge is codified, public, external, and accessible.<br />Sequencing, separation--of time, of space, of activities, of relationships<br />More interpersonal connections of shorter duration<br />Knowledge is more often transferable<br />Task-centered. Decisions and activities focus around what needs to be done, division of responsibilities.<br />Examples: <br />LargeUS airports, a chain supermarket, a cafeteria, a convenience store, sports where rules are clearly laid out, a motel.<br />While these terms are sometimes useful in describing some aspects of a culture, one can never say a culture is "high" or "low" because societies all contain both modes. "High" and "low" are therefore less relevant as a description of a whole people, and more useful to describe and understand particular situations and environments.<br />High/Low Context Culture<br />
    38. 38. 4Ps – Marketing Mix<br />
    39. 39. Paradigm Shift<br /><br /><br />Mental Models<br /><br />Paradigms (Shift)/Mental Models<br />