MGM Grand: A Structure For Success
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MGM Grand Hotel in Las Vegas has achieved success through innovative management techniques under CEO Larry Woolf. It operates on a hierarchical structure with senior managers responsible for overall operations and lower managers handling various levels. While an autocratic management style is common in Las Vegas casinos, MGM also employs elements of Theory Y such as cross-training managers to gain employee insights and an integrated benefits system. Additionally, MGM's quality assurance program focuses on participative management and empowering lower-level employees to solve problems and make decisions quickly. These techniques have provided MGM Grand with the structure needed to enjoy ongoing success.
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Wynn Resorts Culture case study
Steve Wynn is a casino developer known for properties like The Mirage and Bellagio. He established Wynn Resorts, including the flagship Wynn Las Vegas resort with over 2,700 rooms. The resort emphasizes high-end amenities and guest service, earning top awards. Wynn Resorts' culture focuses on exceptional guest experiences through a set of core values and service promises. Employees are encouraged to share stories exemplifying these standards.
Sport Obermeyer Case Solution
Sport Obermeyer is deciding how to allocate production of women's parkas between manufacturing in Hong Kong and China. Factors that influence this decision include minimum order quantities, production costs, quality differences, workforce skills, and lead times. Based on an analysis of forecast accuracy and risk for each style, Sport Obermeyer determines how many units of each style to produce in Hong Kong versus China in their initial production run while meeting their total quantity needs.
Sport Obermeyer, Ltd
Sport Obermeyer was founded in 1947 in Aspen, Colorado to design and produce skiwear. It sources materials from around the world and produces garments in factories in Hong Kong and China. It faces challenges in forecasting demand accuracy and allocating production given long lead times and little market feedback until trade shows in March. Production in China has lower costs but higher minimums and risks from trade relationships, while Hong Kong has higher costs but more flexibility.
Sport Obermeyer case study_team8_submit
Sport Obermeyer produces skiwear and uses a combination of qualitative forecasting techniques to estimate demand for initial production. They forecast demand for 10 styles and determine the optimal order quantity for each by balancing the risks and costs of under- and over-estimating demand. The summary recommends operational changes like reducing style complexity, shortening lead times, developing supplier relationships, expanding distribution, and collecting historical data to improve forecasting. For sourcing, Hong Kong is best for flexibility and quality on smaller orders and higher risk styles, while China is better for larger volumes and lower risk styles, but long term quality improvements in China could leverage both countries' advantages.
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Garmin is an American technology company founded in 1989 that produces GPS devices for automotive, aviation, marine, outdoor, and sports use. It began with developing GPS devices for cars but has since expanded into other markets. While its automotive segment was historically its most successful, the rise of smartphones has reduced demand for stand-alone navigation devices. As a result, Garmin has increased its focus on growing its fitness, outdoor, and wearable device segments. It aims to maintain competitiveness across all its segments while increasing market share in the growing wearables industry through innovation and marketing. However, decreased revenue from automotive poses financial challenges that Garmin must address through increased investment, taking on debt, and focusing growth in higher potential
Sport Obermeyer
Klaus Obermeyer founded Obermeyer in 1947 in Aspen, Colorado. In 1985, Obermeyer formed a joint venture called Obersport in Hong Kong to increase production capacity. Obermeyer's supply chain stretches from Asia to Aspen, with textile and accessory suppliers in Asia manufacturing garments that are then shipped through Obersport and Sport Obermeyer to retailers in the US. Obermeyer faces challenges in uncertain demand forecasting for its seasonal ski fashion products and long lead times in its Asian manufacturing process.
Barilla Spagethi Case Study
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International business level strategy
1) Michael Porter's Diamond Model analyzes factors of production, demand conditions, related and supporting industries, and firm strategy/rivalry that contribute to a nation's competitive advantage.
2) Examples include India's BPO sector benefiting from skilled labor and Japan's auto industry improving through domestic rivalry.
3) International strategies include multi-domestic, with decentralized control tailored to local needs, global with standardized products worldwide, and transnational seeking both global efficiency and local responsiveness.
Sport Obermeyer Case Study
Challenges
Inaccurate forecasts of retailer demand has become a major issue at Obermeyer. The two major factors that made this task more difficult was the increase in product variety and intense competition in market. Second challenge the company had faced was to allocate production between Hong Kong and China. Although Obermeyer had 1/3 of Parka production in China for 1992, this year the organization insisted on increasing the sales to half. There was difference in quality and labor rate at China and Hong Kong which made allocation decision more difficult.
Another challenge the company faced was the larger lead time. The company had supplies of raw materials from various countries which resulted in delayed production time. Organization challenges along with competition from competitor companies were major challenges the company had faced.
Analysis
From the sales predictions that the six managers forecasted, a coefficient of variation (COV) was determined, which indicated the level of spread of the forecasted data. The COV values were broadly divided into two levels, the low risk group and the high risk group. Every value below 0.2 were considered to be among the lower risk items and all the items above COV value of 0.2 were considered to be of higher risks. Once the risk levels of each item were determined, the quantities of items to be produced in first and second production cycles could be calculated with least risk. 70% of the entire sales forecast for the lower risk items were ordered to be produced. Only 30% of higher risk items were ordered to be produced in the first production cycle. The quantities which amounted to 1200 were manufactured in China and that which were close to 600, were manufactured in Hong Kong in the first production cycle.
Once the 80% of the orders were received from the retailers from the Vegas show, a clear picture of the demand forecast could be obtained, according to which the rest of the items could be manufactured either in China or Hong Kong. Referring to exhibit 1, the four products to be produced in China in the first production cycle are: Assault, Seduced, Entice and Electra. These four products have COV less than 0.2. However Gail, Daphne, ISIS, Anita, Teri, Stephanie are produced in Hong Kong for the first production cycle as they have a high level of risk associated with it.
Conclusion
Short term operational changes
o Decrease lead time by obtaining raw materials from geographically closer locations to ensure timely delivery
Long term operational changes
o Cross scaling Chinese labors which would help the company produce quality and reliable goods at a cheaper price
A Case Study on Employees Motivation at the Standard Chartered Bank of Kenya
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Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
Innovation Management Frameworks: Your Guide to Creativity & Innovation
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[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentationsMastering B2B Payments Webinar from BlueSnap
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MGM Grand: A Structure For Success
- 1. 1 CASE STUDY – 5 MGM GRAND: A STRUCTURE FOR SUCCESS Presented to, Abhilash G N Presented by, Nivin Vinoi P14199 PGDM - B Presented in: 10/07/2014
- 2. 2 EXECUTIVE SUMMARY This case is all about the success story of MGM Grand Hotel in Las Vegas which is at the top level of Entertainment and Service industry. It is a “city within a city”. Under the guidance and leadership of Larry Woolf, CEO of MGM Grand, it reached the apex level. (Word count: 50) The MGM Grand Hotel, Casino & Theme Park in Las Vegas, is one of the biggest organization in the entertainment and service industry. They mostly concentrate on the quality and quality perception of the customers. The whole industryoperates on a HierarchicalStructure where senior manager (or managers) on the top will be responsible for the operations of the entire organizations and lower ranking managers are located down the various levels of the organization. Flat hierarchy can’t be used here because in flat hierarchy on the top level only one CEO should control all this managers.Ifwe try to implementthis in big organization like MGM where about 8,000 middle employees are working the system will choke. In all Las Vegas gambling centres Theory X autocratic management style is firmly entrenched. Theory X is the
- 3. 3 traditional view of motivation that holds that work is distasteful to employees, who must be motivated by force, money, or praise. At grand employees are selected very carefully. Since MGM paid their employees very high wages to encourage high performance and keep the union out we can say MGM also follows theory X. But what made MGM different from rest of others was that their new ideas like cross - training and multi-plan. In cross-training managers are required to perform the work of their employees periodically to gain insight into what it takes. It enhanced relations between managers and their employees. Through this training the efficiency of the company’s switchboard also improved. Adding to it MGM streamlined its bureaucracy through the addition of an integrated system called MutiPlan. It keep track of employees’ pension, dental, and health plans. This system allowed employees to perform calculations on loans, withdrawals, and account transfers for all their benefit packages through central hotel kiosks. Due to all this employee friendly terms they all are very faithful to the organization and also motivated. From this we can say Theory Y was also used in glance because of employees’ friendly terms. Theory Y shows that people are inherently motivated to work and do a good job.
- 4. 4 Quality Assurance (QA) program was another important Grand’s organizational structure. At the Grand size has not come at the expense of quality. Larry Woolf, chairman, president, and CEO has aimed high- quality service from start. Quality depends upon the time taken to make decision. If some complaints occur from the customer it will be suddenly solved by the lower level managers rather than moving towards the higher officials causing time delay for decision making. QA program focus on “Japanese-style” participative management. QA program is based on four core assumptions:the person who does the job is in the best position to know how to do it; people at the lowest possible levels should be responsible for problem solving and decision making; people are the organization’s greatest resource; and empowered employees consistently perform at high levels. Thus through certain innovative management techniques, Woolf has thus provided the Grand with what it will need to enjoy success. (Word count: 500)