Risk Management Within an Organisation

Introduction

This manual is written to advise on an approach to managing risk, with regards to procedures to follow in conducting risk analyses and treatment.

Background of my Organisation

Risk Management Within an Organisation

I will focus my attention on the management of risks for my company in general. My company is involved in the trading of steel products, mainly for construction purposes, as well as the sales and purchases of agricultural products such as beans, maize and rice. With regards to these products, letters of credit (LCs) have to be initiated regularly for such products to be sold overseas. As part of the accounting and finance function, my responsibilities are not only in the proper accounting treatment of such transactions, but also as part of the team involved in a new trade financing project to ensure the smooth flow of these transactions from the opening of LCs, the financing as well as the delivery of these products. Such a flow will involve the cooperation of both the operations and the accounting and finance departments.

Purpose of Risk Management

Business risk relates to exposure to certain events that will have a negative impact on the strategies and objectives of the company. Hence business risk is due to two factors: the probability of an event occurring as well as the seriousness of the consequences (Bowden, Lane and Martin, 2001). There are several risks that are more specific to my organization, and are shown as follows:

1. Strategic risk, such as poor marketing strategy and poor acquisition strategy, as a result of poor planning (Bowden et. al, 2001). Poor marketing and acquisition of different grades of steel and agricultural products can prove the downfall of the organization.

2. Financial risk, such as lack of credit assessment and poor receivables and inventory management, as a result of poor financial control (Bowden et. al, 2001). Inadequate credit assessment of potential trade and other debtors as well as low debtors' turnover can be a poor reflection of the company's strategy and objectives.

3. Operational risk, such as poor practices and routine actions, as a result of poor human actions (Bowden et. al, 2001). Non-conformity to the organization's safe practices or even willful actions by employees can create potential operational and financial losses to the company.

4. Technical risk, such as equipment and infrastructure breakdown and fire destruction, as a result of failure of physical assets (Bowden et. al, 2001). Such risks can be prevalent in my organization if appropriate actions are not taken to prevent these technicalities. Unfortunately, many organizations tend to focus too much on the performance and cost dimensions of technical risk and manage them too heavily (Smith and Reinertsen, year unknown).

5. Market risk, such as inadequate market research, which is the risk of not meeting the needs of the market, assuming that the specification has been satisfied (Smith and Reinertsen, year unknown). This risk may be more important compared to others, however it is less manageable due to the risk being less objective and quantifiable compared to say technical risk

As a result of such risks mentioned above, coupled with the advancement in technology and competitive pressures, risk management has taken a more important role in the existence of businesses today (Bowden et. al, 2001). Risk management relates to the logical and systematic way of establishing context, identifying risks, analyzing risks, evaluating risks and lastly, treating risks. This approach also involves communicating and consulting the findings as well as monitoring and reviewing the treatment of risks. This approach to managing risks is known as the AS 4360 method (Bowden et. al, 2001).

Risk Management

Step 1: Definition of Context

This relates to the establishment of context in terms of strategic, organizational and risk management (Bowden et. al, 2001). The strategic context is concerned with the relationship between the organization and its parameters in terms of financial, operational, competitive and social context (Bowden et. al, 2001). In the case of my organization, we are concerned with our financial objectives (i.e. sales turnover of US million with a profit margin of at least 12% annually), products with high quality and good customer satisfaction, as well as good market position (one of the top suppliers of steel in the regional construction industry). The strategic context also requires the organization to identify the stakeholders, which includes the owners, employees, customers, suppliers as well as the local community (Bowden et. al, 2001). In addition to that, my organization will have to be accountable to our shareholders and the media as well, since we are a local listed company.

The organizational context will be concerned with wider goals, objectives and strategies of the company as a whole (Bowden et. al, 2001). In this context, we have to establish and implement sufficient key performance indicators (KPIs) and critical success factors (CSFs) that are suitable to the different aspects of the business. There are a couple of KPIs that are commonly used in my organization:

1. Revenue and profit targets: These are mentioned above.
2. Customer satisfaction: Surveys are sent quarterly to our suppliers and customers to ensure at least 90% customer overall satisfaction.
3. Stocks update and on-time deliveries of goods: Sufficient stocks are maintained and retrieved from suppliers and deliveries have to be made on time to customers at least 98% of all sales orders.
4. Timely submission of monthly accounting and sales records to head office: The deadline of submission of such reports is usually the 5th of each month, which has to be strictly adhered to.

On a wider basis, such KPIs are also linked to CSFs in my organization, which includes the following:

1. Maintaining a healthy position in our markets: This is mentioned above.
2. Supportive top management open to marketing and financing ideas: The directors and senior management have a fortnightly meeting with lower management on possible ideas and brainstorming on ideas and possible financing from banks on certain products.
3. Sufficient funds and resources in place: Funds have to be in place for LCs, which are converted to trust receipts, which have to be settled within certain tenure, coupled with adequate manpower and technologies for proper functioning of the organization.

With these KPIs and CSFs in mind, the various activities of the can be further segregated into smaller teams and activities to provide a more logical flow for better analysis (Bowden et. al, 2001). In my organization, the sales teams are broken up into smaller groups in charge of various products for steel and agricultural aspects. This is also done likewise for the finance department, which has smaller teams in charge of receivables, payables and other administrative functions.

Step 2: Identification of Risks

This process aims to identify all events, which might affect the organization as a whole. In such a scenario, there is a need to identify all causes and potential situations (Bowden et. al, 2001). After which, we will proceed to link the risks, both threats and opportunities, with key criteria that will have a direct impact on the organization (Bowden et. al, 2001). There is also a requirement to approach these risks with proactive and reactive responses (Bowden et. al, 2001). There are several tools that can help with identifying risks, namely brainstorming, checklists and judgements based on experience.

In my organization, there are several tools used to identify risks. For the finance department, there is a quarterly checklist used on different risks involved, which can include the amount of tax incurred and tax credits agreed with the tax authorities, the amount of receivables and stock updates and how efficient their respective turnovers are. Provisions for such items are also raised based on prior experience. For the marketing and operations department, weekly meetings are conducted whereby brainstorming and systems analysis are used to identify possible risks with regards to competition, changes in prices and tastes of customers as well as the safe-guarding of stocks at our premises. It is further recommended that a product plan with a product manager be put in place, with rankings are given to the priority of such risks and the inputs, processes and outputs should be investigated in greater depth (Bowden et. al, 2001).

It is mentioned that a test market will be useful if there is a high degree of uncertainty about the eventual sales of the new product as the launch date approaches (Cooper, year unknown). My organization is currently looking at possible new sales of liquor and diesel for its overseas markets. However, these possible sales are not considered new products in the existing markets. With speed and the competitive environment being important facts, a test market may not be applicable in our scenario (Cooper, year unknown).

In addition to the launch of possible new products, there are several pitfalls in considerations for my organization:

1. Lack of market orientation. These are possible risks considering insufficient market analysis and not understanding customer needs and wants.
2. Poor quality of execution. With regards to my organization, the grades or quality of the flammable new products might be filled with deficiencies, hence not meeting customers' needs.
3. Moving too quickly. A too hasty approach to launch these products might render too many mistakes in the process and compromise the quality and timing of the promotional activities (Cooper, year unknown).

Step 3: Risk Analysis

This step involves the estimation of the likelihood and consequence of possible risk events. These are often evaluated using the current controls in place (Bowden et. al, 2001). Such controls are needed to ensure effective operations, reliable reporting systems and proper compliance with rules and regulations (Bowden et. al, 2001). In my organization, controls in place will include past records, market analysis given by traders from different countries, published literature in the form of accounting and marketing magazines and internal and external auditors' reports.

There are several techniques that are used to establish likelihood and consequence, namely structured interviews, multi-disciplinary groups of experts, assessments using questionnaires and computer modelling (Bowden et. al, 2001).

The decision tree technique can also be used whereby the expected net present value (NPV) of cash flows associated with each individual outcome is shown (Vlahos, 2001). This technique is useful for the following reasons:

1. It improves our understanding of each outcome and makes assumptions more forthcoming.
2. It is useful for documenting and communicating thoughts on uncertainty and also helps generate alternatives for better value enhancement.
3. Managers can monitor each stage of the project and make appropriate analysis with regards to decisions made at each point
4. The outputs in terms of expected NPVs generated can be used as potential inputs for projects selection (Vlahos, 2001).

This technique is highly recommended for my organization in two ways:

1. This can be used in decisions made by the marketing department in terms of which products to obtain for potential markets.
2. The finance department will also find it useful in terms of the different ways of financing (i.e. direct cash financing, using LCs or trust receipts) in consideration for the building of the trade finance project.

There are two types of risk analysis, mainly qualitative and quantitative (Bowden et. al, 2001).

Qualitative Technique

A qualitative method makes use of words or descriptive scale and comes in the form of a ranking structure, alternating between Rare and Almost Certain. Such a method is concerned with raking likelihoods and consequences (Bowden et. al, 2001). With regards to construction projects, which can be applicable to my organization, the consequences can range from insignificant (whereby there is no injuries and minimum financial loss), moderate (injuries with medical help required and moderate financial loss) to catastrophic (death with significant financial loss). Such a qualitative table with various likelihood and risk levels matrix can be useful in the following scenarios:

1. Initial screening guide to identify possible risks for further analysis.
2. Where the level of risk does not justify the time and effort required for more analysis.
3. Insufficient numerical data, which renders a quantitative analysis useless.

For the qualitative analysis, the management and staff with regards to the risk events at different levels must work through the risk-ranking matrix. Each likelihood and consequence criteria should be considered in order to put events in the appropriate category (Bowden et. al, 2001).

However, there are several disadvantages associated with this technique:

1. It may not be too accurate as events within the same category may have substantially different levels of risk.
2. There may not be a common basis for comparison of risk i.e. on dollar basis or number of deaths.
3. There is no clear justification with regards to the process of 'weighing' risks
4. There could be different interpretations with regards to the meaning of different consequences i.e. the word catastrophic can mean a great deal to some people, while others might take it more lightly.
5. It can be difficult to translate the findings from this technique to match that of a quantitative method (Bowden et. al, 2001).

With these pitfalls mentioned above in mind, I would think that it will be better to consider the qualitative technique as more of an initial screening exercise which should be used concurrently with the quantitative technique.

Quantitative Technique

This approach takes the product of likelihood and consequence, with the consequence expressed as an actual variable (Bowden et. al, 2001). Such a technique is more reliable as it relies on numerical values, with estimates of frequency being made in terms of event frequency (Bowden et. al, 2001).

There are several drivers of risks, namely, technology, people, systems, organizational factors and external factors (Bowden et. al, 2001). In my organization, some drivers of risk might include how updated my computer versions of accounting and sales systems, the competency and educational levels of the employees, the number of new ideas by lower management accepted by higher management and possibly the amount of pollution our products might cause to the environment.

The quantitative analysis is further broken down into likelihood and consequence criteria. For the likelihood criteria, it is expressed as a probability instead of frequency, thus ensuring that risks are compared on a similar basis (Bowden et. al, 2001). With similar small events likely to occur, the likelihood of them occurring can be considered as one event. With regards to my organization, examples of such similar events might include:

1. 20 deliveries which are not made on time (more than 30 minutes) to customers resulting in losses of ,000 each for transportation costs
2. 5 deliveries of wrong grades of products to customers resulting in losses of ,500 for transportation and bank charges.

For the consequence criteria, it can be considered in terms of an event leading to possible death or severe losses i.e. financial or reputation losses. In the case of the two examples for likelihood criteria given above, the related consequence criteria are as follows respectively:

1. Free deliveries made for the next trip.
2. Appropriate discounts given for these batches of products sold.

The consequence criteria can also be expressed quantitatively in terms of non-performance or failure to achieve certain KPIs, reflecting on the organisation's priorities in accepting varying degrees of risks. In my organisation's case, the free deliveries and discounts given could jeopardize not only the revenue and profit targets, but also in terms of customer satisfaction (which are important KPIs). As such the consequence criteria can be expressed as the mean or expected value (Bowden et. al, 2001). This is consistent with the Monte Carlo method, which can be used to obtain the distribution of the project or product value associated with trading operations (Vlahos, 2001).

Step 4: Risk Evaluation

Risk evaluation is concerned with identifying which risks must be treated and can be calculated using the product of likelihood and consequence (Bowden et. al, 2001). The risks can be compared with previously established criteria. Different softwares such as the Monte Carlo approach, the sensitivity analysis and the probability distribution can be used to show the effects of major risks for evaluation (Bowden et. al, 2001).

Step 5: Treating Risks

There are several methods of treating risks, namely avoidance, accepting, reduction and transfer of risks (Bowden et. al, 2001).

1. Avoiding risks. In my organization, avoiding such risks would involve possibly not importing highly flammable products such as liquor or diesel (which are part of the consideration for new products) as part of sales and speculating in foreign exchange fluctuations.
2. Accepting risks. Certain risks may be unavoidable. In my organisation's case, we have huge sales transactions in Myanmar, which has just experience a major military and governmental coup. Hence sales in Myanmar may be volatile. These are potential risks, which are already factored in our business considerations.
3. Reducing risks. Currency fluctuations are imminent when trading with overseas counterparts for my organization. Hence LCs and hedging are done frequently in order to mitigate such risks for products purchased and sold to other countries.
4. Transfer risks. For my organization, this is done in terms of insurance coverage for stocks, which are housed in our premises.

Some other popular treatment of risks will include audit compliance programs, contractual obligations and conditions, preventive maintenance, quality assurance and contingency planning (Bowden et. al, 2001). Such treatments of risk are also maintained within my organization.

The different options for treatment of risks should be evaluated and risk treatment plans should be planned and prepared (Bowden et. al, 2001). Such a plan should consider detailed base implementations, risk assessment in terms of threats and opportunities in terms of priorities and recommended proactive and reactive contingency plans. (Bowden et. al, 2001).

The risk treatment schedule and action plan should include the following:

1. The different duties and responsibilities for implementation of plan. Preferably, the plan should involve a project leader and different members in charge of one aspect of the project reporting to the leader.
2. The resources to be utilized.
3. Work breakdown structure for the activities
4. Budget allocation
5. Schedule for implementation
6. Details of the mechanism and frequency for proper compliance to the treatment schedule (Bowden et. al, 2001).

Step 6: Communicating and Consulting

For this stage, stakeholders need to have a common understanding of the project or product situation. Consultation from stakeholders as well as experts is required for better opinions, with communication needed for better coordination (Bowden et. al, 2001).

Such an approach is required for several reasons:

1. To prove that the process is conducted in a systematic manner.
2. To provide records of risks and proper organizational records.
3. To provide relevant decision makers with a proper risk management and action plan for approval and implementation.
4. To provide accountability.
5. To facilitate further monitoring and review.
6. To provide audit trail.
7. To share information (Bowden et. al, 2001).

This report should include the following:

1. Executive summary
2. Scope of project
3. Methodology of study
4. Contextual issues of the project including the restraints
5. Success factors chosen
6. KPIs for each success factor chosen
7. Target and tolerance
8. Any assumptions
9. Top ten risks across all CSFs for the project or product plan
10. Vulnerabilities in phases of the project
11. Responsibilities for managing risks in phases
12. Primary and secondary drivers triggering each risk
13. Existing controls
14. Tables and figures (Bowden et. al, 2001)

Step 7: Monitoring and Reviewing

For the final step, there is a need to develop and apply mechanisms to ensure ongoing review of risks i.e. project leaders should provide a consistent update of the current situations (Bowden et. al, 2001). The effectiveness of the risk management process should be consistently monitored and reviewed (Bowden et. al, 2001).

Conclusion

Risk should be managed on an active basis. Risk management will involve identification of areas of high risks ahead of time, interpreted to the greatest degree possible, with the best technical or marketing talent allocated to the problem, have the problems solved as quickly as possible, and be provided with a contingency plan in case something cannot be resolved (Smith and Reinertsen, year unknown).

Reference List

Bowden, A., Lane, M. and Martin, J. (2001) Triple Bottom Line Risk Management. Wiley.

Cooper. (year unknown). New Products: Problems and Pitfalls. Pg 22-49.

Cooper. (year unknown). To test or Not to Test. Pg 123-129.

Smith, P. and Reinertsen, D. (year unknown). Managing Risk. Pg 207-21.

Vlahos, K. (2001). Tooling up for Risky Decisions. Pg 47-52.

Risk Management Within an Organisation
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9 Management Philosophies to Develop Teams Into Elite High Performers

I met with a prospect the other day and he asked me "What do high performance managers do differently than average managers?"

I paused for a moment, scanned the long list of behaviors in my mind; distilled my answer down to the critical few things and told my prospect...

High performance managers:

9 Management Philosophies to Develop Teams Into Elite High Performers

clarify their understanding of their roles and responsibilities set non-conflicting short and long term priorities use a logical, transparent and duplicable decision-making process create a well thought out plan of action - they don't wing it create a realistic schedule for executing their plans

We discussed my answer in relation to the challenges his company was facing and agreed to involve the final person I needed to meet to close the deal.

I started the hour long drive back to the Atlanta airport and pondered a much deeper question.

Why do high performance managers behave the way they do?

I remembered asking my mentor and colleague Alex Nicholas, (the author of Applied Concepts Institutes' Sales Management Leadership Program), this very question.

Here's his answer - High performance managers have a set of management philosophies at the root of their priorities and decisions. This keeps them focused on achieving results through development of themselves, the team environment and individual team members.

All management behavior is based on daily, demonstrable, non-negotiable standards, values and ethics.

Personal conduct, decision-making and daily activities must consistently reflect the values and high ethical standards embodied by the company
Leadership skills focus on vision, strategy, values and spirit

Leadership includes communicating a clear direction for the team, in concert with the corporate vision, strategy, values and goals. Leadership also entails developing and executing longer term business plans and promoting a strong sense of the importance of individual and team contributions.
Management skills target tactical, shorter term development

Emphasis is on improving results by using proactive behavior, making sound tactical business decisions, improving near term planning, enhancing the daily work environment, and fostering developmental relationships with individual team members.
Focus on team development

The most important priority for managers is the development of an elite, high-performance team. While accommodating individual employee's needs are important, business and employee decisions should primarily be made to support the greater good of the team.

Team performance improvement begins with the manager's acceptance of personal responsibility for team actions and outcomes.

Improving team performance starts with improving one's self in personal management/leadership skills, job adaptability and business maturity.
The foundation of employee performance improvement is daily development that addresses their behavior.

All employees are recognized as having unique personalities. Management focuses primarily on developing employee behaviors that are required to successfully perform the job.
Communication between Managers and employees become more effective through a collaborative communication style.

Situations require differing styles of decision-making and communication, however collaborative communication and decision-making processes can be synergistic.
Develop employees using nurturing relationships

By consistently using a collaborative coaching process, managers help employees take personal ownership of the job and their productivity. Managers treat employees as "major accounts" for development and coach in the areas of job skills, business maturity and personal adaptability.
Improved employee productivity results in increased employee tenure and sense of self worth

Leading and managing employees to work through a focused, disciplined, high-energy, and consistent approach is the most effective way to increase results for the team and build employee job satisfaction and tenure.

So it all comes down to the congruency between your management practice and the value system that underpins the priorities you set and the decisions you make.

I would love to hear about the management philosophies that underpin your approach to making the numbers?

Add your voice to the discussion at my blog.

9 Management Philosophies to Develop Teams Into Elite High Performers
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Martice E Nicks Jr

Partner - Applied Concepts Institute, LLC

Professional Speaker, Master Sales Productivity Consultant, Coach and Trainer

Martice has 27 years as a successful consultant in government and private sectors. He focuses on optimizing and integrating systems that drive revenue and facilitate organizational performance. Martice has held multiple executive and management positions in companies including founding and self-directed teams. His approach brings a sense of urgency to drive positive behavioral change and most importantly-measurable business results. Clients realize between 15-30% increase in revenue in 90 days.

Come join the sales productivity discussion at my blog http://salesproductivitysecrets.blogspot.com/

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Property Management - What's the Deal?

As any landlord with more than one or two rental properties can tell you, managing them is a trying and frustrating process. Some landlords simply throw their hands up and sell their rental units, others lose hair over them, and others hire property management companies to manage them. We'll try to answer a few questions about what these management companies do, don't do, and why many landlords turn to them.

Property management companies exist to do exactly that: manage the day-to-day headaches that arise from owning a rental investment property. They screen tenants to fill vacant rental units, sign rental agreements & disclosures, receive rent, keep accounting records, oversee legal obligations like lead paint tests, act as a contact for maintenance and repairs, and for any questions from tenants.

That all being said, there are some tasks that management companies can't or don't perform in most circumstances. Typically, they don't pay property taxes, or maintain rental property insurance (although your mortgage lender may be able to handle that for you in the form of escrows). Management companies usually don't make payments on your behalf, except to contractors or handymen. Lastly, they don't usually handle rental property registrations with local municipalities or government entities.

Property Management - What's the Deal?

At about this time, you might be wondering what property management companies typically charge for their services. As a landlord, I've usually paid 7-10% of gross rental income; so, if a property's rent is ,000/month, a management company may charge /month for that property. Therein lies the disadvantage of hiring such a company, as many landlords have only slim cash flow margins each month on their rental income.

The primary advantage of using a property management company, aside from the obvious time and expertise that they bring to the table, is simply this: they will take on the recurring headaches and sleepless nights brought on by the stress of managing real estate. Keeping all of the accounting, laws, tenants, repairs, contractors, and vacancies straight is a full time job for anyone managing more than a few properties, and the fact is most landlords just don't have the time or inclination to be responsive and available. The answer? Let someone answer the 2:38 AM phone calls.

Property Management - What's the Deal?
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Brian Gregory has performed property management services for himself and others for many years, before deciding to move and pass along his property management duties to an established property management company. He would urge all new landlords and real estate investors to do their own property management at first (links - property management software and free rental forms), in order to better understand the industry, and then hand off the property management responsibilities to someone else once they (inevitably) decide it's not for them.

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7 Tips For Effective Financial Management

In some organisations, managers and leaders fall into the trap of believing that financial management is something that the accounts team are fully responsible for. While there will be areas like cash management, payroll, paying suppliers and collecting payments from customers that are likely to be handled by the accounts team, financial management falls into the remit of all managers and leaders. Mangers often have concerns about this area, often believing that it is difficult and complex. The truth is that if you are an expert in your area of the business, you can excel in financial management. So what are my key tips?

Tip 1: Be actively involved in setting a budget

Most businesses now devolve budget responsibility as much as they possibly can. As a result, managers have a chance to be actively involved in determining things like:

7 Tips For Effective Financial Management

o Sales volumes

o Temporary staffing cover for vacancies

o Staffing levels to deliver the sales

o Buying preferences in terms of products that will be used in delivering agreed volumes

o Investment in new equipment or facilities

Don't miss out on your chance to determine your budget.

Tip 2: Be clear on your assumptions

A budget is a plan for the future based on the best evidence you have at the time you prepare it. You will have to make assumptions about things like sales growth, staff turnover, sickness, price inflation, etc. Make sure that when presenting your budgets the assumptions are clearly stated.

Tip 3: Work with your accountant

Your accountant who works with you in the business is essentially your personal business advisor. Use your accountant in this way and you will reap numerous benefits. Your accountant gets a better understanding of your area of the business and what the key drivers of revenues and costs are, which will be immensely helpful when it comes to reviewing performance throughout the year.
In addition, your accountant can model results for you based on different assumptions and help you to get a much clearer picture of the risks that might need to be managed.

Tip 4: Share the budget with your team

As a manager and leader, your success depends on the results of the team. Take the time to share your budget with your team, including the key assumptions on which it is based. If the team know what they are aiming for in terms of financial results, they will look to do the right things operationally to get the best result.

Tip 5: Take responsibility

When the going gets tough it is so easy to start to look elsewhere for excuses. If you have been involved in setting a budget which you have signed up to, focus your energies on getting results rather than the injustice of the current situation.

Tip 6: Monitor performance and take action

Make sure that you have a process in place to carefully monitor your actual performance against the budget. If things are going well see if there is more you can do to boost performance even further. If on the other hand things are not going as well as expected, focus on the changes you need to make or action you need to take to get back on track.

Tip 7: Focus on the most important numbers

When it comes to financial management, managers can sometimes get lost in lots of detail and trivia. Be clear on what are the 2-3 big numbers that you need to pay attention to, as they will more than likely constitute about 90% of your budget. In most businesses this will be:

o Income from sales or services

o Salary costs of employees

o Major non salary cost such as materials

Make sure that you have as good an understanding of what impacts on these numbers at the business unit level so that you can keep things on track.

At the end of the day, internal financial statements such as budgets merely reflect what is happening operationally in a common currency called money. Keep this at the forefront of your mind and you have a great chance to excel as a manager.

7 Tips For Effective Financial Management
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Duncan Brodie helps managers and leaders to achieve their true potential. Sign up today for his free monthly newsletter at http://www.goalsandachievements.co.uk

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Working Capital Management

Financial management decisions are divided into the management of assets (investments) and liabilities (sources of financing), in the long-term and the short-term. It is common knowledge that a firm's value cannot be maximized in the long run unless it survives the short run. Firms fail most often because they are unable to meet their working capital needs; consequently, sound working capital management is a requisite for firm survival.

About 60 percent of a financial manager's time is devoted to working capital management, and many of the potential employees in finance-related fields will find out that their first assignment on the job will involve working capital. For these reasons, working capital policy and management is an essential topic of study. In many text books working capital refers to current assets, and net working capital is defined as current assets minus current liabilities. Working capital policy refers to decisions relating to the level of current assets and the way they are financed, while working capital management refers to all those decisions and activities a firm undertakes in order to manage efficiently the elements of current assets.

The term working capital originated with the old Yankee peddler, who would load up his wagon with goods and then go off on his route to peddle his wares. The merchandise was called working capital because it was what he actually sold, or "turned over", to produce his profits. The wagon and horse were his fixed assets. He generally owned the horse and wagon, so they were financed with "equity" capital, but he borrowed the funds to buy the merchandise. These borrowings were called working capital loans, and they had to be repaid after each trip to demonstrate to the bank that the credit was sound. If the peddler was able to repay the loan, then the bank would issue another loan, and these were sound banking practices. The days of the Yankee peddler have long since pasted, but the importance of working capital remains. Current asset management and short-term financing are still the two basic elements of working capital and a daily headache for the financial managers.

Working Capital Management

Working capital, sometimes called gross working capital, simply refers to the firm's total current assets (the short-term ones), cash, marketable securities, accounts receivable, and inventory. While long-term financial analysis primarily concerns strategic planning, working capital management deals with day-to-day operations. By making sure that production lines do not stop due to lack of raw materials, that inventories do not build up because production continues unchanged when sales dip, that customers pay on time and that enough cash is on hand to make payments when they are due. Obviously without good working capital management, no firm can be efficient and profitable.

Statements about the flexibility, cost, and riskiness of short-term debt versus long-term debt depend, to a large extent, on the type of short-term credit that actually is used. Short-term credit is defined as any liability originally scheduled for payment within one year. There are numerous sources of short-term funds, such as accruals, accounts payable (trade credit), bank loans, and commercial paper. The major elements of current liabilities are trade creditors and bank overdrafts, and these are further analyzed.

Working Capital Management
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Jonathon Hardcastle writes articles on many topics including Finance [http://letstalkaboutfinance.com/], Business [http://businessworldnow.net/], and Real Estate [http://yourealestatesource.com/]

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What is the Purpose of Dr. Deming's Theory of Management?

After World War II American industry returned to the peacetime production of consumer goods, for which there was unparalleled demand and no competition. Untouched by war, the industrial heartland produced cars, washing machines, vacuum cleaners, mixers, lawnmowers, refrigerators, furniture, carpet, and all the goods for the growing postwar suburbs inhabited by a generation of prosperous Americans.

The American corporation had fulfilled the promise of 'scientific management,' formulated by an influential industrial engineer named Frederick Winslow Taylor more than three decades earlier. Taylor had held that human performance could be defined and controlled through work standards and rules. He advocated the use of time and motion studies to break jobs down into simple, separate steps to be performed repeatedly without deviation by different workers. Minimizing complexity would maximize efficiency, although it was as bad to overperform as it was to underperform on a Taylor-style system.

Scientific management evolved during a period of mass immigration, when the workplace was being flooded with unskilled, uneducated workers, and it was an efficient way to employ them in large numbers. This was also a period of labor strife, and Taylor believed that his system would reduce conflict and eliminate arbitrary uses of power because so little discretion would be left to either workers or supervisors. Hence the evolution of the rule-bound, top-heavy American corporate management structure.

What is the Purpose of Dr. Deming's Theory of Management?

Quality in these postwar years took a backseat to production. Quality control came to mean end-of-the-line inspection. If there were defects and rework, there would be profit enough to cover them. Although some quality control lingered for a time, particularly in defense industries, for the most part the techniques taught by Dr. Deming were regarded as time consuming and unnecessary, and they faded from use. By 1949, Dr. Deming says mournfully, "there was nothing not even smoke." This setback only served to strengthen Dr. Deming's conviction, as he considered what had gone awry.

Purpose of Dr. Deming's Theory of Management

As a statistician, Dr. Deming's lifelong mission had been to seek sources of improvement. World War II had quickened the pace of quality technology, but as World War II ended, progress in quality control began to wane. Many companies saw it as a wartime effort and felt that it was no longer needed in a booming market. Given the failure of statistical methods for quality control to endure, he figured out what might have caused the failure and how to avoid it in the future. He gradually concluded that what was needed was a bedrock philosophy of management, with which statistical methods were consistent. He was ready with new principles to teach when the Japanese called him in 1950 to aid in the reconstruction of their country.

The aim of Dr. Deming's theory of management also known as, 'System of Profound Knowledge,' challenges leaders to embrace a new paradigm based on the following three major points:

The purpose of the new paradigm transformation is to 'unleash the power of human resource contained in intrinsic motivation,' and to foster an environment of full cooperation between people, departments, companies, governments, and countries to achieve win-win scenarios through process improvement, team work, and innovation.

The system of profound knowledge is a fitting theory for leadership in any culture or business. In some circles people think incorrectly of Total Quality Management with industrial connotations. For example, in the health care arena the customer is the patient, and production could be equated to the quality of patient care. Indeed many of the concepts which are espoused by TQM relate to interpersonal interaction as much as they do to other more production oriented criteria.

Therefore the key dimensions of TQM can be identified as: team development, statistical quality control, process management, assessment of customer's needs, fact-based decision making, continuous quality improvement, and benchmarking. Applying this management theory requires a focus to the new kind of world of interdependence that we are in now. The prevailing paradigm in the Western world is not based on any holistic or comprehensive theory; it is just the cumulative result of assorted reactive experiences and methods:

Managers basing their leadership in the above listed paradigms will be lost in the new economic age. Such leaders need to open their minds and change to be able to learn the new paradigms of Total Quality Management (TQM).

Assumptions of Dr. Deming's Theory of Management

Dr. Deming's theory of management is based on four assumptions:

1. Management's function is to optimize the whole system, not just your components

E.g., Western-style management: Reward-punishment performance appraisal systems optimize components of the system.

E.g., Deming-style management: A better way is to evaluate an individual long-term virtue, to know if they are in the system or out of the system, and to understand the performance issues as special or common cause. According to statistical research by Deming, Ishikawa, and Juran over 80% of problems are related to common cause or system problems of the organization.

2. Cooperation works better that competition

E.g., Western-style management: Internal competition to recognize the top 10% sales people in an organization creates a system where 90% of the population is labeled substandard performers or worse yet losers for those on the bottom half.

E.g., Deming-style management: In any distribution curve, 50% of the population is going to be below average, and only 10% are going to be top performers. It does not make sense to grow an organization of malcontents because nobody wants to labeled a loser. If the system is stable and has good hiring policies in place, a better way to manage is to have a goal to shift the distribution curve to the right by continuous improvement and removing common causes of variation. All employees in the system should be recognized for the accomplishments of the enterprise, rather than just the top 10%.

3. Manage using both a process and results orientation, not only a results orientation

E.g., Western-style management: Asking to sell 30% more (by a MBO goal) without understanding the process that allows that goal to be attained, or providing a process for goal attainment, creates a fail syndrome (demanding unreasonable greater results has the opposite effect that contradict the Pygmalion effect).

E.g., Deming-style management: A better way is to analyze historical performance using statistics. Then basing sales growth goals within +/- 3 standard deviations from the mean, where 99% of the sample population is predicted to attain the goal, and shifting the curve to the right by improving the sales process. If a stable system is pushed beyond its limits, the system typically breaks down.

4. People are motivated by a mix of intrinsic and extrinsic motivation

E.g., Western-style management: Recognizing people solely through extrinsic motivation by giving plaques, letters of commendation, bonuses, and pats in the back to motivate employees.
E.g., Deming-style management: A better way is for management to combine extrinsic and intrinsic motivation to increase quality and pride in the work. Intrinsic motivation is the enthusiasm and positive stimulation an individual experiences from the sheer joy of an endeavor. Management can release intrinsic motivation by creating a culture that encourages employee involvement in using process improvement tools such as the Deming wheel (SDSA and PDSA) to innovate and improve quality.

Each of these assumptions are directly associated with the interrelationships between people. They all revolve around a key concept, receptivity of the management style by those who are not only managing but those who are being managed. The implementation of management philosophies obviously revolves around employee motivation, and not all employees are either easily motivated or receptive to management styles that differ from those to which they have been accustomed.

What motivates an individual, therefore, is at the center of Total Quality Management philosophy. Motivational theory in itself has a long history of both direct and indirect applicability to many aspects of management in general and to Total Quality Management in particular. Indeed, the importance of teamwork in the organizational atmosphere cannot be underestimated. Before employees can effectively interact as a team, however, they must be able to function independently in an efficient and productive manner.

Such independence revolves around numerous factors, some of which were learned in childhood and some of which can be instilled in the professional environment. An important part of this independence is being able to relate to one's peers and to turn criticism and resistance, which exists from some peers, into a positive factor in influencing team performance.

Leaders applying the Deming-style management need to be experts at molding independent workers and teams. A high performing team is to some degree the product of the individual player's personalities, personalities that had roots as far back as childhood. Deming's teachings recognize that an individual's qualities or lack of them could be refined in the professional workplace. Lastly, Deming has influenced my thinking in a variety of ways. What stands out is the wisdom behind the value of teamwork, process improvement, individual versus systemic issues, and the pervasive power of continuous improvement.

What is the Purpose of Dr. Deming's Theory of Management?
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Professional experience traverses key business disciplines including entrepreneurship, leadership, and strategic management. From a 15 year stint with a start-up developer of software and equipment for the automation and controls industry, which led to several promotions including VP of Sales; to the acquisition of this firm by a Blue Chip company; to managing businesses with P&L accountability for Fortune 100 firms, I have enjoyed a productive career accented by sales/marketing, management, and leadership talents. Recent educational achievements include an MBA from the University of Miami, Six Sigma Green Belt Certification, and ISO 9001 QMS Certification.

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Gum Boil Causes, Types and Management

Gum boil is a very common complaint that we see in our clinics every day. The case usually is a result of neglected dental abscess.

Gum boil symptoms:

The case is usually presented as small opining in the gum that drain pus or sometimes blood if you apply pressure to it. The area around the boil is usually a little swallowed and red. The pus drainage may stop for a while and the opining may even close, but usually if the case is not treated the pus will be accumulated again in the tissue and the opining will appear again to drain the formed pus. The neighboring tooth usually is sensitive to pressure and produce pain with chewing but sometimes the pain is not obvious in chronic cases. The neighboring tooth usually have a very large cavity or severe periodontal problems. The patient usually complain of bad breath and salty bad taste as a result of the drained pus.

Gum Boil Causes, Types and Management

Some times the case may take an acute course and here the symptoms will be generalized in the form of face swelling, fever and lymph node tenderness.
Gum boils causes and types:

Gum boil or abscess causes includes extensive caries with necrotic nerve of tooth or severe, deep periodontal pocket we will discuss both in details.

Dental pockets start with gingival inflammation due to plaque and tartar accumulation if the gingival inflammation still untreated the bacteria will start to invade the periodontal ligament that is responsible of cementing the root surface to the gum tissue and bone. As a result of bacterial invasion into the periodontal ligament the attachment is lost between tooth and gum forming what is called dental pocket. Later this pocket is filled with bacteria and food debris which may cause pus formation and the pus oozing start.

The most common cause of gum boil is teeth abscess. Teeth abscess usually formed as a result of caries that reached the pulp so the caries bacteria ferment the pulp tissue and continue to invade the periodontal ligament and jaw bones over the diseased root. As a result to body reaction to bacterial invasion pus formed and the resultant pus pressure leads tissue destruction and this continue till a canal is formed to drain the pus out witch lead in the end to form gum boil that drain the pus out.

Treatment:

Once you discover it you should see your dentist quickly as in many cases if the boil treated quickly we may avoid tooth extraction. The dentist will examine you carefully to discover the cause and usually an x-ray film is taken. Once the cause is discovered the second step will be draining the pus by starting root canal treatment to let the pus get out from an opining inside the tooth crown, Sometimes making a small incision in the gum to drain the pus or even extract the tooth if your decided that the tooth is hopeless.

Then if the dentist decided that the tooth is hopeful he may perform root canal treatment or gingival surgery to treat the gum pocket.

Prognosis:

Unfortunately usually many of the teeth that cause gum boils should be extracted to completely relief the case. But we have to say that many teeth with gum boils may be conserved and even restore it's normal functions after successful root canal or gingival surgery. So your dentist is the only one to decide what to do with it and your role is only to see your dentist as fast as possible as this may help to conserve the tooth and avoid extraction.

What to do at home:

As we mentioned before once you have gum boil you should see your dentist as fast as possible. Till you find a date in you dentist clinic you should try to drain the formed pus by applying light pressure on the gum around the opining and use warm saline as mouth wash to increase the blood supply to the area to help the drainage and relief the symptoms.

Gum Boil Causes, Types and Management
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Procurement Strategy - Top 10 Tips For Starting Category Management

Category Management is an approach to procurement that groups together items that either have similar characteristics or are sourced from similar supply markets. These categories of spend are then managed as a complete value chain (from end user to the lowest tier suppliers) with the objectives of lowering costs, improving service and stimulating innovation. Here are ten tips for kick-starting your category management programme.

1. Get a senior management mandate. The category management approach will in all likelihood be different to the approach your organisation currently takes. This will involve change and as with any change initiative it is vital that you get a mandate from senior management who can then help direct policy and remove any organisational barriers you might find.

2. Develop the scope. The starting point for category management is to get a clear picture of what you currently spend. Building a spend cube (a database that lets you slice it into views of who spends what, on what, with whom and for how much) is a great starting point for deciding what categories you should put into the programme. Do not just replicate past contracts. Look instead to see how different sub-categories can be combined.

Procurement Strategy - Top 10 Tips For Starting Category Management

3. Have a process. If you are going to win the hearts and minds of those who need to be involved in your category management programme (particularly budget holders and users of the products and services) you need to be able to show them that you have a process for how you will go about the task. This should cover as a minimum how you will collect data, analyse it, draw conclusions, develop sourcing options and then select the preferred one.

4. Have proper governance. One of the reasons some people outside of Procurement resist category management is that they are fearful of your process becoming unstoppable once started with a risk that strategies may be deployed that damage the business. The way around this is to have a gated governance system that checks the output from each stage of your process and confirms that you can proceed to the next stage. Usually this has representatives from senior management on the governance board.

5. Set expectations. Category management is not a quick fix solution to an organisational problem, although short term savings may be identified along the way. It is important to set expectations so that support is not withdrawn if immediate benefits fail to appear.

6. Set targets. Category management can and will deliver significant cost savings if managed properly. It can also deliver improved service and stimulate innovation. You need to establish with senior management the overall target that you are trying to achieve.

7. Decide how it will fit with contract management. One outcome of category management will be new contracts. It is important that you think about how these will be handed over to those who will be responsible for managing them and also how you will involve them in agreeing the contracts. Category management should not result in contracts that are incapable of being managed.

8. Decide how it will fit with supplier relationship management. Category management results in suppliers being selected who have the right capabilities and characteristics to meet your needs. Supplier relationship management should develop your key suppliers. Obviously, it is vital that these two functions work in harmony with the outcome of each informing the other.

9. Check that you sufficient capacity and capability. Category management requires a relatively rare mix of skills. In addition to procurement expertise, category managers need skills in problem solving, project planning and relationship building to name just three. Before you press your foot on the accelerator too firmly, it would be wise to check that you have sufficient people with these skills otherwise you may need to prioritise your categories.

10. Communicate. As mentioned earlier, category management is as much a change programme as anything. The success of any programme of change depends on the effectiveness of keeping everyone up to speed with your progress. So have a communications strategy and deliver it well.

Procurement Strategy - Top 10 Tips For Starting Category Management
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Do you want to learn more about effective procurement?

If so, download my brand new free ebook "The 5 Keys to Breakthrough Sourcing Strategies" here:

http://www.SourcingStrategyWizard.com/Sourcing.htm.

Steve Carter is an experienced procurement practitioner and published author and runs online training and coaching courses.

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Communication - Seven Verbal Communication Skills That Improve Workplace Management Effectiveness

Successful executives, managers and supervisors know that the importance of effective communication in the workplace cannot be underestimated. Poor communication is responsible for mistakes, conflict, and negativity in the workplace. Have you ever thought the following?

"Oops, I know I said that, but what I meant to say was..."    
 

" Why can't I get buy in from the team?"

Communication - Seven Verbal Communication Skills That Improve Workplace Management Effectiveness

"That mistake could have been avoided if I had only said...." 

Two common communication barriers are:
Not being aware of effective communication skills Being in a hurry.
Since effective communication in business is essential to success at your company or organization, it makes sense to improve your communication skills. The good news is that you can learn some basic communication skills and use them today to improve the quality of your workplace relationships with both employees and customers.

Seven Communication Skills for the Workplace

1. Personal Contact

Did you ever wonder why companies spend thousands of dollars sending sales people across the country when they could do a phone call for much less? The reason is that people relate to one another better when they can meet in person and read each other's body language. What's more, people can feel the energy the connection creates. You can also smile and shake someone's hand when you greet them, which creates a powerful connection.

2. Develop a network.

No one achieves success alone. Success in any company requires a team effort.
Make an effort to get to know managers and employees in different departments within your company, Meet new people in professional organizations. Become active in your community.
3. Always be courteous.

Courtesy lets people know that you care.

The words "Thank You" show that you appreciate your employees' efforts, and this is important because appreciation is the number one thing that employees want from management.

A little change like saying, "Would you please..." instead of just, "Please..." will make you sound less dogmatic and will improve your relationships with your employees.

4. Be clear

Since people often hear things differently, and they may be hesitant to ask you to explain what you said, you should ask, "Did I explain this clearly?" This will confirm that people understood you.

5. Compromise

You can decrease the tension associated with conflict  if you always ask, "What is best for the company?" This gives people a different perspective on your requests, and they will be less likely to take any conflict personally.

6. Be interesting and interested

Even though most of your workplace communications will be about business topics, it is also important to share your personal side. Let your staff know about your interests and your family, and ask them about theirs. Telling a few short personal stories about your interesting experiences will make your employees feel more connected to you as a person. Read your hometown paper daily so you know what is going on in your community and what personal concerns your staff may have about them.

7. Listen

Listening attentively to your employees demonstrates respect. Listening isn't easy because everyone's mind tends to wander. So to help you concentrate on what the other person is saying, keep a good eye contact --without staring,  and then make a comment about it or ask a question.

Improving your communication skills is a process that happens gradually over a period of time. The good news is that you have opportunities to practice your communication skills every day at work. Here's a tip to help you improve faster. At the end of each day, take a moment to review your communications during the day. What was effective? What wasn't effective? That way you will continue to learn and improve your communication skills.

Communication is the key to success in business

That is why you should be aware of how you are communicating at all times. As a result... you will become a role model for effective workplace communication skills to your employees. This is important because the ultimate goal of any supervisor, manager or executive is to turn ordinary workers into extraordinary employees. You can take a huge step toward doing this by honing your own communication skills.

Communication - Seven Verbal Communication Skills That Improve Workplace Management Effectiveness
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Successful Workplace Communication is one of the 13 essential skills that employees use at work. The Employee Success Toolkit is a professional development course for employees that teaches these essential skills in 13 easy-to-follow lessons. See what these 13 skills are at: http://www.EmployeeSuccessToolkit.com

I also invite you to visit http://www.ConfidenceCenter.com for a free Employee Morale Starter eKit and Employee Morale Calendar Planner

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Domestic Waste Management

Wastes are unwanted, unusable items, remains, or byproducts or household garbage. They are also include excrement, used or contaminated water etc. Wastes are generated in our homes on daily bases. And these wastes must be handled and managed proper to avoid been a source of danger in our homes. There are various types of wastes generated in our homes that require different management system. These wastes are classified into two major forms namely solids and liquids. The liquid forms are easy to handle and manage. They connected from their sources to septic and soak away pits. These are evacuated as soon as they are filled up by waste management operators.

The solid wastes are relatively different in their management. This is because there are no built in facilities to handle them like the liquid waste. But they could be handled by proper understanding of the various types of solid wastes and their sources. The types and sources of solid waste in our home are but not limited to:

1. Kitchen wastes such as vegetables and fruits, peels, bones, scales etc.

Domestic Waste Management

2. Metal wastes

3. Glasses

4. Plastics and polythenes

All these wastes are daily generate in our homes and it very important to handle and manage them so that they do not endanger our health.

Kitchen waste.

These form bulk of daily generated wastes. This is as a result of the fact that we feed daily. And if they are not properly handled well, they can start to decompose after 24 hours. To handle these therefore, a container with a plastic bag with cover should be provided for these wastes only. They should be placed inside the bag and container as soon as they are generated and covered to avoid rats and rodents scattering them. And as soon as they filled, disposal at the designated place should be carried out. Animal waste should be disposed the same day they are generated.

Glasses.

These wastes come from processed products we purchased from stores such as drinks, creams, broken doors and windows etc. These can be a great source of hazard in our homes if not properly handled and disposed. To dispose these therefore, a plastic or wooden create or box should be provided to stack these glasses. In some cases the manufacturers of the products buy them back from us or recycled by glass recycling companies. In this case we make some money from our wastes.

Metals

These wastes come from metal containers of foods and drinks we purchase. They should be handled with care to avoid been a source of injury. Get a plastic container with a cover to put these wastes. And as soon as they are filled up, should be disposed at the designated place or sold to the metal recycling companies and make some money.

Plastics and polythenes.

These have become a major source of waste in our homes. These wastes do not rust or decay easily and so need to be handled with care. The good thing about these wastes is they are easily recyclable. Though generated in a great measure are easy to manage.

Wastes in our homes though unwanted can be a source of extra income when properly managed.

Domestic Waste Management
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