Value Management - 650 Words

Student ID: 15672856 PROCUREMENT PERFORMANCE AND VALUE MANAGEMENT INTRODUCTION To realize the success of a project, the value must be attained through the core objectives and goals of the project to the stakeholders. This could be achieved by using the right processes throughout the project life cycle. VALUE MANAGEMENT Value Management (VM) is a well structured or established process that is used for defining and maximizing value of money (OCG, 2007 p.3). It is applicable to all sort of projects regardless of being big or small and the duration and it runs throughout the project life cycle from the inception to completion. Its benefits have been found to be efficient and effective when an external facilitator being a consultant or†¦show more content†¦al., 2011). EXAMPLE FROM PUBLIC SECTOR Value Management was applied in the California Department of Transport (Caltrans) when Anthler’s Bridge Crossing was being re-constructed by saving  £7million and increases its traffic operation performance by 19%. This has aided in solving the problem of transportation from the previous constructed bridge and its traffic congestion and reduces life cycle cost to maximize project performance (OGC, 2007 p.39) EXAMPLE FROM PRIVATE ORGANISATION The Dow Chemical Company over the last four years has developed a vision, functional systems, and tools, for the ‘value management’ of its Intellectual Assets (IA). This initiative has developed some competencies in the area of ‘measuring and valuing’ IA, and in developing systems that support the leveraging of IA for maximum value (Petrash, 1999) CONCLUSION In conclusion, PM’s must ensure alignment of value management and procurement performance management to have effective procurement process since the two are correlated. Implementing these two concepts reduces waste and defects, increases production efficiency, reduce cost and also help in decision making. REFERENCE Capital Development Guidelines, (CDG) (2010), Value Management [Online]. Available from http://www.capital.dhs.vic.gov.au/capdev/PlanningEvaluation/ValueManagement/ (Accessed: 18 June 2011) Knudsen, D. (1999), Procurement Performance Measurement system [Online]. Available fromShow MoreRelatedValue Management : Is It Important? Essay977 Words   |  4 PagesValue Management is concerned with improving and maintaining an advantageous balance between the wants and needs of associated stakeholders, and the resources needed to satisfy them (IVM, 2015). Value is a concept that is personal to some extent and corporate in another respects. Thus, it is crucial to identify the stakeholders involved in the project in order to determine their requirements, this will then determine the subsequent level of value rooted in the process, product or object (PereraRead MoreThe Value At Risk Management1219 Words   |  5 Pagesquestion: What is the most I can loose on my investment? The Value at Risk, commonly known as VaR, tries to answer this question within a reasonable bound. VaR is used in financial mathematics and financial risk management as a risk management tool to measure the risk of loss of an individual asset or a whole portfolio. Although it provides a good sense of risk one is undertaking, it shouldn’t be an alternative method to risk adjusted value and or other probabilistic approaches. In the following linesRead MoreValue Management Essay633 Words   |  3 PagesQ.1 Using your emerging knowledge of Value Management (VM), critically appraise the report and make suggestions as to how the VM study might have been run differently / more effectively. A Value Management report is the basis to a well-constructed project in the sense that all parties involved or potentially affected will be content with the final outcome. It is vital to understand and elaborate on the key aspects that determine a value management study in order to gain an agreeable conclusionRead MoreA Project On Value Management Essay1031 Words   |  5 Pagesphases, or as PMI ® refers to them, process groups. The time-phased budget that Earned Value Management considers is the sum of all work packages for each time period. That time period can be weeks or months, and is not tied to a project phase. In the analysis we are performing, we assume a constant rate of spending for the Planned Value (PV) to make it less complex. Earned Value Management Earned Value Management (EVM) is a process used to find, and determine the significance of, variances inRead MoreEccos global value chain management1730 Words   |  7 PagesECCO A/S-GLOBAL VALUE CHAIN MANAGEMENT ANALYSIS 1. Describe the competitive environment of ECCO and determine how well ECCO is positioned (vis-à  -vis the competitors) to take advantage of changes in the industry. http://wulibraries.typepad.com/files/footwear.pdf 2. Analyze ECCO’s global value chain. How well does this configuration match the drivers in the industry? Analyze ECCO’s global value chain. High demand for quality and reduced lead times led the company to a self-sufficiency approach onRead MoreValue Of Project Management And Management2226 Words   |  9 PagesVALUE OF PROJECT MANAGEMENT A SURVEY ON PM PRACTICES ON IT/TELECOM SECTOR Companies these days are turning to project management to consistently deliver business results and to stay ahead of the pack in today’s competitive and chaotic global economy. Project Management is in fact elaborated as project, program and portfolio management. More companies these days clearly sees the payoff from investing time, money and resources to build organizational project management expertise which ultimatelyRead MoreValue of Flexible Management3748 Words   |  15 PagesIntroduction Prior to researching this topic, my impression of management was limited. My concept was meshed within the framework of business and economics. Therefore, my definition of this construct was in error. For rectification, and foundational reference, management is the process of directing resources towards the accomplishment of a specific goal. This definition, one that I have derived from the compilation of many, incorporates two key variables. The first operative word in this definitionRead MoreThe Value Of Good Management1664 Words   |  7 Pagestougher. In the development of companies, good management play an important role in a company achieving success, which means making a correct decision in order to achieve a particular purpose, plan, organize, direct, operate and control process. The purpose of good management is efficiency and benefit. The key of management is people and the principle of management is to organization, organization s centre is people. The essence of good management is the collection of various kinds of resources;Read MoreEffective Leadership : Management Values Essay783 Words   |  4 PagesEffective Leadership: Management Values in the Latin American Cluster â€Å"A strategy is something like, an innovative new product; globalization, taking your products around the world; be the low-cost producer. A strategy is something you can touch; you can motivate people with; be number one and number two in every business. You can energize people around the message .† Jack Welch In order for a multinational enterprise (MNE) to be successful in infiltrating Brazil’s market, it’s important forRead MoreStrategic Cost Management and the Value Chain2097 Words   |  9 Pages2.1 Strategic Cost Management and the Value Chain Introduction This article by John K. Shank and Vijay Govindarajan discuss in depth on the Strategic Cost Management (SCG) and the Value Chain concept applied in real world situation from the airline industry. The Value Chain concept is divided into two (2) main strategies which are the Low-Cost Strategy and Differentiation Strategy. From the article also, Shank and Govindasamy stated that the primary focus of a low cost strategy is to achieve the

The Luck of the Draw - 1120 Words

| 2014 | | Candeis Gaylord Eng. 102- C07 _LOU | [The luck of the Draw] | | Gambling Lottery and Betting Are we all winners or losers Not everyone can be a winner Plot A. Major plot of each story Betting Lottery B. Characters 1. Paul Tessie C. Similarities vs. Differences 1. Paul and Tessie similarities Paul and Tessie differences Setting A. Paul 1. Rocking Horse Race Track B. Tessie 1. Village Town Square C. Privacy verses publicly 1. Paul and his room Tessie in the middle of the square Conclusion A. Types of gambling- win or lose B. Gambling, Plot, Setting C. Not everyone is a winner someone has to lose * * * * * * *†¦show more content†¦Paul truly believed he was lucky, lucky enough to see the winning horse finish the race. It was a sure bet for him and would provide his family with money. Tessie was not as fortunate as Paul to have a lucky horse. Tessie had nothing to help her win in this lottery. As we have learned lottery is just the luck of the draw. As we also learned with Paul it was very lucky to have your winner pulled. In Tessie’s lottery it meant a stoning was going to take place. It meant a life was going to end that day no matter what. The rocking horse was more than just a rocking horse to Paul. It was more of a way for Paul to see the future of happy times with his family. It was means to something more, a better life through making more money for his family. With Tessie there was a box. A box that held the future of one family member’s fate whether this year it was going to be her family or another family it was still understood what was to happen. Someone was going to be a loser. Paul and Tessie both died for their families. Paul died in the privacy of his home only after placing the biggest bet on the Derby. While Tessie even though the story does not say she died it is indicated that she is going to die from being stoned to death. While Paul may have never thought he was going to die and Tessie may have known it was a possibility she could die they both did what they had to do for their family. Whether you are betting on a horse as PaulShow MoreRelatedFiction Essay1012 Words   |  5 PagesShirley Jackson’s, â€Å"The Lottery†. With the classic theme of â€Å"luck† and what that means in each story, we see two very different meanings as these two stories unfold. In â€Å"The Rocking-Horse Winner†, we see the protagonist, Paul, who endlessly searches and somewhat attains luck in his search for his mother’s monetary desire. Within the lines of â€Å"The Lottery†, however, we see a quaint satirical setting of towns’ folk who gather together and draw papers from a black box to ultimately decide who is to beRead MoreClass With A Higher Energy Output1321 Words   |  6 PagesThe Participant in this session co-worker Ted, Ted started out by choosing the class with a higher energy output, He then began building out his character sheet and proceeded to draw for his buff unfortunately he drew on and lost an action in the process , which curved his main goal To land on blue and green panels into shooting straight for the finish only taking alternative routes after choosing to land on green or blue panels, this method seem to work more efficiently when the move rates wereRead MoreSuperstitions : Superstition And Superstition1689 Words   |  7 Pagesworld that people hear about, but what exactly makes a superstition? Is there a definition known throughout for One source says that they are â€Å"a belief or an action that is inconsistent with science and needs to be aimed at bringing good luck or avoiding bad luck† (â€Å"Superstitions: Why You Believe†). Superstitions themselves can range from any small action that someone does to help their chances. Whether it is a lucky pair of socks or avoiding walking underneath a ladder, these little quirks peopleRead MoreThe Importance Of Success874 Words   |  4 PagesEver wondered about success, and how people can achieve success? Do people know ho w to develop a path towards success? Do people know what is the role of luck in success? Success is a result of effort, developing a path, and luck. Success is something that people need to provide energy of some sort like effort to become successful in his/her life. Mainly effort is related to success by improving skills, preparing for future opportunities, and becoming a professional. One of the best ways toRead MoreMovie Analysis : Candy Land1387 Words   |  6 PagesCandy Land is a fun imaginative game in which friend’s journey across a magical land out of candy in search of the missing king. Anyone, ages 3 and up, can join in the game and feel how it is to be a kid again. The rules are simple. Draw a card, move to the corresponding space, and hope you’re lucky enough to be the one to reach the end of the board and find the location of the candy king. There are many special cards included in the drawing pile that influence how far forward or backwards a playersRead MoreAristotle s Role Of Luck And Chance As Causes For Change1411 Words   |  6 Pageseach event is an important step in accomplishing this goal. Aristotle specifically investigates the role of luck and chance as causes of change. Although we commonly speak of luck or chance as being a cause, Aristotle purposefully refrains from including them in his explanation of causes. When giving an account of our observable world, I agree with Aristotle in that there is no place for luck and chance as causes of events, yet I believe they do have a role, namely in predicting future events. AristotleRead MoreMy Favorite Gemstone783 Words   |  4 PagesProjection, beauty, luck, magickal power, the Elements of both Air and Water. It is said that if someone born in October wears a gold ring with an Opal Gemstone in it on their right index finger then they will have good luck. I have always believed that my Opal necklace brought me good luck when ever I wore it. So I believe the reasons Ive been so drawn to the Opal is because of like I stated before its such a beautiful stone, but also because of it being associated with luck and the Moon, and IveRead MoreEssay about The Rocking Horse vs Lottery996 Words   |  4 Pageswhich a small New England town randomly draws one person’s name to be the winner of the lottery. This lucky person will neither win money nor a special prize; instead are stoned to death by the rest of the community. This story gives a different meaning to the event called a lottery. D.H. Lawrence proves many points by using the following themes: obsession for money, trying to win a mother’s love and affection, gaining no affection after achieving such luck, and death. The Rocking-Horse WinnerRead MoreYunnan Luck Air Case Study Essay1721 Words   |  7 Pages1. What are Yunnan Lucky Air’s best options? Luck Air had a great business model, and that was to follow the same model as Southwest Airlines in the United States. Because Luck Air is considered a domestic airline in China they operate on a small scale compared to major competitors and so it made economical sense to offer low-cost, high-efficiency to their customers. In 2007 Lucky Air was able to more than double the amount of passengers from the year before by using a low-cost tactic. HoweverRead MoreThe Joy Luck Club By Amy Tan1192 Words   |  5 Pages(H) The life of women has drastically changed throughout the ages. (CIS) The Joy Luck Club by Amy Tan portrays life in America and in China in the 1930’s for women. (GS1) When stories are true, there is more power behind them. (GS2) Novels need accuracy for the book to have feeling. (GS3) A rave-worthy novel needs truth to really draw the reader in. (thesis) Author Amy Tan accurately portrays life for Chinese women in the 1930’s and it enhances the power of th e novel because the stories have true

Study of Effectiveness of Pedometer free essay sample

According to Brenda L. Rooney et al, 68% of children reported at post-program that the pedometer made them more active and 49% enjoyed wearing the pedometer â€Å"very much. † Studies have shown that wearing a pedometer is a simple, effective way for people to become more aware of their daily activity level, and increase their physical activity (Rooney, 2003). Dena et al (2007) stated that, the use of a pedometer is associated with significant increases in physical activity and significant decreases in body mass index and blood pressure. According to Richardson (2008), pedometer-based walking programs result in a modest amount of weight loss. Longer programs lead to more weight loss than shorter programs. A 10,000 steps exercise prescription resulted in weight loss over 36 weeks in previously sedentary, overweight and obese adults. Adherence to the step goal had a marked effect on the outcome. (Schneider et al, 2006). The study by Sidman et al (2004) specifically compared alternative goals in an RCT. We will write a custom essay sample on Study of Effectiveness of Pedometer or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page In their intervention involving sedentary women aged 20 to 65 years, they found that although participants with low levels of baseline activity rarely reached their goal of 10 000 steps per day; they increased their steps as much as those asked to achieve a more modest goal.

Business Intelligence Analyze the Case of SunPower Ltd †Free Samples

Question: Discuss about the Business Intelligence of SunPower Ltd. Answer: Introduction In this case study we will analyze the case of SunPower ltd, the company is the highest producer of the worlds most efficient solar cells. These solar cells are known as photovoltaics. However with the advent of the technology it can be seen that the present position of the SunPower Company is in a lot of danger, as companies are coming up with better and advanced ways of making use of the new technology to bring new improvements in the field of solar power and solar cells (Guragai, et al., 2017). The companies are trying to improve the overall efficiency of these solar cells with the use of these technological changes and that might affect the overall position of the SunPower Company. Thus the CEO of the company is looking for ways by which they can keep their present position safe and can retain their present market share (Werner, 2017). For this, the company needs to make an effective use of the present business intelligence techniques by which they can solve their present issues and improve their overall operations. This will help in generation of more profit and will also help in improving the efficiency of the photovoltaic blubs that the company is producing (Bromwich Scapens, 2016). Business intelligence can be defined as technology that helps in effective analysis of large volume of data and makes it easy for the companies to deal with it. There are various BI tools that are there in the market and the companies can choose as per their own needs. It helps the managers to make informed decisions and also helps the employees to improve their overall efficiency (Trieu, 2017). The different types of BI tools are AD-hoc reporting and analysis, data visualization and data discovery and online analytical processing. These tools will help in effective management of the data that is churned by the company and the companies will be helped by it. The other uses of the business intelligence tools are that it helps in effective management of the logistics, it helps in reducing the errors that might occur due to manual intervention (Kew Stredwick, 2017). It also helps in the overall management of the various departments of the company. It can be seen that the companies will be benefited a lot this as a lot of time will be saved with the help of it. There are variety of software available in the market that can be customized as per the needs of the company, and there are a variety of vendors who sell these software. It is thus important for the companies to do the proper research before selecting the best software for the company (Alexander, 2016). Applying the use of it in case of the SunPower company we can analyze how it will help in solving the problems that the company might be facing (Visinescu, et al., 2017). Critical Analysis There are few issues that the company is facing and that are affecting its overall growth and development. Environmental issues The main aspect for the use of solar power to generate these solar cells is that is very eco-friendly and will be useful for the people, as it helps in reudicng the Co2 emission. But with the development of better alternatives and many renewable sources, the problem of CO2 emission is being solved at a faster rate. Thus the importance of the solar cells has reduced, as the renewable sources contribute to more than 13% of the energy needs of the world. The photo cells contribute to only 0.4% of the electricity of the world. Hence we see that the overall need for the solar cells has reduced (Venezia, 2017). Pricing- The overall cost of producing these solar cells was very high, and was mostly two-three times more than the cost of the electricity that they were producing. This was causing a lot of problem to the companies, as with the introduction of other sources that provided the equal or better electricity the companies were running into losses because of these solar cells. To solve the problem the system of the grid was introduced with the help of which households that had a huge amount of spare solar energy can transfer it to the grid and they can use it for generating electricity (Guragai, et al., 2017). Strict Competition- It can be seen that presently the company is facing stiff competition from other competitors like Sharp Solar-Cells, REC Group, First Solar, Suntech, and Citizens etc. These companies are bringing new changes in the present technology every now and then and are helping in the betterment of the solar cells and the use of the solar power. In this way, we see that they are effectively using the tools of the business intelligence that is helping them in the growth of their companies. The SunPower can take cues from its competitors and can involve the same in their operations to make effective progress (Hall Rapanotti, 2017). Now making an analysis of the overall case study we can say that the company can make use of the tools of BI for improving their overall performance. Knowledge-Based Systems- The Company can make use of the various knowledge-based system tools that can help the company in getting better knowledge about the various aspects of production and will be helpful to the managers of the company. The managers will get a clear idea of the changes that they might need in improving the system. The company can get knowledge about the various alternatives to the materials that are used in the cells like the silicon chips, ignors-wafers, cells, and modules etc. The BI tools will help the company in getting knowledge about these products and they can make effective use of the same (Charlton, et al., 2017). We see that there is a situation where the company wanted to commercialize the solar concentrator21 technology, but they needed to get proper information and consider various aspects before taking proper decisions. It was found that the PV alternative was lower and this new technology might not be suited for small distributed remote applications , hence the company needed for proper knowledge before taking their decisions and that can be solved with the help of the BI tools that might help in getting the required information. Knowledge sharing will help in generating better knowledge processes and knowledge practices. It will help in creating new knowledge among the different departments of the company and help in the flow of information. Internal BI Tools The Company can use various internal BI tools that can help them in data mining, data analytics, and management. These applications can be brought from any vendors in the market easily and can be customized as per the needs of the company. It will help SunPower in the management of their large amount of data. The company is one of the best in the business and it has a large amount of data to be taken care of, there are many problems that the management of the company faces in their day to day activity. That can be solved with the help of using the business intelligence tools. The companies can provide training to their employees to make effective use of the electricity and it can be very helpful in the future . Thus these tools will be helpful in the long run. Decision Support System It can be seen that when the companies are able to take the right decision at the right time then they are able to avoid a lot of situations that might lead to huge losses. In the given case we see that if the managers of the company are able to take an effective decision as and when needed they will be able to solve a lot of issues. For example- we saw that NASA asked the company to create certain cells that are specially customized for them, the company was able to successfully deliver the same but NASA asked for a reduction of the cost. But for that, it was required that the company must upscale its production and in that case, we see that it was important for the managers of the company to have detailed analysis and take an effective decision (Arnott, et al., 2017). Another example we see that when Honda approached the company to make such cells that might support their solar-powered cars, the managers wasted a lot of time in taking effective decisions wh ether they needed two shifts or one shift and they eventually found that they had no proper information to decide it. Hence with the help of the BI tools, this decision-making problem of the company will be solved. The managers will take effective decisions that will help them in saving a lot of costs and generating more revenues (Belton, 2017). Conclusion After the entire analysis, it can be said that if the companies are using this technique of business intelligence and using the tools accordingly then that will be very helpful in the long run. It will help in solving a lot of issues that the company is facing. The company will be able to manage a large amount of data in the future it will not face that much problem, the issues will be resolved. The company chooses the best tool that is suited to their needs and then can take the decision accordingly (Auken, 2016). Overall if the companies make use of these business intelligence tools they will gain. However there is the other side to it that choosing the best software that might be able to satisfy the needs of the company wont be so easy, a lot of research and analysis needs to be done. The companies might need to provide training to the employees to make them aware of the ways they can use these tools. So these are the few pros and cons of using these software tools by the SunPower Company. Recommendations The SunPower Company should try to implement these tools in their operations, they must take cues from their competitors and make proper analysis before choosing the best software that might be needed for the company. They must get the software customised as per their needs and then choose the best of the lot. In the long run, the company will be benefited . References Alexander, F., 2016. The Changing Face of Accountability. The Journal of Higher Education, 71(4), pp. 411-431. Arnott, D., Lizama, F. Song, Y., 2017. Patterns of business intelligence systems use in organizations. Decision Support Systems, Volume 97, pp. 58-68. Auken, S., 2016. Assessing the role of business faculty values and background in the recognition of an ethical dilemma. Journal of Education for Business, 91(4), pp. 211-218. Belton, P., 2017. Competitive Strategy: Creating and Sustaining Superior Performance. London: Macat International ltd. Bromwich, M. Scapens, R., 2016. Management Accounting Research: 25 years on. Management Accounting Research, Volume 31, pp. 1-9. Charlton, P., Ilott, D., Borgeaud, R. Drew, M., 2017. Risky business: An example of what training load data can add to shared decision making in determining acceptable risk. Journal of Science and Medicine in Sport, 20(6), pp. 526-527. Guragai, B., Hunt, N., Neri, M. Taylor, E., 2017. Accounting Information Systems and Ethics Research: Review, Synthesis, and the Future. Journal of Information Systems: Summer 2017, 31(2), pp. 65-81. Hall, J. Rapanotti, L., 2017. A design theory for software engineering. Information and Software Technology, Volume 87, pp. 46-61. Kew, J. Stredwick, J., 2017. Business Environment: Managing in a Strategic Context. second ed. London: Chartered Institute of Personnel and Development. Trieu, V., 2017. Getting value from Business Intelligence systems: A review and research agenda. Decision Support Systems, Volume 93, pp. 111-124. Venezia, I., 2017. Behavioral Finance: 'Where Do Investors'' Biases Come From?'. Singapore: WORLD SCIENTIFIC. Visinescu, L., Jones, M. Sidorova, A., 2017. Improving Decision Quality: The Role of Business Intelligence. Journal of Computer Information Systems, 57(1), pp. 58-66. Werner, M., 2017. Financial process mining - Accounting data structure dependent control flow inference. International Journal of Accounting Information Systems, Volume 25, pp. 57-80