Field Report economic performance

1. Modern manufacturing

Production process is categorized into three main parts. First is the input stage (Land, machinery, raw materials and labor), then the transformation process and eventually the Output stages of the finished services or goods. A firm has to buy all the necessary inputs and transform these inputs into finished products which it wants to sell for example a manufacturer of football jerseys has to buy the raw materials i.e. the fabric . Then design them or pay someone to do so. It also involves investing in building machinery and having sufficient workforce who will work to transforming the raw materials into finished products.

Modern manufacturing process which the company uses is the intermediate processing required for integration and production of the components of products. Anointer term for this new manufacturing process is manufacturing is fabrication commonly used by manufacturers in steel and semiconductors. Inventory levels gives the mathematical ratios, rules and formulas to determine the rate of turn over in work process , raw material and wholesalers, takt time is the longest time is the longest duration to be spend in a given unit.

2. modern manufacturing processes are introduced to this company due to the manufacturing company to improve efficiency in the general manufacturing process. This modern technology improves the costs for the general good of the production process. Modern comptrollership is a management practice which can be incorporated into the manufacturing process. This involves the use of computer to evaluate every department in the manufacturing systems. It is advantageous because managers can keep track of both non financial and financial information, it also promotes a shared set   of ethics and values within the corporation.

3. Process problem documentation

The problem faced in this manufacturing company,   is based on money, machinery problems and enough manpower. The problems can be fixed with the availability of sufficient funds and the skills employed by the management to solve the problems. To solve the problem of manpower in the manufacturing company it this is an integral and essential aspect. The company can look at providing good facilities, improving payment and motivation (Bloom and Van 2007).

4. Performance tracking

It is important for the company to have a performance tracking system. One example of this system is the MMEC which work on individual and team. It places out the specific needs required defining what the qualified performance is and it provides periodic information. KPI IS also an example of performance tracking system which provides data gathered from business activities and evaluated against the organizational goals.

5. Review of the KIP data. In the meeting members viewed the data provided by the performance system on the key factors on the planned data. The manager and executives were able point the arise in need of attention seen in the metrics provide by the KPI

5 Performance reviews are provided by the result found in the   KIP colors. It indicated that customer satisfaction low which is not the part of the overall goal of the organization. This is seen in the red light of the gadget (Bloom and Van 2007).

6. Performance dialogues those presents in the meeting were the marketers, supervisor and managers. The marketers ware called to be creative in developing   designs for satisfying the customers. There was also an overall need for the whole organization to learn to be courteous and to use the right language. The data provided by the gadget is however not enough to measure which department was to improve in ensuring customer satisfaction.

That is the production or the channels of distribution. The meeting was successful in discussing the areas in need of change right from the manufacturing of the product top the final sale of the product (Capron, 1999).7. Consequences; the management has to focus on the right strategy which will improve the general performance of the company. This includes weigh between the need of introducing team work to the current individual done by employee.

Establishing whether there is job satisfaction by managing human resources setting funds and providing financial resources in areas identified to be in need of improvement. When managers and employees attain the set goals, they will be able to perform at greater efficiency level and to enable the whole organization gain competitive advantage. Reposted incidences have been noted and the management is working to establish the problem by looking at the root cause. After identifying the problem, it has not been repeated.

8. Target balance: by the use of a balanced score card, the organization is able to mark its strategic objectives into the metrics of performance in four different perspectives. The are the internal processes, customers, the financial position of the company and growth and learning level these aspects give a positive feedback on strategic planning and on ways of making any adjustments. The financial goal of the organization is to increase it   profits and gain revenues and the non financial goal is gain competitive advantage.

Workers are given the morale to work not necessarily with monetary rewards so that they can increase product and ensure that they are driven by the goal to of making the company to be customer oriented (Capron, and Hulland, 1999). The goal of top manager’s team is to ensure that employees are provided with a safe and friendly working environment and also to established way of improving employee loyalty.

9. Target interconnection involves the presenting of the goal the company is aiming at. This is through ensuring that the employees are motivated to the work they do so that they will be able to improve on their individual performance level.

10. Target time and horizontal time scale involves establishing strategic goals of the organization. These strategic goals are both long term and short term goals which show that the manufacturing companies is forecasting on its future growth and developing. Short term goals are set in order to fulfill the long term goals because the attainments of short term goals gives the managers and the supervisors as well as employees with the morale of fulfilling the long terms objectives of the company(Bloom and Van 2007).

11. Performance clarity is ensuring that the targets of the company are well set and known to all members. The target of the company is to attain an increase of a certain amount of revenues after a specified time, for examples many organizations in Germany measure the general performance of the organization this involves examining how the performance of employees when they work on individual in comparison to with team work and also the ability of the employees to achieve their threshold market (Bloom and Van 2007).

13. Managing human capital the managers of this organization are working on ways of retaining talent and developing talent. They also ensure that company maintains its   good public image in order to attract talent. Senior managers however are not provided with any rewards for bringing in talented people to work in the company. The talented people who I work with in my team are committed and creative and highly creative. They have the ability to quickly think of the right solution at the time when everyone   is stranded.

14 Rewarding high performances are through the use of an appraisal system which is not necessarily based on monetary aspects. This include providing encourage and congratulating those who have down well. A bonus system is one which one attained certain points for good work which can be later transformed into money or a material gift. There are non financial awards for top managers like being  provided with   valuable goods or awards like those of Grammy festival acknowledging their hard work.

 Reference:

Bloom and Van R (2007) Measuring and explaining management practice across firms and countries. Retrieved from

http://www.mitpressjournals.org/doi/pdfplus/10.1162/qjec

On March 4, 2011

Capron, L. (1999) the long-term performance of horizontal acquisitions, Strategic Management Journal, 987-1018.

Capron, L. and Hulland, J. (1999) Redeployment of brands, sales forces, and general marketing expertise following Horizontal   acquisitions: a resource-based view, Journal   of   Marketing, 63   (April):  41-54.

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