...Stakeholders and the Quality Management Process Quality management considers, from a management perspective, all of the functions an organization must succeed in to achieve customer satisfaction. Identifying individuals who are important to implementing the quality management process is essential to an organization. Stakeholders are individuals who have a vested interested in an organization are vital to the quality management process. Understanding who stakeholders are is fundamental in discerning what their role is in the quality management process. The Kenya Seed Company and Ford Motor Company are both organizations that provide good examples of stakeholder’s roles in the implementation of the quality management process. Stakeholders and Implementation of Quality Management There are many different types of stakeholders within an organization such as owners, employees, clients, and vendors. Owners and employee stakeholders of an organization have an instrumental role in implementing the quality management process because these individuals have a direct line to customers and have the ability to continuously improve efforts and increase resources when necessary to ensure customer satisfaction is obtained. This set of stakeholders can assess current organizational culture, customer satisfaction, identify core values, and communicate these assessments to create a strategic plan that will result in the identification and prioritization of what customers’ demands are in order...
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...Accounting Name: Institution: Accounting Question 1: Outsourcing Incremental cost to buy 75,000 components ($ 207*75,000) = $15,525,000 Incremental manufacturing savings if bought: Direct materials (75,000 x $100.80) $7,560,000 Direct labor (75,000 x 10/60 hrs) $12,500 Fixed Overhead $234,000 Variable overhead $345,000 Depreciation $32,420 Total Incremental savings = $8,183,920 Incremental cost of buying components = ($7,341,080) Cans inc. should continue to produce the components in-house . This is because there is an additional cost of $7,341,080 if cans inc. buys the components. Cans inc should consider that Increases in costs are bad choices in decision making because the cost must be passed on to the customer or absorbed by it as lower profits. Question 2: special order The fixed overhead costs are unavoidable Therefore, Variable cost = $9.20 + $4.00 + $3.80 = $17.00 per unit Incremental revenue from special order (2,000 x $21) $42,000 Incremental cost to fill special order (2,000 x $17) (34,000) Incremental income from accepting special order $ 8,000 Sports R should accept the special offer because there is an Incremental income of $ 8,000 from...
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...The Role of Stakeholders in Implementing a Quality Management Process The Role of Stakeholders in Implementing a Quality Management Process Stakeholders are valuable assets in growing wealth within an organization. Understanding the power and influence that stakeholders may exert is important when conceptualizing the quality management process. The implementation of a quality management process requires developing a quality-based culture that emphasizes stakeholder involvement and teamwork. The traditional internal process orientation failed to identify stakeholder needs and expectations. Knowledge and management of stakeholder relationships enhance operational competitive advantage (Foster & Jonker, 2009, p. 5-6). Understanding these relationships assist management in defining the applicable quality standards and procedures to attain its objectives. Identifiable in two groups, stakeholders have interest, rights, or ownership in an organization and its activities. Managing stakeholders and addressing their needs is important to successfully implementing a quality management process. The role of stakeholders in implementing a quality management process varies and is dependent on the degree of ownership in their control. Project management and senior leadership of organizations should understand that stakeholders require integration into their business model to add value as a self-regulating mechanism. Project management implementing a quality management process must...
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...Pressespiegel Gesellschaftlicher Kontext wirtschaftlichen Handelns – Unternehmenserfolg durch Stakeholder Management Gabriel Kanatschnig 0651357 Wintersemester 2008/2009 Inhaltsverzeichnis 1 Post schließt 300 Filialen ...................................................................................................................... 1 2 Autobauer verschweigen Anlegern Geschäftsrisiken........................................................................... 2 3 Schlager gegen die Schweigespirale ..................................................................................................... 3 4 Medienkonzentration in Österreich ..................................................................................................... 4 5 Das besondere Verhältnis der OMV zur Politik .................................................................................... 6 6 Raiffeisen bleibt Vöest treu – Ausstieg ausgeschlossen....................................................................... 7 7 Facebook-Gründer kapituliert nach Protesten..................................................................................... 8 8 Coca Cola kauft sich in Venedig ein .................................................................................................... 10 9 Microsoft „Bester Arbeitgeber für Frauen“........................................................................................ 12 10 AUA-Debatte durch die Hintertür im Nationalrat ...................
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...release for a long time and marketing materials for the release date have been already deployed. If Best Game Productions proceeds to release the game according to the schedule, the game will be of lower quality and a disappointment to customers from quality. If Best game Productions fixes the bug and delays the release, it will not only disappoint its customers from anticipated release, but it also risks that its customers use holiday sales and purchase competitors’ products. This business scenario involves multiple internal and external stakeholders and as Post pointed out, in order to address varied and dynamic concerns of different stakeholders and eventually find the best solution for Best Game Productions, it is important for a consultant to consider all important stakeholders’ perspectives. First, let’s identify who are internal stakeholders and who are external stakeholders that a consultant needs to take into account. The internal stakeholders are the executive suite including CEO of the firm, and employees in various departments. Employees of all levels at Best Game Productions are involved in the business on a daily basis. Some employees like CEO and CFO involve in all aspects of Best Game Productions on a high level, whereas some employees such as game developers are involved in a subset of the organization. They all have...
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...BA 385 Final Case Exercise Part I. The Case. Read through the case called “The Hudson River Clean Up and GE” (Case # 25 in your textbook). Do not do any outside research; stick to the case as it is written up in your textbook. In the table below, identify twenty relevant stakeholders and their stakes. Be specific about what each stakeholder has to gain OR lose by the possible actions suggested in the case. You need only list one stake (describe it if you think it is not clear without a description). *Gain *Lose | |Stakeholders |Stakes | |Stakeholders |Stakes | |1. |Shareholders and Investors |Share value goes down due to huge |11. |Animals live in Hudson River |Better living environment | | | |expense in dredging plan | | | | |2. |Employees |Increased possibility of lay-off |12. |Suppliers and other business |Increased business opportunity | | | |due to huge expense in dredging | |involved in dredging plan | | | | |plan | | | ...
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...1) Yes, I believe that Project Share is altruistic in nature and serves the greater good of man and it is also a good business decision for the company. I have postulated some of my thoughts on the writings of Milton Friedman. While I have no objections to giving back to the community and doing social good, I do believe that a majority of the money, time and effort should come from employee contributions rather than corporate dollars used for funds, grants and scholarships. Companies should limit their direct involvement in these activities using just their brand and influence to raise public awareness to the cause, so long as it is consistent with the companies’ values and beliefs. I also believe it is the firm’s primary job is to focus on delivering the highest possible return of shareholder value. If a company cannot produce a profit, or sustain the shareholder’s appetite, then the possibility of promoting a Project Share cannot exist. Everything in the business revolution is predicated on returning value. I should clarify, that my statements above are based upon the fact the companies in discussion are publicly traded and not private entities. Private entities, which include partnerships, limited liability corporations and other non-traded companies with limited employees and owners who are the sole shareholders, can operate as the social responsibility doctrine as they see fit. 2) Milton Friedman’s, belief was that the one and only one social responsibility of a...
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...Q1 Using Pestel Analysis, identify what environmental factors are affecting big pharmaceutical companies strategically? Introduction Johnson and Scholes (2002) p10 define strategy as “the direction and scope of an organisation over the long term, which achieves advantage for the organisation through its configuration of resources within a changing environment and to fulfil stakeholder expectations.” The purpose of an environmental scan is to develop a list of diverse variables from an uncertain and complex world to offer actionable responses and in so doing allow a structured framework for defensive or offensive actions. The Pharmaceutical Industry environment is an ethical drugs industry aimed at providing beneficial products and services for human consumptions as well as chemical medicaments and biotechnology. The 21st century has brought about changes within the pharmaceutical industry. The pharmaceutical industry today is highly competitive non-assembled global industry. To define the non-assembled aspect of the industry is where manufactures components parts or materials are relied on for example glass, woodwork and chemicals. It was in the sixties and seventies that the pharmaceutical industry was to expand rapidly as it was a period referred to as the spending boom. Research and development (R and D) was also a major investment and trust which was provided for Universities and education institutions. Pencillin which was the major discovery in the pharmaceutical industry...
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...Oliver Planty Midterm Project BSAD 340 1/4/14 Over last summer we had to put an all new sewer system in the campsite I work at. It is a home town family owned and run campsite. The campsite is only open 3 months out of the year and it’s located on Tupper Lake. I’ve been working there for 9 years and it’s like my second home. We had no problem installing the new system it was the fact that the old one had to be replaced. The campsite had a self-maintain system which was over 50 years old. The state inspector came and told my boss Frank the sewer system was out of date. So he began to look into new systems, and you wouldn’t believe the price to install one. So he called the village water and sewer boss Bob and talked to him about the sewer problem. Now a new problem arose the town wouldn’t let my boss hook the campsite sewer up to the village sewer. My boss had a big problem with this because the village only would have to extend the sewer line 100 feet for him to hook up to it. By allowing my boss to do this it would have saved him about 80,000 in installation fees. My Boss even had a meeting with the village board to resolve the issue, but still no luck. They keep telling him that he needed to install a self-maintain system because the campsite wasn’t technicality located in the village, even though the village line ran through the campsite. To install one of these systems would have run him about $100,000 for the 150 site campsite. This is a huge investment for a small...
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...as the Chavon River is clean and large and can nvthe waste. You are the Director of Corporate Development in charge of spearheading the development of this new site. In addition, you are responsible for transitioning US employees to the new location and hiring local employees. You will need to decide which Cincinnati employees will go to the new Dominican Republic location or if the company should rely solely on local Dominican workers. Clean Power also plans to build a new school for local children to address overcrowding and the lack of basic necessities, technology, and space for the students. Clean Power desires to be a good corporate partner in this community, which has many dirt roads and undeveloped areas. Management knows that the initial capital outlay...
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...study, her parents had smuggled her into the United States from Mexico because the doctors of their country could not treat her illness (Burns, Bradley, & Weiner, 2012, p. 184). Additionally, Jesica's mother required a translator in order to give a press conference statement. The doctors could have addressed this linguistic and cultural barrier by ensuring that a Spanish-speaking medical advocate was being utilized to accurately describe Jesica's medical situation. Discussion Question 2: How would you organize the complex set of steps required in this transplant process to ensure that misunderstandings do not occur in hand-offs between professionals? In its discussion of communication networks, Shortell and Kaluzny's Healthcare Management: Organization Design and Behavior (ODB) describes several different organizations of communication networks (Burns et al., 2012, p. 181). One such network, known as the wheel, features a central coordinator who sends and receives information to and from various professionals. This strategy would be very effective to prevent miscommunications between different parties, and it would also allow for a centralization of information. Therefore, I would utilize a central transplant coordinator (or department) to ensure that misunderstandings do not occur. Discussion Question 3: If you were the Duke Medical Center CEO, what general communication strategy would you put in place to...
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...After Kraft announced takeover of Cadbury’s, it announced job losses. TWE do you agree that mergers and takeovers are not always in the best interests of their stakeholders (40) A stakeholder is a group or organisation/institution that has an interest in or is affected by the success of a business. Many stakeholders would argue that takeovers/mergers are not in their best interests because the new ownership will usually cut jobs to reduce costs. This is because the new ownership are likely to have their own HR department, operations, management etc, therefore roles such as middle managers will be regarded as surplus to requirements. Cutting jobs would be supported by shareholders such as shareholders/higher management but opposed by employees and the local community as the firm would not be fulfilling their social responsibility. After cutting jobs, the firm will then transfer production overseas as another method of cutting costs which will be supported by management and customers (since the firm may reduce prices), however it will be opposed by the local community because of the job losses and impact on the economy incurred. However if a firm decides not to transfer production overseas they may introduce more capital intensive labour and replace human workers as a method of reducing long term costs which will be favoured by customers and shareholders but opposed by employees. However whilst most takeovers will favour the cutomer, the firm taking ownership may rise prices to...
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...Answer: F Page: 4 4. The stakeholder theory of the firm argues that a firm’s sole purpose is to create value for its shareholders. Answer: F Page: 6 5. The instrumental argument for the stakeholder theory of the firm says that companies perform better if they consider the rights and concerns of multiple groups in society. Answer: T Page: 6 6. The normative argument for the stakeholder theory of the firm says that the stakeholder view is simply a more realistic description of how companies really work. Answer: F Page: 7 7. Nonmarket stakeholders are those that engage in economic transactions with the company as it carries out its primary purpose of providing society with goods and services. Answer: F Page: 8 8. Market stakeholders include nongovernmental organizations and the media. Answer: F Page: 8 9. Government can be considered both a market and nonmarket stakeholder. Answer: T Page: 10 10. The interests of different stakeholders often coincide. Answer: T Page: 14 11. Stakeholders involved with one part of a company often may have little or no involvement with another part of the company. Answer: T Page: 15 12. Some scholars have suggested that managers pay the most attention to stakeholders possessing the least salience. Answer: F Page: 16 13. Urgency refers to the extent to which a stakeholder’s actions are seen as proper or appropriate by the broader society. Answer: F Page: 16 14. A stakeholder map is a useful tool, because...
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...BP is facing in the aftermath of this disaster is a result of a lack of strong ethical guidance. Instead of doing the right thing, it appears that BP’s management has resorted to arguing the issue of liability in the court of public opinion. BP’s C.E.O., Tony Hayward, has recently said, “This was not our accident.” He has pointed to Transocean, the rig owner, and Halliburton, the company that constructed the concrete encasement that sealed the well, as the true culprits. While company lawyers would be negligent if they failed to advise BP to avoid accepting legal responsibility for the disaster, this does not mean that BP should publicly blame others. It appears that the company’s public relations and legal positions have become entangled with BP resorting to finger pointing as its chief strategy. Such actions should be reserved for the courtroom, not the media. People are expecting BP to express sorrow and regret for the disaster, not cast blame and divert attention from its own actions. Its reputation is suffering as a result. Modern business ethical theory and corporate responsibility emphasize the importance of taking stakeholder interests into account. Stakeholders are those parties that a company’s actions affect. In developing a public response to the gulf oil spill, BP had failed to properly place its stakeholders at the center of its strategy. Instead of being...
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...sagepub.com/journalsReprints.nav Permissions: http://www.sagepub.com/journalsPermissions.nav Citations: http://jmk.sagepub.com/content/29/4/392.refs.html Downloaded from jmk.sagepub.com by Celia McKoy on September 15, 2010 Market Responsiveness to Societal Interests Tracy L. Gonzalez-Padron1 and Robert W. Nason2 Journal of Macromarketing 29(4) 392-405 ª The Author(s) 2009 Reprints and permission: http://www. sagepub.com/journalsPermissions.nav DOI: 10.1177/0276146709344954 http://jmmk.sagepub.com Abstract The authors provide evidence that firms can enhance their own objectives by internalizing the objectives of most stakeholder groups. This suggests that society’s objectives, as defined by stakeholders to the firm, can be augmented by the self-interest motivation at the heart of a market system. Specifically examined was the impact of stakeholder responsiveness on innovativeness. The second objective of this study was to explore the impact of compliance-based versus strategic-based regulation approaches on firm innovation and overall corporate social responsibility (CSR). Findings suggest that regulatory responsiveness decreases innovation when firms expend resources only on compliance. Firms adopting strategic-based approaches, such as voluntary regulatory...
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