BSBMGT608 Manage Continuous Improvement and Innovation

Answer:

Define the concept of Kaizen and its most notable feature.

Kaizen is defined as the type of continuous business process involving all the stakeholders and business processes (Salman and Broten 2017.). This worldwide accepted technology considers the working environments inside and outside the working business environment and aims to deliver the desired business objectives of the organization.

Describe all of the components of the Plan, Do, Act, Cycle.

Plan Do Act Cycle is defined as the management method which involves the planning phase, small changes of the project are considered in the do phase (McGowan and Reid 2018). The act phase involves the adjustments and corrective actions which are needed for the completion of the project.

What is the purpose of supply chain analysis?

The different steps of a business process are managed with the help of the supply chain analysis evaluation process (Christopher 2016.). Every minute aspects of the projects such as the raw materials used, resources, deadlines, customer satisfaction all are considered in this evaluation analysis.

What is cost-benefit analysis and what is it best used for?

The effectiveness of the investments of a projection is identified with the help of the cost benefit analysis procedure.

Discuss the concept of a learning organisation in a paragraph or two.

Learning organization is defined as the methodology which is essential for every business organisation to enhance its growth and productivity. The key features of a learning organisation are knowledge generation and sharing, continuous learning, systems thinking, learning culture and value of employees.

Why is the concept of shared vision an essential component of a learning organisation?  

Shared vision is an important aspect in every learning organization to maintain the energy and focus of all the stakeholders associated with the projects (McNeil, Frey and Embrechts 2015). The shared vision is very much important for the learning organization to accomplish all the business objectives.

Discuss the concept of team learning in relation to a learning organisation.

Effective learning organization involves the concept of team learning as the growth and development of the organization is only possible if all the concerned persons can achieve the desired results as a whole.

What does Kotters 8-Step change model tell us about transformational change for businesses? Discuss your answer in a paragraph or two?

Kotters 8-Step change model is defined as the change management tool which is actively used in any business organizations which is going through an organizational change. The proposed changes can be successfully implemented (Sallis 2014). The different steps of the Kotters model such as the increased urgency, build guiding team, communication for buy in, empower action, short term goals, make change stick are very much required to successfully overcome the issues related to the transformational changes in a business organization. 

What is the diffusion of innovation theory and why might a manager implementing an innovation be particularly interested in this theory?

The diffusion of Every project manager implements the diffusion of innovation theory whenever they want to bring any new product in their market (Fredendall and Hill 2016). The rate of diffusion is very important is very important as the market conditions keeps on changing with time.

What is Total Quality Management?   

The total quality management is defined as the management approach which is needed in a long term plan of every business organisation (Ghosh and Shah 2015). Products and services of a business organization can be successfully measured with the help of the total quality management. Work culture of a business organization can also be significantly used with the help of total quality management.

What is the purpose of the ISO 9000 Standards for Quality Management and what standards are included?

The purpose of the ISO 9000 Standards for Quality Management is to enhance the effectiveness of the working organization. The products and services of a business organization can be significantly improved with the help of this international standard of quality management (Delzenne and Mulli 2018). The standards focus on customer focus, leadership qualities, engagement of people, improvement, process approach, relationship management, business decisions. 

Provide a short definition of risk as identified in the Australia/New Zealand Standard for Risk Management (AS/NZS ISO 31000:2009).

Risk is defined as the effective of uncertainty on objectives as per the Australia/New Zealand Standard for Risk Management.

Briefly define risk management?

Risk management is defined as the type of management which is required for the identification, prioritization and evaluation of the probable risks associated with a business organization.

List at least 5 benefits of risk management?

The different advantages of risk management are as followings:

• Improvement of resource deployment.
• Reduction of performance variability.
• Reduction of negative surprises.
• Increment of range of opportunities.
• Management of risk entity wide.

Identify three examples of potential impacts of risk?

The potential impacts of risk are as followings:

• Health and safety: Estimation of casualties.
• Sustainability: Estimation of potential damage.
• Time: Estimation of time as a resource in a project.

What are the steps for analysing risks?

The different steps for analysing the risks are as followings

• Establishment of the context of the project.
• Risk identification.
• Management of the potential risks.
• Estimation of the likelihood.
• Identification of the risk mitigation steps.
• Record the finds and plan the implementation of the risk assessments.

List three sources of information that you could use to gather information on potential risks. 

The information of the potentials risks can be gathered with the help of the Delphi technique, Monte Carlo analysis and decision tree

List and explain the five options for controlling risk 

 Identify and list five ways in which an organisation can minimise risk.

• The 5 ways by which risks can be minimized are as followings:
• Application of insurance schemes for all living and nonliving assets of a business organization.
• Application of the contractual clauses between all the stakeholders of a business organization.
• Management of the finance which are used in the project.
• Creation of separate and unique identities of each stakeholder of the project.
• Effective risk mitigation strategies which will be actually useful in the adverse weather conditions.

What are three examples of tools or techniques that could be used to identify risks as part of a risk assessment process?

Identification of the risks can be successfully achieved with the help of the brain storming process, root cause analysis and SWOT analysis.

 Discuss the difference between a supply chain and a value chain. Provide an example to illustrate your answer.

Table 1: Difference between a supply chain and a value chain

Created by the author

Reference

Christopher, M., 2016. Logistics & supply chain management. Pearson UK.

Delzenne, N.M. and Mullin, G.E., 2018. Benefits and risk management of functional foods in the context of chronic diseases.

Fredendall, L.D. and Hill, E., 2016. Basics of supply chain management. CRC Press.

Ghosh, D. and Shah, J., 2015. Supply chain analysis under green sensitive consumer demand and cost sharing contract. International Journal of Production Economics, 164, pp.319-329.

McGowan, M. and Reid, B., 2018. Using the Plan, Do, Study, Act cycle to enhance a patient feedback system for older adults. British Journal of Nursing, 27(16), pp.936-941.

McNeil, A.J., Frey, R. and Embrechts, P., 2015. Quantitative Risk Management: Concepts, Techniques and Tools-revised edition. Princeton university press.

Sallis, E., 2014. Total quality management in education. Routledge.

Salman, Y. and Broten, N., 2017. Leading Change. Macat Library.

Singh, J. and Singh, H., 2016. Evaluation of Kaizen Technique Across Manufacturing Unit--A Case Study. Productivity, 57(1).