Far Eastern University Institute of Architecture and Fine Arts Module 3 PDF

Far Eastern University 1st Semester 2024-2025 Institute of Architecture and Fine Arts MODULE 3: (WEEK 11 TO WEEK 13) PRODUCTION AND OPERATIONS MANAGEMENT WEEK 11 MOD...

Far Eastern University 1st Semester 2024-2025 Institute of Architecture and Fine Arts MODULE 3: (WEEK 11 TO WEEK 13) PRODUCTION AND OPERATIONS MANAGEMENT WEEK 11 MODULE 3 Production and Operations Management 1.1. PRODUCTION VS. MANUFACTURING The very essence of any business is to cater needs of customer by providing services and goods, and in process create value for customers and solve their problems. Production and operations management talks about applying business organization and management concepts in creation of goods and services. PRODUCTION o Production is a scientific process which involves transformation of raw material (input) into desired product or service (output) by adding economic value. o The step-by-step conversion of one form of material into another form through chemical or mechanical process to create or enhance the utility of the product to the user. Figure 1. Schematic Production System MANUFACTURING o Manufacturing is the process of turning raw materials and components into tangible products using machinery, usually in volume. o Manufacturing aims to create as many products as the market will purchase at the lowest cost. This is only possible through the use of machines and automation. PRODUCTION VS. MANUFACTURING o The terms manufacturing and production are often used interchangeably. However, manufacturing is just one type of production. While manufacturing refers to the process of making products from raw materials with machinery, production is a broader term that can be applied to the creation of many different products and services using manual as well as automated processes. Key Differences While manufacturing results in physical, tangible products, the term production can apply to less-tangible outputs as well. These include the outputs of service businesses, such as stock market analysts, house cleaners, dentists and authors. TYPES OF MANUFACTURING 1. MAKE-TO-STOCK (MTS) o Make to stock (MTS) is a widely used manufacturing strategy in which the manufacturer determines how much of a product to make based on demand forecasts. Products are then stored as inventory by the company or at the distributor or retailer until 1  Far Eastern University 1st Semester 2024-2025 Institute of Architecture and Fine Arts they are sold. 2. MAKE-TO-ORDER (MTO) o A manufacturer makes goods only after it receives an order for them. This means the company doesn’t risk creating unsold products and can customize products to customer specifications. 3. MAKE-TO-ASSEMBLE (MTA) o Sometimes called assemble-to-order, the make-to-assemble (MTA) method is a combination of MTS and MTO. The manufacturer builds an inventory of components in advance of receiving customer orders but only assembles them into products based on orders it receives. IMPROVING MANUFACTURING Whilst not necessarily a comprehensive list, the following areas could all result in– or at least help in identifying the potential for – improving manufacturing productivity. o Assess where you currently stand o Train and incentivize staff o Know the product(s) being produced o Organize your materials and parts o Use suitable handling equipment / totes o Maximize the use of space o Troubleshoot and maintain machines o Cut down on wastage o Reduce downtime o Remember to be realistic o Prepare for the unexpected QUALITY MANUFACTURING o Quality manufacturing encompasses the adherence to predefined specifications, standards, and best practices throughout the production process. It aims to consistently deliver products that meet or exceed customer expectations, minimize defects, and maximize customer satisfaction. o While no definition is perfect, the quality industry has several that cover a wide range of applications. Among the most important is fitness for use. This breaks down into five key criteria:  The quality of the product design  The conformance of production to that design  Product availability  Product safety risks  Customer perception of the product By evaluating these criteria, organizations can gauge the quality of their product and identify potential areas where quality can be improved. o According to the manufacturing-based definition of quality, the primary concern is the degree to which a product conforms to its standards. Under the definition manufactured goods tend to fall under, this comes down to the evaluation of individual units or batches of products to ensure they meet quality criteria. o There are many different quality criteria that can be evaluated. Size tolerances, weight, and strength, these physical parameters can vary in importance between different types of products. In operations management, quality is defined in terms of customer satisfaction. This means that issues that might not really affect a product’s use, like the opacity of a water bottle, can still be important. 2  Far Eastern University 1st Semester 2024-2025 Institute of Architecture and Fine Arts 1.2 CALCULATING PRODUCTIVITY (APPLICATION IN CONSTRUCTION ACTIVITIES AND SERVICES) WHAT IS PRODUCTIVITY CALCULATION? o A productivity calculation measures the efficiency of how resources are used to produce an item or provide a service. It compares the number of resources used against the output in order to create an efficiency ratio. CONSTRUCTION PRODUCTIVITY Construction productivity is the ratio of output to input in construction projects. It measures how well resources like labor, materials, and equipment are used to produce a finished project within a specified time frame Two key metrics of labor productivity include: Effectiveness – how much work a unit of labor can accomplish in a certain construction process. Efficiency – the quantity of work completed by a unit of labor in a given period of time. More than labor effectiveness, labor efficiency is used in the construction industry to calculate overall output with respect to the resources spent. Efficiency is generally used to measure and monitor performance How to Measure Construction Productivity Measuring construction productivity can be straightforward if you know the right methods. Here are some common ways to do it: Output per labor hour: This measures the amount of work completed per hour of labor. For example, if a team lays 500 bricks in 8 hours, the productivity is 62.5 bricks per hour. Cost-based productivity: This method assesses the output against the cost of resources used. For example, if a project costs P50,000 and produces 10 units, the cost per unit is P5,000. Time-based productivity: This looks at the amount of time taken to complete a project or task. For instance, completing a building in 6 months compared to an expected 8 months indicates higher productivity. Step-by-step process for measuring: 1. Define the output: Identify what constitutes the output (e.g., square meters of concrete poured). 2. Record input data: Track the resources used, such as labor hours, materials, and equipment. 3. Calculate productivity: Use the relevant formula, such as output divided by labor hours. 4. Analyze results: Compare the productivity rates against benchmarks or previous projects to identify areas for improvement. FACTORS AFFECTING CONSTRUCTION PRODUCTIVITY Factors may differ depending on the country, association and even project type but typically they fall into the following categories: 1. People’s skills (education, experience, leadership, discipline, communication, legacy data from previous projects) 1. Job satisfaction (motivation, salary, perks, contract changes, conflicts, recognition, promotion) 2. Working conditions (noise, shift duration, security check, weather, hazardous work area, construction risks 3. Project characteristics (job size, complexity, location, materials, requirements) 4. Client requirements (changes in project scope, client communication, approval processes) 5. Project organization (site accessibility, logistics, supply chain, security check, commute) 6. Safety measures (compliance with safety regulations, safety training, PPE availability) 7. Equipment (equipment condition and maintenance, tool shortage, quality of materials, new technology) 8. External factors (governmental policies, contractor change, economical cycle, stop-starts during holidays, shortage of resources, seasonal changes) 9. Community impact (local community relations, noise ordinances, working hour restrictions 3  Far Eastern University 1st Semester 2024-2025 Institute of Architecture and Fine Arts 10. Technology adoption (use of advanced software, automation, BIM, drones) HOW TO IMPROVE CONSTRUCTION PRODUCTIVITY 1. Take Care of Project Planning This includes detailed project schedules, resource allocation, and risk management. It wouldn’t be breaking news that projects that are started without comprehensive planning are more likely to encounter delays, cost overruns, and resource shortages. So during the pre-start stage, make sure you give these things proper consideration:  Timeline creation  Milestones and deadlines  Resource allocation (labor, equipment)  Risk management 2. Adopt Technology In addition to maintaining high-quality equipment and tools, make sure your field crews can take advantage of professional construction field productivity software that helps manage projects better. It can be used as a platform for field data collection, workflow automation, drawing review, accounting, bidding, time tracking, safety management, planning, equipment management, and more. Important, make sure people can use them remotely using mobile devices, and can perform basic actions, for example checklists filling, in the offline mode. Many jobsites have an unstable internet access, so being able to fill in the form when the connection is suddenly lost is important for productivity. 3. Optimize Workforce Management Optimizing workforce management is key to construction productivity improvement, and it includes many aspects. Since construction projects have a cyclical nature, when the project is in progress, people may need to work shifts without days off or holidays. When there’s a delay or gap between several projects, people expect a cutback in work hours and eventually in payments. When such cutbacks happen on a regular basis, the employee turnover is high. And retaining a skilled workforce, especially managers and supervisors, is what ensures performance in the first place. To keep employees loyal to your company, establish a site bonus system that will serve as a back up during project delays. Educate people on what financial incentives they get through all cycles of the project. And when everything goes perfect, and your crew meets a goal, offer extra rewards like a free meal at a local restaurant or tickets to a game or cinema, to make people feel appreciated and eager to do more quality work. 4. Establish Clear Communication Knowing how to collaborate in the construction industry is a great skill for any supervisor. Project owners should also be able to communicate progress to managers, and managers need to design clear guidelines to contractors and field crews. 4  Far Eastern University 1st Semester 2024-2025 Institute of Architecture and Fine Arts With properly designed construction workflows, every stakeholder knows what tasks they are responsible for, and managers have complete project visibility and accountability even when in-person meetings aren’t available. Any issue happening on the site (safety accident, insufficient materials, low-quality components, change to a planned production) is reported in real time through quality inspections, safety reports, checklists, etc. This way, problems can be addressed soon after detection, minimizing delays and avoiding rework. 5. Provide Proper Training Raise awareness of the career opportunities available within the organization, and make training available and easily accessible. Use tools (like Fluix) for construction process automation, making the training process comfortable for both organizations and participants, replacing paper with digital reports, automating scoring, and simplifying training manuals sharing. And when a person steps into a new position, use on boarding checklists to introduce new hires to the company, explain their responsibilities, show the site around and facilitate getting started on a new position. When people see that the company wants to assist their work and even non-work issues, they’re more motivated to push forward. 6. Schedule Access to Limited Equipment Construction projects typically involve several teams of differently skilled workers to work at the same time. When doing so, they may need simultaneous access to the same tools or can work at the same premise. To avoid mess and frustration in the workforce, plan your production and create schedules for different teams. If needed, prepare an extra set of tools, which you know will be required by most crews. 7. Mitigate Weather-Related Risks Weather is uncontrollable, and can cause you trouble, especially when you plan your project months in advance. But it can be mitigated with proper planning and contract clauses. By understanding contractual obligations and including clauses that provide relief during extreme weather, you can proactively address potential weather-related risks. By leveraging technology like weather apps you receive real-time weather information. When adverse weather conditions are anticipated, reschedule work, adjust tasks, or even temporarily suspend activities. This way you’ll ensure construction workers’ safety and minimize labor downtime. 8. Set Realistic Goals and Offer Recognition Unrealistic project deadlines can lead to stress, mistakes, and reduced morale among your people, impacting overall productivity in a bad way. To ensure realistic timelines, evaluate available resources, such as workforce size, expertise, and material availability. Regularly review and adjust project schedules based on resource assessments. And create a positive work environment and increase job satisfaction, show people you see their effort. And recognized employees tend to be more efficient and committed, leading to higher work quality and lower turnover rates. 5  Far Eastern University 1st Semester 2024-2025 Institute of Architecture and Fine Arts Think of specific and meaningful ways to emphasize and honor individual or team achievements. Incentive programs like bonuses or promotions are always a good way to start. 9. Have a Plan B You can’t change external factors like weather but can mitigate their influence with proper planning. Site accessibility in heavy weather, rain, humidity, heat, noise, equipment resistance – you need to research each aspect that may cause delays, analyze risks and come up with a Plan B and C. Make a list of processes crucial to project performance (resources, logistics, supply chain, procurement, quality control, finances etc.) and plan how you can fix disruptions in each if needed. Use construction software to design integrated workflows so that all the parties (managers, contractors, engineers, electricians, builders, owners) stay updated on the project progress or its absence. HOW DO YOU CALCULATE LABOR PRODUCTIVITY IN CONSTRUCTION? Labor productivity measures economic output for a given amount of labor. Growth in labor productivity is measured by the change in economic output per unit of time over a defined period. Labor productivity is also known as workforce productivity. Labor productivity should not be confused with employee productivity which is a measure of an individual worker's output. Productivity: Productivity is a measure of the output vs. the input. Labour Productivity in Construction: Labour productivity is the ratio of the work done to the number of labours deployed for the job. The labour productivity measurement is for a day, a week or a month. It is an indication of the efficiency of the workers. The estimation of labour productivity also helps in labour planning. PRODUCTIVITY = total output/total input (labor, materials, equipment, etc.) The simplest way for calculating labour productivity is to divide the output by the input. The output is the job done by the labour, such as shuttering; rebar cutting-bending work, concrete pouring work, etc. The following image shows the labour productivity equation – 6  Far Eastern University 1st Semester 2024-2025 Institute of Architecture and Fine Arts The labour productivity calculated by the above formula is for the complete job. However, the daily, weekly and monthly productivity can also be calculated by modifying the labour productivity formula accordingly. The following image shows the labour productivity equation for daily and monthly labour productivity. 7  Far Eastern University 1st Semester 2024-2025 Institute of Architecture and Fine Arts PRODUCTIVITY CALCULATIONS FOR DIFFERENT CONSTRUCTION WORKS 8  Far Eastern University 1st Semester 2024-2025 Institute of Architecture and Fine Arts WEEK 12 MODULE 3 Production and Operation Management 1.3 CRISIS MANAGEMENT AND CONTINGENCY PLANNING DEFINITION o Crisis management is the application of strategies designed to help an organization deal with a sudden and significant negative event, while maintaining business continuity. It involves implementing policies and procedures to defend, mitigate and prevent a crisis. o Crisis management is an organization’s process and strategy-based approach for identifying and responding to a critical event. A critical event can be defined as any threat, unanticipated incident, or negative disruption with the potential to impact an organization’s people, property, or business processes. Being prepared to respond to and recover from a critical event requires a sophisticated crisis management plan. TYPES OF CRISES 1. Natural disasters. Events like earthquakes, hurricanes, floods, and wildfires can cause significant damage to infrastructure, disrupt business operations, and pose a threat to employee safety. Having a crisis management plan in place is crucial to mitigate these risks. 2. Technological failures. This includes IT system outages, data breaches, and cybersecurity attacks. As organizations increasingly rely on technology, the risk of technological failures grows, making it essential to have robust cybersecurity measures and a crisis management strategy. 3. Financial crises. Sudden and unexpected financial losses, such as market crashes, economic downturns, or fraudulent 9  Far Eastern University 1st Semester 2024-2025 Institute of Architecture and Fine Arts activities, can threaten an organization’s solvency and overall financial health. Effective crisis management plans help in navigating these challenges. 4. Public health crises. Public health crises, such as pandemics and disease outbreaks, can have far-reaching consequences for businesses. These crises often require organizations to implement measures such as pandemic plans, remote work policies, employee safety protocols and communication plans to ensure the health and well- being of their workforce, while maintaining essential operations. 5. Regulatory changes. Unexpected changes in laws or regulations can disrupt operations and require swift adaptation. Organizations need to be prepared to respond to these changes while maintaining compliance. 6. Criminal activities. This includes acts of terrorism, extortion, espionage, or other criminal behaviors directed at the organization. Protecting against such threats requires comprehensive security measures and crisis management protocols. 7. Reputation crises. Reputation crises occur for various reasons, such as product recalls, ethical scandals or negative media coverage. These crises can severely damage an organization's brand image and customer trust. Crisis management in the realm of reputation involves providing swift and transparent communication, addressing the root causes of the crisis, implementing measures to rebuild trust and credibility, and establishing risk management. FIVE STAGES OF CRISIS MANAGEMENT 1. Prevent. Identify potential threats and vulnerabilities. Implement measures to prevent crises from occurring. 2. Prepare. Develop a crisis management strategy and plan. Train the crisis management team and conduct regular drills. 3. Identify. Quickly recognize when a critical event is unfolding. Activate the crisis management plan. 4. Respond. Execute the crisis management plan. Communicate effectively with stakeholders and manage the response efforts. 5. Recover. Restore normal operations. Conduct a post-crisis evaluation to learn from the experience and improve future responses. Prevention Recovery Preparation Response Identification Figure 2. Five Stages of Crisis Management DEFINITION o Contingency planning is a management process that analyses disaster risks and establishes arrangements in advance to enable timely, effective and appropriate responses. o Contingency planning results in organized and coordinated courses of action with clearly identified institutional roles and resources, information processes and operational arrangements for specific actors at times of need. Based on scenarios of possible emergency conditions or hazardous events, it allows key actors to envision, anticipate and solve problems that can arise during disasters. HOW TO CREATE A CONTINGENCY PLAN? 1. Make a list of risks. Before you can resolve risks, you first need to identify them. Start by making a list of all the risks that might impact your company. 2. Weigh risk based on severity and likelihood. Evaluate each risk based on two metrics: the severity of the impact if the risk were to happen and the likelihood of the risk occurring. During the risk assessment phase, assign each risk to severity 10  Far Eastern University 1st Semester 2024-2025 Institute of Architecture and Fine Arts and likelihood. 3. Identify important risks. Once you’ve assigned severity and likelihood to each risk, it’s up to you and your stakeholders to decide which risks are most important to address. 4. Conduct a Business Impact Analysis. A business impact analysis (BIA) is a deep dive into your operations to identify exactly which systems keep your operations ticking. A BIA will help you predict what impact a specific risk could have on your business and, in turn, the response you and your team should take if that risk were to occur. 5. Create contingency plans for the biggest risks. Your contingency plan should include information about:  The triggers that will set this plan into motion  The immediate response  Who should be involved and informed?  Key responsibilities  The timeline of your response (i.e. immediate things to do vs. longer-term things to do) 6. Get approval for contingency plans. Make sure relevant company leaders know about the plan and agree with your course of action. This is especially relevant if you’re creating team- or department-level plans. By creating a contingency plan, you’re empowering your team to respond quickly to a risk, but you want to make sure that course of action is the right one. Plus, pre-approval will allow you to set the plan in motion with confidence— knowing you’re on the right track—and without having to ask for approvals beforehand. 7. Share your contingency plans. Once you’ve created your contingency plans, share them with the right people. Make sure everyone knows what you’ll do, so when the time comes, you can act as quickly and seamlessly as possible. Keep your contingency plans as a central source of truth so everyone can easily access them if necessary. 8. Monitor Contingency plans. Review your contingency plan frequently to make sure it’s still accurate. Consider new risks or new opportunities, like new hires or a changing business landscape. 9. Create new contingency plans (if necessary). It’s great if you’ve created contingency plans for all the risks you find, but make sure you’re constantly monitoring new risks. If you discover a new risk, and it has a high enough severity or likelihood, create a new contingency plan for that risk. Likewise, you may look back on your plans and realize that some of the scenarios you once worried about aren’t likely to happen or, if they do, they won’t impact your team as much. Figure 3. Example of a Contingency Plan based on severity and likelihood of risks 11  Far Eastern University 1st Semester 2024-2025 Institute of Architecture and Fine Arts Figure 4. Steps to include in your Contingency Plan KEY DIFFERENCE BETWEEN CRISIS MANAGEMENT AND CONTINGENCY PLANNING Contingency planning is a proactive approach that prepares organizations for potential emergencies by implementing pre-planned risk mitigation strategies. It involves identifying threats and crafting strategies in advance. Crisis management, on the other hand, is reactive, focusing on immediate response and damage control when a crisis occurs. While contingency planning sets the stage for effective handling of emergencies, crisis management involves real-time decision- making and project management during an actual crisis. Both are important for organizations and businesses to maintain their stability and resilience. WHAT IS RISK MANAGEMENT? Project risk management is the process of identifying, monitoring, and addressing project-level risks. Apply project risk management at the beginning of the project planning process to prepare for any risks that might come up. To do so, create a risk register to identify and monitor potential project risks. If a risk does happen, you can use your risk regi ster to proactively target that risk and resolve it as quickly as possible. A contingency plan is similar to a project risk management plan or a crisis management plan because it also helps you identify and resolve risks. However, a business contingency plan should cover risks that span multiple projects or even risks that could affect multiple departments. To create a contingency plan, identify and prepare for large, business-level risks. IMPORTANCE OF CRISIS AND RISK MANAGEMENT o Crisis management is essential because it helps you prepare for the unexpected and minimizes the impact of a crisis on your event. By having a plan in place, you can respond quickly and effectively to an emergency and ensure the safety and well- being of your attendees. A well-executed crisis management plan can also help to protect your brand reputation and minimize any financial losses. o Crisis management involves strategic planning and responses to unexpected events and threats and is one of best methods of preventing, mitigating and responding to a crisis. Crisis management's most important features include the following:  Protecting reputation and Stakeholders  Minimizing financial losses  Ensuring business continuity  Maintaining public trust 12  Far Eastern University 1st Semester 2024-2025 Institute of Architecture and Fine Arts WEEK 13 MODULE 3 Production and Operations Management 1.4 POLICY AND STRATEGY FORMULATION BUSINESS POLICY DEFINITION o A business policy is a formal statement that outlines the rules, regulations, and processes that guide the behavior and decision- making of employees within an organization. It establishes a framework for consistency, ensuring that everyone is on the same page when it comes to key aspects of the business. o Business Policy defines the scope or spheres within which decisions can be taken by the subordinates in an organization. It permits the lower-level management to deal with the problems and issues without consulting top level management every time for decisions. o Business policies are the guidelines developed by an organization to govern its actions. They define the limits within which decisions must be made. Business policy also deals with acquisition of resources with which organizational goals can be achieved. o Business policy is the study of the roles and responsibilities of top-level management, the significant issues affecting organizational success and the decisions affecting organization in long-run. o Business policies are essential for organizations of all sizes and industries. They provide a set of guidelines that help maintain order, promote ethical behavior, and ensure compliance with legal requirements. These policies cover a wide range of areas, including but not limited to:  human resources  finance  operations  marketing  information technology IMPORTANCE OF BUSINESS POLICY A policy for business is one of the key elements in a business's corporate culture. An organization’s policy for business sets the expectations surrounding company culture and working environment from the moment new staff members join the team and makes it clear that management takes any breaches of these policies seriously. This is particularly relevant to rules and policies relating to sexual harassment, holiday time, sick pay, and other matters that have a serious impact on a company's employees. A policy for business is in place not just to protect the company but also to protect its staff. 1. Protect the organization from legal liabilities. A policy for business guides staff members at every level of an organization when they make important decisions. An effective policy for business ensures that all decisions made in line with the policy are legally sound, and protects a business from potentially serious legal implications such as lawsuits. 2. Improves consistency across an organization. Senior management teams create a policy for business with a view to this policy informing the decisions of every member of an organization. This creates consistency across the business, whether senior, mid, or lower-level staff are making decisions. If a policy for business is unambiguous, it can lead to staff making the same decisions across a business, regardless of who is making them. 3. Empowers a business in disciplinary hearings. Without a clear and decisive policy for business in place, companies can struggle to correctly discipline or hold employees responsible when they breach company rules. If an organization’s policy for business clearly outlines a rule, it makes it easier to back up disciplinary decisions that managers make when an employee breaks a rule. If it's ever necessary to fire or suspend a member of staff for a breach of rules, it's essential to include that rule in the policy for business. 4. Boosts staff satisfaction. A good policy handbook can also contribute to employee satisfaction and engagement. Creating a positive work environment has a significant impact on staff satisfaction, which in turn affects productivity and performance. 13  Far Eastern University 1st Semester 2024-2025 Institute of Architecture and Fine Arts FEATURES OF A BUSINESS POLICY 1. Specific. Policy should be specific/definite. If it is uncertain, then the implementation will become difficult. 2. Clear. Policy must be unambiguous. It should avoid use of jargons and connotations. There should be no misunderstandings in following the policy. 3. Reliable/Uniform. Policy must be uniform enough so that it can be efficiently followed by the subordinates. 4. Appropriate. Policy should be appropriate to the present organizational goal. 5. Simple. A policy should be simple and easily understood by all in the organization. 6. Inclusive/Comprehensive. In order to have a wide scope, a policy must be comprehensive. 7. Flexible. Policy should be flexible in operation/application. This does not imply that a policy should be altered always, but it should be wide in scope so as to ensure that the line managers use them in repetitive/routine scenarios. 8. Stable. Policy should be stable else it will lead to indecisiveness and uncertainty in minds of those who look into it for guidance. WHAT DOES A BUSINESS POLICY COVERS? 1. Policies the law requires. Most companies require some policies that ensure their organization meets legal requirements. Matters that have serious legal implications for most organizations include health and safety and employment. 2. Policies to protect the company legally. There are also matters business policies cover that the law does not require, but which can also help to protect a company from lawsuits and mitigate risk in advance. These policies might cover a business's approach to equal opportunities, data protection rules, and anti-corruption regulations. The law requires that most businesses take some measures on each of these subjects; how an organization ’s policy for business chooses to address them can differ greatly. 3. Policies relating to business operations. A policy for business handbook can also include information relating to matters that do not necessarily pose any legal threat but could still affect a company's operations and brand. These rules outline how staff can deal with particular situations, and which actions are available to them under different circumstances. Some examples of rules like this are:  how a company handles the media  company policy relating to finances, including expenses  employment policies to follow when hiring new staff  dress code and uniforms  an organization’s use of external agents, including consultants  policy relating to the use of personal devices at work  IT And communications policy, particularly regarding data safety DIFFERENT TYPES OF BUSINESS POLICIES 1. Organizational or corporate policies. These policies set the tone for the entire organization and outline its values, mission, and vision. They provide a broad framework within which all other policies are created and implemented. 2. Operational policies. Operational policies focus on specific processes and procedures within the company. They provide guidelines on how different tasks should be executed to ensure efficiency and consistency. 3. Strategic policies. Strategic policies are concerned with long-term planning and decision-making. They outline the company’s overall strategy, objectives, and goals, and guide sales management in making strategic choices. 4. Contingency policies. Contingency policies are designed to deal with unexpected events or situations. They provide guidelines on how to handle crises, disruptions, or emergencies effectively. 5. Procedural policies. Procedural policies outline the step-by-step processes for accomplishing specific tasks or activities within the organization. They ensure consistency and clarity in the execution of various operations. 6. Functional or Departmental policies. Functional or departmental policies outline the specific guidelines and principles that apply to individual departments or functional areas within the organization. They address the unique challenges and requirements of each department. 14  Far Eastern University 1st Semester 2024-2025 Institute of Architecture and Fine Arts 7. Human Resources policies. Human resources policies cover a range of issues related to employees, such as recruitment, compensation, training, performance management, and employee benefits. They ensure fair and consistent treatment of employees. IMPLEMENTING BUSINESS POLICIES 1. Identify the need. The first step in implementing a business policy is to identify the specific need or problem it aims to address. This could be an issue related to operations, customer service, compliance, or any other area that requires clarity and consistency. 2. Define the policy’s purpose and scope. Once the need is identified, it is essential to define the purpose and scope of the policy. This involves clearly articulating the objectives and limitations of the policy to ensure it addresses the identified need effectively. 3. Research and consult. Before drafting a policy, it is crucial to conduct thorough research and consult with relevant stakeholders. This includes gathering information on best practices, legal requirements, and industry standards. Consulting with employees, managers, and subject matter experts can provide valuable insights and ensure buy- in from key stakeholders. 4. Draft the policy. Based on the research and consultation, it’s time to draft the policy. Clearly define the guidelines, procedures, and responsibilities outlined in the policy. Use clear and concise language to ensure complete understanding and avoid ambiguity. 5. Approve the policy. Once the policy is drafted, it should go through an approval process. This involves getting feedback from relevant stakeholders, making revisions if necessary, and obtaining final approval from appropriate authorities or management. 6. Communicate the policy. Once the policy is approved, it must be communicated effectively to all employees. Use multiple communication channels, such as meetings, email, and intranet, to ensure widespread awareness and understanding of the policy. Provide training and resources to support employees in implementing the policy correctly. 7. Implement the policy. With the policy communicated, it’s time to put it into action. Ensure that employees have the necessary tools and resources to comply with the policy. Monitor adherence regularly and address any challenges or questions that arise along the way. 8. Monitor and review. Implementing a policy is an ongoing process. Regularly monitor its effectiveness and assess whether it is achieving its intended goals. Collect feedback from employees and make necessary adjustments to keep the policy-relevant and up-to-date. 9. Document and update. Finally, it is crucial to document the policy and keep it easily accessible to all employees. Regularly review and update the policy to reflect any changes in the business environment, legal requirements, or organizational needs. BUSINESS STRATEGY DEFINITION o Business strategy is the strategic initiatives a company pursues to create value for the organization and its stakeholders and gain a competitive advantage in the market. This strategy is crucial to a company's success and is needed before any goods or services are produced or delivered. o In essence, a business strategy is an organizational master plan. This plan is what the management of a company develops and implements to achieve their strategic goals. Essentially, a business plan is a long-term sketch of the desired strategic destination for a company. LEVELS OF BUSINESS STRATEGY Effective strategic management consists of coordination and alignment across various levels of strategy to achieve the organization's long-term goals and competitive advantage. Business strategy can be categorized into different levels depending on its scope, focus, and the organizational hierarchy at which it functions. The three primary levels of business strategy are: 1. Corporate level strategy. Corporate level strategy is a long-range, action-oriented, integrated, and comprehensive plan, which is formulated by the top management of a company. It is very helpful to ascertain business lines, expansion, growth, takeovers and mergers, diversification, integration, and the latest fields for investment. 2. Business level strategy. The strategies that relate to a specific business are known as business-level strategies. It is developed by the general managers, who convert mission and vision into concrete, clear, and result-driven strategies. It acts like a blueprint for the total business. 15  Far Eastern University 1st Semester 2024-2025 Institute of Architecture and Fine Arts 3. Functional level strategy. Developed by the first-line managers or supervisors, the functional level strategy involves decision-making at the operational level concerning functional areas such as marketing, production, human resources, research and development, finance, and so on. Figure 5. Levels of Business Strategy IMPLEMENTING A SUCCESSFUL BUSINESS STRATEGY 1. Understand the targets. Clear target markets offer an organization the ability to create an integrated sales and marketing approach, where marketing enables sales productivity. Sales and marketing business plan gets executed more efficiently if the targets are fixed in a proper way. 2. Outline the tactics. A successful business strategy is made up of several various tactics, including both online and offline options. The goals, target audience, and industry factor into this decision. To be most effective, one must choose which methods are right for the business. Once the selection of tactics is done, list them in the plan and determine how they’ll help to reach the goals. 3. Think long term. In the scope of constant change, planning the horizons is usually shorter than it can be. However, only thinking quarter to quarter is a trap that may rob organizations of their ability to see around the bend. Best-in- class organizations create processes designed for a series of financial and non-financial metrics to treat strategy as an annual cycle rather than a one- time, static event. 4. Create a timeline. Creating a timeline that will define what tasks can be completed and when they can be completed. It is highly advisable to allocate extra time for unexpected events that may delay some of the goals. 5. Focus on growth. A thriving organization is a growing organization. It is only through growth that the firms can afford to invest in aspects such as technology, the best staff, and the latest tools. The business strategy should identify the segments where an organization will grow and in what proportion. 6. Have a budget plan. Creating a budget for the business strategy can inform the efforts by determining what can be done and cannot be. Choosing the most cost-effective options for the business ensures the success of the overall business strategy. 7. Make fact-based decisions. Making fact-based decisions will outline the values and ensure that the people who interact with the business are aware of them. It will also ease the message that reflects on the brand honestly so it can actively demonstrate the values outlined in the mission statement through the interactions with clients. 16  Far Eastern University 1st Semester 2024-2025 Institute of Architecture and Fine Arts 8. Invest in pre-work. It is better to conduct proper end-to-end research and prepare relevant information in advance of the business strategy meetings. The goals and needs will change over time. Ideally, it is important to revisit the business plan every annum to make adjustments as needed. Follow industry news and trends that can add to the existing strategy. 9. Execute well and measure results. Measuring the effectiveness of the business strategy will inform the current plan and future efforts. Always be sure to track and measure the business so these measurements are effective. Set up a corporate calendar to enhance the productive meetings, and also to form a performance management cycle. One should write the marketing plan with this growth in mind so they can measure it. The execution of strategic planning needs discipline, and it must be taken care of by the senior executives to promote processes that keep the team focused. KEY DIFFERENCE BETWEEN POLICY AND STRATEGY The term “policy” should not be considered as synonymous to the term “strategy”. The difference between policy and strategy can be summarized as follows:  Policy is a blueprint of the organizational activities which are repetitive/routine in nature. While strategy is concerned with those organizational decisions which have not been dealt/faced before in same form.  Policy formulation is responsibility of top-level management. While strategy formulation is basically done by middle level management.  Policy deals with routine/daily activities essential for effective and efficient running of an organization. While strategy deals with strategic decisions.  Policy is concerned with both thought and actions. While strategy is concerned mostly with action.  A policy is what is, or what is not done. While a strategy is the methodology used to achieve a target as prescribed by a policy. SWOT ANALYSIS SWOT (Strengths, Weaknesses, Opportunities, Threats) Analysis is a framework used to evaluate a company's competitive position and to develop strategic planning. It assesses internal and external factors, as well as current and future potentia l. A SWOT analysis is designed to facilitate a realistic, fact-based, data-driven look at the strengths and weaknesses of an organization, initiatives, or within its industry. STRENGTHS It refers to internal initiatives that are performing well. Strengths describe what an organization excels at and what separates it from the competition: a strong brand, loyal customer base, a strong balance sheet, unique technology, and so on. Questions to ask when looking for Strengths:  What do we do well? Or, even better: What do we do best?  What’s unique about our organization?  What does our target audience like about our organization?  Which categories or features beat out our competitors? WEAKNESSES Weaknesses stop an organization from performing at its optimum level. It refers to internal initiatives that are underperforming. They are areas where the business needs to improve to remain competitive: a weak brand, higher-than- average turnover, high levels of debt, an inadequate supply chain, or lack of capital. It is a good idea to analyze your strengths before your weaknesses in order to create a baseline for success and failure. Identifying internal weaknesses provides a starting point for improving those projects. Questions to ask when looking for Weaknesses:  Which initiatives are underperforming and why?  What can be improved?  What resources could improve our performance?  How do we rank against our competitors? OPPORTUNITIES Opportunities refer to favorable external factors that could give an organization a competitive advantage. It results from your existing strengths and weaknesses, along with any external initiatives that will put you in a stronger competitive position. 17  Far Eastern University 1st Semester 2024-2025 Institute of Architecture and Fine Arts Questions to ask when looking for Opportunities:  What resources can we use to improve weaknesses?  Are there market gaps in our services  What are our business goals for the year?  What do your competitors offer? THREATS Threats refer to factors that have the potential to harm an organization. Different from weaknesses, threats are external and out of your control. This can include anything from a global pandemic to a change in the competitive landscape. Questions to ask when looking for Threats:  What changes in the industry are cause for concern?  What new market trends are on the horizon?  Where are our competitors outperforming us? HOW TO DO A SWOT ANALYSIS? 1. Determine your Objective. With an objective in mind, a company will have guidance on what they hope to achieve at the end of the process. 2. Gather resources. A company should begin by understanding what information it has access to, what data limitations it faces, and how reliable its external data sources are. 3. Compile Ideas. The group of people assigned to performing the analysis should begin listing ideas within each category. 4. Refine Findings. By refining the thoughts that everyone had, a company can focus on only the best ideas or largest risks to the company. This stage may require substantial debate among analysis participants, including bringing in upper management to help rank priorities. 5. Develop the Strategy. Members of the analysis team take the bulleted list of items within each category and create a synthesized plan that provides guidance on the original objective. Figure 6. SWOT Analysis Example 18  Far Eastern University 1st Semester 2024-2025 Institute of Architecture and Fine Arts KEY TAKEAWAYS:  SWOT analysis is a strategic planning technique that provides assessment tools.  Identifying core strengths, weaknesses, opportunities, and threats leads to fact-based analysis, fresh perspectives, and new ideas.  A SWOT analysis pulls information from internal sources (strengths or weaknesses of the specific company) and external forces that may have uncontrollable impacts on decisions (opportunities and threats).  SWOT analysis works best when diverse groups or voices within an organization can provide realistic data points rather than prescribed messaging.  The findings of a SWOT analysis are often synthesized to support a single objective or decision that a company is facing. SCIENTIFIC PROBLEM SOLVING o Problem-solving in business is defined as implementing processes that reduce or remove obstacles that are preventing you or others from accomplishing operational and strategic business goals. o In business, a problem is a situation that creates a gap between the desired and actual outcomes. In addition, a true problem typically does not have an immediately obvious resolution. o To find effective solutions, you need to establish consistent problem-solving methods that help you evaluate, explore solutions, prioritize execution, measure success. IMPORTANCE OF PROBLEM-SOLVING IN BUSINESS Understanding the importance of problem-solving skills in the workplace will help you develop as a leader. Problem-solving skills will help you resolve critical issues and conflicts that you come across. It is a valued skill in the workplace because it allows you to:  Apply a standard problem-solving system to all challenges  Find the root causes of problems  Quickly deal with short-term business interruptions  Form plans to deal with long-term problems and improve the organization  See challenges as opportunities  Keep your cool during challenges STEPS TO TAKE ON PROBLEM-SOLVING 1. Define the problem. Ensure you’re solving the right problem by fully understanding its scope and root cause. 2. Conduct market research. Look for patterns in customer feedback to unearth specific pain points. 3. Conduct a SWOT analysis. Determine if this problem should take priority based on how it impacts your business. 4. Identify multiple solutions. Don’t limit yourself to one possible solution. Explore your options and choose what is most feasible for your business. 5. Seek team input. Have additional stakeholders vet your ideas and provide their own. 6. Leverage growth planning. Keep your plan simple and adaptable. Be ready to review and quickly pivot if initial solutions fail. 7. Use a decision framework. Use a strict and repeatable format to make decisions, set deadlines, and lay possible outcomes. 8. Model financial scenarios. Measure the possible financial impact based on multiple outcomes. 9. Monitor cash flow. Keep cash top of mind and avoid making immediate gains that negatively impact long-term business health. 10. Track key metrics. Select metrics that not only measure progress but signal when adjustments are needed. PROBLEM-SOLVING SKILLS 1. Emotional Intelligence. You need to avoid making assumptions and letting your emotions get the best of you, by focusing on empathizing with others. This involves understanding your own emotional state and reactions—while also listening carefully to your team. The better you listen and keep your emotions in check, the better you ’ll be at asking for and taking advice that leads to effective problem solving. 2. Research. Simply asking “What? Where? When? How?” can lead to more in-depth explorations of potential issues. The best thing you can do to grow your research abilities is to encourage and practice curiosity. Look at every problem as an opportunity. Something that may be trouble now, but is worth exploring and finding the right solution. You’ll pick up best practices, useful tools and fine-tune your own research process the more you’re willing to explore. 19  Far Eastern University 1st Semester 2024-2025 Institute of Architecture and Fine Arts 3. 4. Brainstorming. There needs to be a willingness to throw everything at the wall and act as if nothing is a bad idea at the start. This style of collaboration encourages participation without fear of rejection. It also helps outline potential solutions outside of your current scope, that you can refine and turn into realistic action. Work on breaking down problems and try to give everyone in the room a voice. The more input you allow, the greater potential for finding the best solution. 5. Decisiveness. Work on choosing decision-makers, identify necessary results, and be prepared to analyze and adjust if necessary. You don’t have to get it right every time, but taking action at the right time, even if it fails, is almost more vital than never taking a step. 6. Resilience. There are so many factors to consider and sometimes even the most well-thought-out solution doesn’t stick. Instead of being down on yourself or your team, separate yourself from the problem and continue to think of it as a puzzle worth solving. Every failure is a learning opportunity that only helps you further refine and eliminate issues in your strategy. DEFINITION OF GOAL o Business goals are a predetermined target that a business or individual plans to achieve in a set period of time. These goals are often split into short-term goals and long-term goals. Business goals can be general and high level, or they can focus on specific measurable actions. o Business goals describe where your company wants to end up and define your business strategy’s expected achievements. IMPORTANCE OF BUSINESS GOALS 1. Business goals help measure progress. Business goals provide the milestones that can help an organization measure its success or lack thereof. 2. Business goals set the direction of a company. Business goals allow all employees to have a clear idea of where the company wants to go and what it wants to be. 3. Business goals establish accountability. Business goals enable management to take ownership of its successes or failures. 4. Business goals improve decision-making. Business goals align the activities of the business so management can constantly evaluate decisions to ensure the business moves toward its target. ELEMENTS OF A BUSINESS GOAL 1. Specific. The business goal should be identified. 2. Measurable. There should be some metric -- such as a percentage -- to measure progress. 3. Achievable. There should be some expectation that the goal is achievable, even if it is a difficult task. 4. Realistic. A goal should be realistic to the company's operations and align with its business plan. 5. Time-bound. The goal should be achieved in a certain amount of time. TYPES OF BUSINESS GOALS 1. Financial goals. These goals are often specific financial targets a company wants to achieve to increase revenue or profitability. 2. Growth goals. This type of goal aims to expand or grow part of the business by a certain percentage. 3. Employee goals. Helping employees to achieve their own objectives in terms of career advancement, life-work balance or career advancement is an important category of business goals. 4. Process goals. Every organization has its own processes for various activities. Setting goals to improve those processes and workflows can help to optimize business efficiency. 5. Social goals. Social goals, such as promoting diversity or setting sustainability targets for environmental concerns, are an increasingly strategic and important category in the goal-setting process. Cutting greenhouse gas emissions by a certain percentage or reducing the organization's carbon footprint would fit in this category. 6. Time-based goals. Time-based goals include short-term, as well as long-term goals and objectives. Short-term goals can be completed in days, weeks or a few months, while long-term goals have a completion date of many months to years. 20  Far Eastern University 1st Semester 2024-2025 Institute of Architecture and Fine Arts Figure 7. Types of Business Goals KEY DIFFERENCE BETWEEN GOALS AND OBJECTIVES Business goals and business objectives are closely related, and the terms are sometimes used interchangeably. However, they are two different things. o Business goals represent the direction in which a company intends to go and define what the organization wants to achieve. A business objective specifies the methods and paths that can help a business achieve that goal. o Business objectives dictate how your company plans to achieve its goals and address the business ’s strengths, weaknesses, and opportunities. While your business goals may shift, your objectives won’t until there’s an organizational change. DEFINITION OF BUDGET o A budget refers to an estimation of revenue and expenses that's made for a specified future period of time. Budgeting usually occurs on an ongoing basis, with individual budgets being re-evaluated regularly. o A business budget is a company’s spending plan based on its income and expenses. One of the main objectives of a business budget is to identify the business’ available funds and estimate how much will be spent over a period of time. This allows the business to figure out what its revenue will be over that period of time. o Budgeting is the process of preparing and overseeing a financial document that estimates income and expenses for a period. For business owners, executives, and managers, budgeting is a key skill for ensuring organizations and teams have the resources to execute initiatives and reach goals. IMPORTANCE OF BUSINESS BUDGETING Business budgeting allows a business to prepare for emergencies. Whether those are unforeseen or likely risks, you can set aside funds as a contingency against unexpected expenses. Here are five reasons why budgeting is important in business. 1. Ensures Resource Availability. Budgeting’s primary function is to ensure an organization has enough resources to meet its goals. By planning financials in advance, you can determine which teams and initiatives require more resources and areas where you can cut back. 2. Help Set and Report on Internal Goals. Budgeting for an upcoming period isn’t just about allocating spend; it’s also about determining how much revenue is needed to reach company goals. Tracking progress, or lack thereof, allows you to align your team and plan for growth in the next period. 3. Helps Prioritize Projects. A byproduct of the budgeting process is that it requires prioritizing projects and initiatives. When prioritizing, consider the potential return on investment for each project, how each aligns with your company’s values, and the extent they could impact broader financial goals. 4. Leads to Financing Opportunities. Providing documents for previous periods with budgeted and actual spend can show your ability to handle a company’s finances, allocate funds, and pivot when appropriate. Some investors may ask for your current budget to see your predicted performance and priorities based on it. 5. Provides a Pivotable Plan. A budget is a financial roadmap for the upcoming period; if all goes according to plan, it shows how much should be earned and spent on specific items. A budget gives you a plan; maintaining an agile mindset enables you to pivot 21  Far Eastern University 1st Semester 2024-2025 Institute of Architecture and Fine Arts that plan and help lead your organization through turbulent times. TYPES OF BUSINESS BUDGETS 1. Master Budget. This is the budget that collects all the other budgets. It’s the complete financial picture of a business and shows where specific income and expenses fit in the overall business. These are common with larger businesses, but not unheard of for smaller ones that want to break down finances by departments or categories. 2. Operating Budget. This budget is the expenses and revenues related to the operations of a business. That is the funds used to run the business. This is where you deal with fixed and variable costs, revenue and whatever other expenses. It’s likely that this budget will include budgets for sales, production, direct materials and labor, overhead and administrative costs. 3. Cash Flow Budget. This type of budget is used to make insightful decisions about cash flow, identify any issues and stop the business from overspending. The cash flow budget helps a business ensure that they have enough cash coming in to cover what’s going out to avoid a negative cash flow. 4. Financial Budget. This budget is used to understand how much money is needed to meet long- and short-term goals. It includes factors such as assets, liabilities and equity from a business’s balance sheet. It’s a budget that gauges the health of a business and how stable it is and is often used when looking for funding or thinking about going public. 5. Labor Budget. A labor budget is used to figure out how many employees you need to achieve your business goals. It’s also used to pay those employees you have under your employ and plan payroll costs. If your business uses seasonal employees, then the labor budget will help with allocating expenses for that as well. 6. Static Budget. This budget is used to collect those sales and expenses that are predictable and don’t change over the course of the year. Some examples include software, contractor fees, warehouse rent, etc. Since these items aren’t impacted by sales volume or changes in the business, they can help you evaluate sales performance. CREATING A BUSINESS BUDGET 1. Estimate your revenue. Look at all your revenue sources and determine how much money you make monthly. Historical data that looks back at what you brought in the previous year will help to make a more accurate forecast of what you expect to make in the coming year. 2. Estimate fixed and variable costs. Gather your fixed and variable costs to better estimate what they’ll be in the coming year. Fixed costs are those that are constant and don’t often change, such as rent, debt payments, employee salaries, etc. Variable costs are those that do change, which can include hourly wages, raw materials, utility costs that fluctuate due to business activity, etc. 3. Estimate direct and indirect costs. Direct costs are those business expenses that come from a specific project, service, etc. While indirect costs, often referred to as overhead costs, are operating expenses that aren’t attributed to a single project, service, etc. Calculated indirect costs by multiplying the sponsor’s overhead rate by the direct cost base. Indirect costs are calculated by dividing them by the number of units. 4. Create a contingency fund. No business budget is perfect so you’ll need to factor in costs for unexpected expenses. Contingency fund should be a percentage of the business budget, enough to repair broken-down equipment, replace inventory, etc. 5. Create your budget based on revenue and costs. Create the business budget. You’ll want to look at the marketplace to fine-tune your figures to reflect the demand you expect for your business. 6. Estimate your profit. Once you have added all your projected revenue and costs for the coming year, subtract the expenses from the revenue to figure out what your profits will be. This can then be set up as monthly goals so make sure they’re realistic. MANAGING A BUSINESS BUDGET Budgetary management is the process of overseeing and tracking income and expenses throughout the year. There are a number of different ways you can do this, such as the following: 1. Budget Forecasting. Also called a financial forecast, is a tool to evaluate a business’s current financial performance and the economic conditions in which it operates in order to estimate what the future business revenue and expenditure trends are likely to be. 2. Budget Planning. A budget plan is a process used to develop a budget and then use that budget to control business operations. By planning a budget, you can reduce risk that could negatively impact business operations. 3. Budget Tracking. In order to stick to your business budget, you need to track expenses, receipts and invoices to make sure you’re not going over your allotted budget. 22  Far Eastern University 1st Semester 2024-2025 Institute of Architecture and Fine Arts REFERENCES:  Andrews, J. (2023, August 23). The indispensable role of risk management in effective crisis response. https://www.linkedin.com/pulse/indispensable-role-risk-management-effective-crisis-response/  Anil Kumar, S., & Suresh. (2008). Production and Operations Management (Second Edition). New Age International (P) Limited, Publishers. https://www.ascdegreecollege.ac.in/wp-content/uploads/2020/12/Production-and-Operation.pdf  Barney, N., & Posey, B. (2023, August 9). crisis management. 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