Management Science Essay Example | Topics and Well Written Essays - 1500 words

Management Science - Essay Example It could be used to test various possibilities without any major risks regarding the inventory levels, leftovers, lost or theft, etc. As mentioned earlier, the main advantage of models is that they allow tremendous flexibility in terms of making changes, experimentation, etc. Various models exist such as budgeting models, debt analysis models, etc. Although there is a lot of comfort that comes with the usage of business models; however, most people who form those models do not follow a particular framework of model development. The basic problem arises when people start working at the top left hand corner and start moving and copying cells and introducing variables in a haphazard manner. It is also a wrong approach to develop formulae when you need them. We might end up developing a model, the quality of the model development process and the developed model suffers (Spreadsheet model for managers, 2010). All business related curriculums teach their students about spreadsheet model and how to model problems faced by businesses, however, very few focus on teaching a particular framework that can be utilized for building a proper high quality model. There are several problems that one may encounter while modeling business models in spreadsheets. The few very common problems are: One major problem that one might encounter while modeling on spreadsheets is that they do not have a proper structure for designing or laying out the model. We can quickly jump on model formulation, however, we would realize while developing the model that we need to bring in a proper structure or some sort of rules as the model stretches to more than one sheet. Models spread on more than one sheet could get pretty complex, and difficult to extend or edit if in case the requirements or the basis change. Another problem with spreadsheet modeling is that there could be several mistakes while copying formulae. The formulae

Recruiting creative workforce Essay Example | Topics and Well Written Essays - 1500 words

Recruiting creative workforce - Essay Example To improve quality and effectiveness, the organisations realized that something would have to change. Now the recruiting departments measure how well its recruits subsequently do' Did they turn out well, or did they need remedial help' Increasingly, recruiting is an essential tool; our competitors recognize that it is a competitive weapon. To land a production job at Toyota, for instance, takes at least 18 hours. Once prospective employees complete a general knowledge exam and they are tested in their attitude toward work, the company then takes the top 30 percent and scrutinizes them the way American organisations do their managers. (Leopold, 2002) These promising candidates go in groups of 12 to interpersonal skills assessment centres run by Kentucky State University for a session on problem solving. Prospects are then given a hypothetical problem and told, for example, "that a lawn mower manufacturer has production problems. The winners ask the right questions and work together to find solutions" (Sparrow, 2004). Candidates also go through a manufacturing exercise and are asked to improve on the method they were taught. Less than 10 percent of applicants survive the final probing interviews. Most UK firms do not go through such an extensive recruiting process as Toyota, but they are getting more serious about it. It may be just in time. It is estimated that since most of the baby boomers now hold jobs, the work force will slow way down from 2.4 percent in the 1990s to 1.2 percent in the 2000s. The Bureau of Labour Statistics estimates the number of jobs will grow faster than the labour force (Bernstein, 2002). Organisations will have to appeal to different groups, notably women and minorities, who will make up two-thirds of the new work force. Finding and keeping quality employees are the battle cry of the 1990s. The senior vice president of corporate relations at K-mart UK, says, "For UK corporations, tomorrow' s competitive battle will be won or lost on the strength of their ability to build and retain a skilled work force" (Gilley, 2000). Everyone is talking about the labour shortage, but it seems to be a matter not of shortage but of finding and keeping the right people. There are always people, but not necessarily ones that meet our needs. Once they are found, it is a matter of being able to keep them. One company that has a good track record on both of these accounts is a medical organization that is one of the best managed in the world: Merck & Co. Arthur F. Strohmer, executive director of Staffing and Developments, emphasizes that Merck places heavy emphasis on meeting very high standards in its recruiting activities, for example, targeting certain schools as being the "best" for the disciplines it needs. Merck, like Motorola, bases much of its campus recruiting on the past performance of employees who have come from certain schools. Many organisations try to do the same thing. Either consciously or unconsciously, organisations keep returning to the same source for personnel. Whether they are truly successful or at the mercy of random selection depend on how organized they are. Many managers make choices based