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Strategic Management for Business Development

A correct strategy can simplify the complexity of business equations. When you work on a pre-planned strategy, you stay more confident and organized while performing any task. This assures that you can meet your target in the desired time limit.

Before digging the advanced bricks of strategic management, let us first understand what exactly strategic management is all about?

Strategic management is based upon analyzing the major initiatives taken by the top brass of the company on behalf of its owners. The professionals practicing strategic management have their involvement into resources and internal & external company matters. It entails specifying the following major aspects related to the company-

  1. Organization’s mission,
  2. Vision
  3. Objectives, developing policies and plans, usually in terms of projects and programs, which are designed to achieve these objectives, and
  4. Allocation of resources to implement the policies and plans, projects and programs.

 

Importance of Strategic Management in business –

Strategic management helps you to identify the potential of each individual in the organization, so that, you can help them in improving and bring out the best in them to benefit the organization. With this, the level of alertness among the employees increases ensuring fast and effective completion of the objectives or targets.

  • It determines the long run performance of the organization by keeping a check on the internal and external elements to affect the growth of the organization.
  • Strategic Management makes you a pro in utilizing limited resources to their maximum efficiency and make maximum profit out of them to increase the profitability of your business.

Approaches to Strategic management –

Approach to strategic management can be classified into following three major categories –

  1. Bottom-up
  2. Top-down
  3. Collaborative
  • In the bottom-up approach, employees submit proposals to their managers who funnel the best ideas up the ladder. This is often part of a capital budgeting process. Proposals are assessed using financial criteria such as return on investment or cost-benefit analysis. Incorrect estimates of costs and benefits are common errors. Approved proposals implicitly form the substance of the strategy without a strategic design or architect.
  • The top-down approach is the most common by far. In it, the CEO and the Board of Directors decide on the overall direction the company should take. The strategy flows down through the organization as each unit adapts to the new approach.
  • Some organizations employ collaborative techniques that surface new ideas in the process leveraging advances in information technology. It is felt that knowledge management systems should be used to share information and create common goals.

Recent trends in Strategic management

Currently, two management theories are greatly being practiced all across the globe-

  1. Theory Z management (Ouchi’s Theory)
  2. Achieving Excellence

The Theory Z management is created by a careful analysis of the success of Japanese Organizations. The theory is widely being practiced in the world everywhere. Z. Ouchi’s theory is based upon seven parameters related to employees, evaluation, responsibilities and control mechanism etc. These parameters also define the basic principle differences between Japanese and American Companies.

Achieving Excellence is a theory which is developed by Peter and Waterman depending upon eight basic principles of excellent companies, which lays emphasis on the value system, action-driven working, simple structure and lean staff etc.

Future of strategic management –

Strategy plays a pivotal role in taking an organization ahead. Strategic management becomes a serious concern for companies in the increasingly competitive environment. It broadens the horizon of imagination and innovation for an organization and makes it stand unique with respect to work, services, and performance. No doubt strategic management secures a great future in the rapidly advancing scenario. Companies are always in dire need of creative minds to draft the blueprint for success for them.

Enhance your knowledge and boost your career with our highly professional strategic management course.

 iACT Global is one of India’s leading online education provider company to the working professionals. Strategic management course with us contains an in-depth understanding of strategic management techniques and all the latest advancements in the field.

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Is Agile The Future of Project Management

Agile Project Management provides a systematic approach to the projects which differentiates it from the traditional techniques like Waterfall. Agile runs on a point to point system of working. It follows a principle that “project planning and completion should be handled in small steps or iterations.” However, the ultimate goal is still defined prior to the commencement of work. Each successive step in the process is determined only after completion of the prior one.

The benefit of Agile Project Management –

This approach allows doing necessary changes in the functional process in a project if required. For instance, while practicing iteration if there emerges any challenge which affects the overall success of the project, the team will be ready to face it and resolve effectively. This is the main benefit of agile project management. By following short term goal strategy and dividing components into small steps, changes are implemented without any delay in time.

Agile is often utilized with smaller scale objectives or program elements rather than in the bigger projects. Because, this method of process control works well for the rapidly changing development cycles, it is commonly used in information technology and engineering programs. Agile is also a common approach to software development.

Agile project management tools are quite effective in managing customer or client projects, particularly when the complexity of the client’s needs are too difficult to accurately map prior to the project planning.

Outlining the overall goals of the client and working toward them using a prospective road-map is sometimes the best method, rather than drawing a detailed plan, then failing to follow it due to unforeseen challenges that arise from the client’s complex business systems, operations or other unique circumstances. By utilizing Agile, project managers are able to address the client needs, work toward the achievement of project goals, and appropriately assignment of the staff and other process resources without delays.

iACT Global offers you certificate and training in agile project management. You can do this course online from anywhere. We provide you quality training from best of the trainers in the country. iACT Global is the most trusted name in certification and training for professional courses in India, providing certification in more than 100 courses.

Join our agile project management certificate course now for success in your career.

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Functions of Human Resource Management | iACT Global

Human Resource Management is an integral part of any organization / company. It is a management function which is concerned with hiring, maintaining a workforce in an organization and motivating the employees. Human resource management is commonly known as HRM and it deals with issues related to employees which included hiring, training, compensation, development, motivation, and administration. Human resource management is a middle force which works hard to make a win-win situation both for employee and employer. It makes sure there is employee satisfaction and at the same time ensures the maximum contribution is given by employees towards the organizational achievement.

Human resource management can be classified into 3 categories :

  1. Operative functions
  2. Managerial functions
  3. Advisory functions

Operative Functions:

Recruitment and Selection – It’s a procedure of selecting a right candidate for the right profile. This procedure helps in bringing together the pool of prospective candidates and helps the organization and management to choose the best suitable candidate.

Job Analysis & Design – Is the nature of a job and requirements like qualification, work experience, skills etc. to perform that particular job. Job design aims at organizing and outlining the tasks, responsibilities, duties into a single unit of work for the achievement of certain objectives.

Performance Appraisal – As the name suggests it mainly focuses on the performance of the employees and this function is conducted to ensure that the performance of the employee is at an acceptable level.

Training and Development – Training and development helps the employees to acquire knowledge and skills to perform their tasks effectively. These programs are performed both for existing and new employees. Apart from this, it helps employees to get trained and prepared for higher level responsibilities.

Wage and Salary Administration – Human resource management decides what is to be paid for the different type of jobs. Management also decides employees’ compensation which includes – salary administration, wage administration, bonuses, incentives etc.

Employee Welfare – This function refers to the well being of employees which include various facilities, benefits, and services that are given to employees.

Maintenance – Employee turnover is not considered good for the organization. Human resource management always tries to retain the best performing employees with the organization.

Personnel Record – This function helps to maintain and retrieve records of an employee such as – application forms, working hours, employment history, earnings, attendance( absents and presents), employee turnover and other data related to employees.

Managerial Functions :

Human Resource Planning – This function of HRM works on research and it is considered as an important part of this function.

Directing – Employees are motivated and directed at different levels so that they can contribute maximum to the organization through motivation and command.

Controlling and Organizing – Actual performance of employees is checked and verified. If the performances are not up to the mark, control measures are taken to bring it under control. The tasks are allocated among its members so that they can collectively contribute to the organization.

Advisory Functions :

Advised to Top Management & Departmental Heads:
Advice is given to the top management by Personnel manager in formulation and evaluation of personnel programs, policies, and procedures. Also to various department heads on a matter such as recruitment, planning, manpower, training, performance, appraisals etc.

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Implementation of Project Management in Small Companies

It is of utmost importance for businesses whether small or big to acquire project goals within the specified budget and timeframe. Project goal is the other name for business values and you must be aware that achieving this is a bit difficult for small organizations as compared to big organizations.  It is more convenient if the small businesses acquire project management certification to create a good impression upon the clients. In this blog, we will discuss the various ways in which project management certification can boost small businesses.

Let’s discuss the ways one by one:

  • Assessing Progress of Project Accurately:

  • With the help of project management certification you can keep a track of your project in real time. This is extremely necessary for the successful completion of any project. Project management tools like agile and kanban can facilitate greater association between the team members so that they search for the best methods to deliver the project within the given time frame and budget.
  • Better Idea of Resource Capability:

  • Proper planning for resource capability also enhances the chances of successful delivery of a project. You can analyze the impact of a specific project on your available resource in time. This will help you in managing the expectations of customers in a better way and thus enhancing the total business productivity. Thus, through project management certification you can match or even exceed your customers’ expectations.
  • Improved Team Collaboration:

  • Project management certification helps in not only tracking time and creating invoices and reports but also in encouraging your team members for knowledge sharing and working in synergy throughout the project. Hence instead of pursuing their own individual objectives, each member of the team makes a useful contribution towards achieving the project goal.
  • Better Cash Flow and Improved Cash Control: Without project management certification, it is almost impossible to formulate a project budget. With the help of project management tools, you can easily develop project budgets by directly focusing on the project plans or estimates. You are able to monitor budget and have a clear insight into the company’s present and future financial forecasts. As project management allows a fully automated billing system, payment can be made in real time, thus ensuring better cash flow.

Thus, if you really want to excel in your small business, just acquire a project management certification from none other than iACT Global. iACT Global provides you this course at affordable rates. Through iACT Global you can study at your own pace. So, hurry and join iACT Global now!

Role and Scope of Production Planning and Control

For those who want a career in production planning and control, it is necessary to know the role and scope of production planning and control.

Area where Production Planning and Control Professional Required

  • Materials: We need to plan the purchase of components, spare parts and raw materials in the right quantities. Planning for specifications at the right price, time and from the right price is also required. Some other activities related to materials are storage, variety reduction, purchasing, value analysis, standardization, inventory control and inspection.
  • Methods: Selecting the most appropriate method of processing from several options available is also the role and scope of production planning and control.
  • Machines and equipment: Manufacturing methods include production facilities like utilization and allocation of machines, plant and equipment, capacity planning etc.
  • Manpower: Planning is also required for the managerial, labor, and supervisory levels to possess proper skills and expertise.
  • Routing: Role and scope of production, planning and control also includes determination of workflow, processing steps or operations sequence and material handling in the plant.
  • Estimating: Setting up operation times resulting in performance standards fixation for both machines and workers is also the role and scope of production, planning and control.
  • Loading and scheduling: Loading refers to allocation of jobs to machines in combination with routing while giving importance to priority jobs and machines capacity for maximum utilization of machines. Scheduling makes sure that sub-assemblies, finished products and parts are finished according to the needed delivery dates.
  • Dispatching: This refers to the discharge of instructions and orders for beginning production as per schedule charts and route sheets.
  • Expediting: This refers to follow up which is conducted after the dispatching function.
  • Inspection: This refers to quality maintenance in production, efficiency evaluation of the labor, processes and methods so that quality standards can be met by making improvements.
  • Evaluating: Evaluation is necessary for improvement of performance. Labor, machines and processes’ performances are assessed to make improvements.
  • Cost Control: Role and scope of production, planning and control is also required for controlling efficient utilization of all resources, value analysis, waste reduction and inventory control.

Now that you have an idea about the role and scope of production planning and control, you would definitely wish to enhance your knowledge in this particular area. For this, you should join iACT Global which is renowned for offering a detailed course in production planning and control. You can study online from iACT Global anywhere and anytime. So, just enroll with iACT Global now!!

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Future Opportunities of Big Data and Cloud Computing

Before we talk about the current state of Big Data and Cloud computing we need to understand what are they and why are they becoming so important in today’s world?

Big Data simply put means collection of data from various sources of technology used by us. We use mobiles, cars, railways, transport system, social media and the list goes on. All these technological devices used by us generate data. The generation of this data put together becomes Big Data. This Big Data needs analysis and storage somewhere and that is where Cloud Computing comes in to the scene.

Cloud Computing means storing of huge amounts of Data using the internet. Every thing from Facebook to emails on the go, utility bills payment is all done online and is done making use of cloud computing. Cloud computing is now becoming the most widely used computer system these days.

Current State of Big Data and Cloud Computing

Big Data a relatively new stream in IT Industry is growing really fast and is expected to keep growing in the near future. Presently Big Data constitute one tenth of the IT Market. The growth that we will witness would be approximately One Third by the year 2020. Big Data is a complicated subject which needs through analysis. The subject of storing Big amount of data requires us to generate data storage tools which will be able to safely store the ever increasing amount of data.

Cloud Computing Cloud Computing is the present go to system for Data storage used by individuals and businesses alike. Cloud computing has a worldwide growth of over 30%. Cloud computing is witnessing growth both in public and private cloud markets. The future looks pretty promising as well.

Future opportunities for Big Data and Cloud Computing-

The future seems very promising for both Big Data and Cloud Computing. Both the technologies are interdependent on each other. Big Data requires cloud computing for storage and the more the use of data the more the need for Cloud Computing. The future for both Big Data and Cloud computing is convergence and growth for both technologies.

iACT Global is an online training and certification organisation which provides courses in both Big Data and Cloud computing. In the near future it would be impossible for businesses and individuals to succeed without knowledge and expertise on Big Data and Cloud computing.

So to up your chances of success in the future you should definitely enrol for courses on Big Data and Cloud computing.

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Implementation of Project Management in Small Industries

It is of utmost importance for businesses whether small or big to acquire Project Goals within the specified budget and time-frame. Project goal is the other name for business values and you must be aware that achieving this is a bit difficult for small organizations as compared to big organizations.  It is more convenient if the small businesses acquire Project Management Certification to create a good impression upon the clients. In this blog, we will discuss the various ways in which Project Management Certification can boost small businesses.

Let’s discuss how Implementation of Project Management in Small Industries help your business:

Assessing Progress of Project Accurately: With the help of Project Management Certification you can keep a track of your project in real time. This is extremely necessary for the successful completion of any project. Project Management Tools like Agile and Kanban can facilitate greater association between the team members so that they search for the best methods to deliver the project within the given time frame and budget.

Better Idea of Resource Capability: Proper planning for resource capability also enhances the chances of successful delivery of a project. You can analyze the impact of a specific project on your available resource in time. This will help you in managing the expectations of customers in a better way and thus enhancing the total business productivity. Thus, through Project Management Certification you can match or even exceed your customers’ expectations.

Improved Team Collaboration: Project Management Certification helps in not only tracking time and creating invoices and reports but also in encouraging your team members for knowledge sharing and working in synergy throughout the project. Hence instead of pursuing their own individual objectives, each member of the team makes a useful contribution towards achieving the project goal.

Better Cash Flow and Improved Cash Control: Without Project Management Certification, it is almost impossible to formulate a project budget. With the help of project management tools, you can easily develop project budgets by directly focusing on the project plans or estimates. You are able to monitor budget and have a clear insight into the company’s present and future financial forecasts. As project management allows a fully automated billing system, payment can be made in real time, thus ensuring better cash flow.

Thus, if you really want to excel in your small business, just acquire a Project Management Certification from none other than iACT Global. We provides you this course at affordable rates. Through iACT Global you can study at your own pace.

Hurry Now! and join iACT Global 

Six Sigma Green Belt DMAIC Methodology

Six Sigma is a quality improvement or problem solving methodology. Six Sigma was developed by Motorola in the year 1986. The Goal of Six Sigma is to improve quality by improving the processes and the output by removing and identifying the causes of defects and errors by minimising variability in manufacturing and business processes. In simple terms Six Sigma means the products produced have almost perfect quality. Six Sigma focusses on 3.4 defects per millions products.

Six Sigma DMAIC methodology :

DMAIC is the most important tool used in the Six Sigma process. Each letter stands for the specific stage in this process tool.

D stands for Define stage in the DMAIC methodology –

In the Define stage the project targets and deliverables both external and internal are defined. This phase is all about defining the problem and the goals of improvement activity. In this phase the team answers the question “What is Important for the business”?

M stands for Measure stage in the DMAIC methodology-

This phase involves the measuring of the existing system. In this phase the team identifies the data that is available and its source. They develop a plan to collate it, do the actual data collection and summarise it. In this phase the team answers the question “ How are we doing with the current process”?

A stands for Analyse stage –

In this phase the team analyse the process to identifies ways to eliminate the gap between the current performance and the desired goals. The team uses statistical data analysis techniques to arrive at validated root cause of the problem. In this phase the team answers the question “ What is wrong with the current process?”

I stands for Improve phase –

This phase is all about proposing and selecting a solution to improve the system. This is the stage where the team has to become creative in finding new ways to do things better, cheaper or faster. In this phase team answers the question “ What needs to be done to improve the process?”

C stands for Control phase –

In this phase the team implements the solutions and transfers the ownership to the responsible owner. The team puts a control plan in place to monitor on going performance.

iACT Global is a well known brand in the field of training and certification. We offer courses like Six Sigma focusing on the DMAIC methodology to help individuals and organisations achieve high standard of quality in their products and service offerings. These course help individuals and organisation excel.

Use of Cryptography in Information Security

Transfer of data in a business system often takes place with the help of the digital medium. In such a scenario security of this data remains at the prime focus of all the tasks. Cryptography, here plays a pivotal role in maintaining the safety of the transferred data. Let us explore the in and out of this technique of core importance.

What is cryptography?

Cryptography is the method to hide the information with the use of microdots, image-word merging, or with some other ways. In technical arena, it can be termed as scrambling plain text into an encrypted form, usually called Ciphertext, then again to convert it into decrypted format known as Cleartext. This process of encoding and decoding is called cryptography and people practicing this field are known as cryptographers.

What are the Objectives of Cryptography?

Modern cryptography follows the below objectives-

  1. Confidentiality– anyone who is out of the circle cannot understand the information between the sender and receiver.
  2. Integrity– no alteration is possible once the message is released.
  3. Authentication- information and sources in the cryptography system are purely authentic. Both sender and receiver can identify each other and origin or destination of the information.
  4. Non-repudiation– none of the sender or receivers can step back of the message at a later stage.
  5. Access control- only authorized people can access the confidential data.

 

To fulfill the above objectives the following formats of cryptography are practiced-

  1. Symmetric Cryptography: Also known as secret key cryptography, it is a method in which both sender and receiver share the same secret code and key for encryption and decryption. This technique is useful if you are communicating with a limited number of people, however, not much useful for mass communication.
  2. Asymmetric Cryptography: This is also known as public key cryptography in which, separate keys are used for encryption and decryption. This is useful for key exchange and digital signatures such as RSA, digital signature algorithm, public-key cryptography standard etc.
  3. Message-Digest: In this, a hash function is used to permanently encrypt the data. This is also called one-way encryption.

Cryptography protects the network resources against alteration, destruction, and their unauthorized use. They secure the network system, IT assets, and the confidential data. In today’s scenario, it has become quite easy to alter or restrain the data and information. Theft of confidential information is again a discomforting phenomenon. We at iACT Global help you to get the insight of highly important and globally practiced cryptographic techniques. We provide you a thorough knowledge of network security system and related tools.

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Six Sigma Black Belt Roles and Responsibilities

Six Sigma is a highly-disciplined process that focuses on developing and delivering nearly perfect products and services consistently. Six Sigma is also a management strategy which makes use of statistical tools and project work to achieve breakthrough profitability and achieve best quality. Motorola came up with the Six Sigma concept in the year 1986.

Motorola with the help of Six Sigma saved 940 Million dollars over a period of three years. As per research a Black Belt Project will save on an average 175,000 dollars. Ratio of One Black Belt per 100 employees can provide a 6% cost reduction per year. When organisation reach the Six Sigma quality the defects become so rare that the organisation is able to reach profitability through loyal and happy customers.

Black Belts are official team leaders of enterprise wide projects. Black Belt are a link between the Black Belt project team and the Top Management. They have specific roles and responsibilities in the organisation.

  • Mentor – Black Belt in an organisation act as the mentor for all the Green Belt working under him in a particular project. They are responsible to guide them and help them with the smooth functioning of the projects providing timely and effective guidance to green belts to run the project successfully.
  • Teacher – Black Belt acts as a teacher training the team members involved in the running of the quality projects. The team members look up to the Black Belt for training and guidance in case of problem solving.
  • Coach – Black Belt acts as a Coach to the team members. Monitoring the progress and informing the team members about the methods to improve the performance.
  • Identifier – Six Sigma Black Belt as the name suggest are experts in the field of quality management and so they are the ones who are expected to identity opportunities and problems in advance and direct the team members involved in project to work accordingly.
  • Influencer – Six Sigma Black Belt are the direct influencers in the organisation who through their expert knowledge advocate management to adopt the Six Sigma Tools and strategy for profitability and success.

iACT Global is a known name in the field of Training and Certification. iACT Global offers individuals as well as organisation with the opportunity to learn about Six Sigma Black Belt and benefit from the knowledge and expertise. Six Sigma Black Belt can contribute substantially to the success of an organisation providing both tangible and intangible benefits. Black Belts provide significant improvement for an organisation both financially and through loyal customers.