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MGT601 - SME Management - Lecture Handout 18
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PROBLEMS FACED BY NEWLY ESTABLISHED COMPANY
This lecture will continue with the previous lecture problem and then chapter deals with the teething problem that a newly established company faces.
Cash Flow Analysis
If the projected sales associated financial requirements and available financial resources are known, the anticipated cash flow can easily be determined.
Cash Flow (Projected)
| Cash Flow and Financial Transactions | Period 1 | Period 2 |
| 1) Cash flow | ||
| Initial expense | ||
| Fixed investment | ||
| Operating expense | ||
| Total cash outflow | ||
| 2) Cash inflow | ||
| Cash sales | ||
| Account receivables | ||
| Total operating inflow | ||
| 3) Net cash flow (2-1) | ||
| 4) Desired minimum cash balance | ||
| 5) Total amount of funds required [3 (if negative + 4)] |
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Related Content: MGT613 - VU Lectures, Handouts, PPT Slides, Assignments, Quizzes, Papers & Books of Production & Operations Management
TOTAL QUALITY MANAGEMENT
Total Quality Management is a philosophy that involves each and every individual in an organization in a continual effort to improve quality and achieve customer satisfaction.
The TQM Approach
TQM is not called philosophy for nothing. It is that common viewpoint as well as attitude shared by the whole organization that helps the organization achieves its prime objective of increase in revenue as well as a continuous relationship with the customer, by providing a quality based service which fulfills the customer’s needs and requirements.
If we apply the TQM approach we can identify the role played by various departments and interfaces of the organization. These roles at the functional and departmental levels if not in line with the organizational strategy would not allow the organization to pursue TQM.
| Sr. # | TQM Approach | Department |
| 1 | Find out what the customer wants | Marketing |
| 2 | Design a product or service that meets or exceeds customer wants |
Design Dept |
| 3 | Design processes that facilitates doing the job right the first time |
Operations Dept |
| 4 | Monitor and Audit (Keeping track of) results | Senior/GM Managers |
| 5 | Extend these concepts to suppliers | SCM / Logistics/Warehouse /Materials |
TQM CRITICISMS
TQM Philosophy is often criticized for reasons which show weak implementation or poor management perspective. The common criticism against TQM is:
Read more: MGT613 - Production / Operations Management - Lecture Handout 25
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