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Creating Business Excellence

Before we look at excellence models, let us see why sometime these initiatives fail.

There are many reasons for Quality Programs failures, including the following:

• The efforts were too narrowly focused, as with statistical applications on the shop floor.
• The efforts were mis-focused, limited to improving only “quality of work life” issues for employees rather than also addressing issues of strategic concern.
• The managers relied on traditional methods and assumptions, ad were not equipped with the right tools, techniques, and theory to improve quality.
• The managers were too focused on tools and techniques, and did not understand how to transform themselves, their employees, and the organization.
• The managers were too impatient, with a short-term focus, and unwilling to stay the course, overcome initial barriers, and wait for long-term gains.
• The managers never care for the culture change in organization.

Read more: MGT510 - Total Quality Management - Lecture Handout 30

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FOREIGN DIRECT INVESTMENT

Employment:

There is probably no more effective pressure group than the unemployed, because no other group has the time and incentive to picket or write letters in volume to government representatives. By limiting imported goods, consumers are forced to consume more goods produced domestically. This helps boost domestic employment. However, placing restrictions on imports normally results in retaliatory tariffs by other countries. In such instances, domestic jobs related to exports may be lost. Even if import restrictions do increase domestic employment, there will still be costs to some people in the domestic society in the form of higher prices or higher taxes.

Balance of Payments:

1. A country’s balance of payments is a national accounting system that records all payments to entities in other countries and all receipts coming into the nation.
2. International transactions that result in payments (outflows) to entities in other nations are reductions in the balance of payments accounts and recorded with a minus (–) sign.
3. International transactions that result in receipts (inflows) from other nations are additions to the balance of payments accounts and recorded with a plus (+) sign.



Read more: MGT520 - International Business - Lecture Handout 36