Stress at flexible learning
The last entry dates back to February. Boy, that’s way back. However, it somehow describes the MFR module. Content extremely interesting but really though to get through all materials concepts etc. I wish I had a bit more time to immerse into all relevant parts but this hasn’t been the case. Looking forward to stage 2′s corporate finance and governance module which builds upon Managing financial resources.
So, tomorrow I’m flying over to Henley again to attend the Exam preparation workshop. I’ll stay for another week to learn with my cohorts as the stage 1 exams are just 4 weeks ahead. Unbelievable how fast things are going….Writing an assignment here, writing an assignment there and besides all the studies further improve D&B’s product range. I really understand why distance learning (or flexible learning as it has been renamed) students are exhausted most of the time. I personally wish back the good old university days when I was studying full-time. That was so easy compared to what’s going on here.
I really can say that people attending a part-time program are resilient and prove day by day how keen they are to achieve their goals. So, employers…..watch out for these guys. They know what hard work is.
By the way, my grade was ok as well for MFR. Still on first degree journey 
albeit my ratio analysis could have been a bit better. Competitive rivalry and Planning & Budgeting was good nevertheless.
So the next entry will be after my exams before my marriage .
Managing financial resources
Today was my first day at Henley Business School attending the MFR workshop. It’s quite a good feeling to be here again and meet all fellows.
The workshop is great so far, I have learned a lot and I’m very impressed about our tutors experience and knowledge. I guess that guy knows the answer to every single question out there in terms of accounting and economics.
However, there is a upcoming feeling of tension noticeable. Maybe because the first exams are actually just less than 4 months away and the tutors keeps mentioning what we have to consider when it comes to the exam prep.
But one by one…first I have to pass this module writing an assignment about managing financial resources. Very interesting stuff as it reveals a lot of interesting facts about my own company. On the other hand it’s just highlights how important it is for a manager to understand the economic and accounting principles to perform successfully. Most of the managers are somehow scared when it comes to these things. I’m convinced once you know how to read financial figures and build up ratios and the like you’ll be able to develop a sound understand how your company is working. There is a very true saying: “What gets measured gets done” and this is highly applicable in your company as well.
As a product manager I’m dealing day in and day out with figures, requests, requirements etc. from internal and external stakeholders. Managing financial resources enables me to glue all these tasks together and have a look at the bottom line as well. Not that bottom line is the only measurement but its a pretty good indication and it always should be taken into consideration.
So I guess there are intensive weeks ahead and I’m curious how I’ll cope with all these challenges at the moment. MBA, work, private life….very demanding currently.
Processes
Well, after a fantastic Christmas eve etc. I was required to finish my next assignment about Managing Processes, Systems and Projects. And I did it
I was really looking forward to that subject as I have felt that it’s the module I can apply most to my company. And finally it has been true. Despite the quantity of reading the module was fun and it turned out to be the most holistic module so far. This albeit the fact that the content was actually down to processes etc.
However, I have analysed an issue regarding our internal complaint management process and proposed some changes of the process and the use of the CRM. In order to do so I used a couple of models like:
- Process performance objectives (Quality, Speed, Dependability, Flexibility, Cost)
- Polar diagrams for customer expectations vs. current performance
- Conflicts and trade offs
- Efficient frontier model
- Process strategy matrix
- SIPOC (Suppliers, Input, Processes, Output, Customers)
- Process maps
- 4 V’s demand model
- Little’s law (Throughput time = work in process x cycle time)
- Theory of constraints (especially bottlenecks)
- SERVQUAL – quality management process
- Principle of costs
- Service-profit chain
- Change process by Kotter
- Project management
- Force-field analysis
- Stakeholder power-interest grid
- Risk management
- SIX Sigma DMAIC, FIT SIGMA
However, If you want to know more about these models etc. don’t hesitate to drop me a line. For now, I’m going to focus on Managing Financial resources and Personal development which are the next important modules I’m looking forward to.
So, wish you all a very good start into 2010…
Strategic buy-in
Do you know the feeling when you get some orders to implement a strategy, project, whatever and haven’t been asked before? How was that? I guess you felt like somebody kidded you. Right?
So what could have been done better? It’s pretty obvious that whatever decision has to be implemented needs a broad acceptance among the key people. Therefore it’s pretty important to buy-in these people for ensuring the success of an undertaking. Means of dialogue, sense-making will definitely allow you to convince people about the importance and how you want to implement an action. If you got people in the same boat, it works out.
I have seen this approach several times. Projects many times failed where key people were not bought-in. According to Turner (Henley Business School), adults do not react favourably to being told to do something in an area where they regard themselves to have some knowledge or expertise.
The next time you want to implement a strategy, project, etc….keep this in mind for the sake of success.
In most cases, adults do not react favourably to being told to do something in an area where they regard themselves to have some knowledge or expertise.
Head and glowing brain
Have you recently thought about how your company is mastering the financial crunch? Don’t you think that the risk has dramatically increased over the last months or years? I guess when you were doing this you very quickly figured out that your company maybe has the wrong structure, the wrong culture or just a wrong paradigm. It needn’t be entirely wrong. But it could be that it would need some adaption.
An adaptation which is required to embrace the change. How open is your company with respect to change? Do ask yourself these questions. Is the “never change a winning team” approach still reasonable? Does a classical western paradigm which is based on scientific assumptions, measures, control, top-down structure and the approach that only 1 best solution exists, really do the job any longer? Is it the best way to go through these challenging times? To be honest, I don’t think so.
Exactly here, the quantum thinking jumps in. Quantum thinking describes a paradigm which is based on eight points (Trevor Long, Henley Business School)
- Holistic
- Following a vision
- Risk taking and forgiving and playful
- Self organising
- Participatory
- Flexible & determined
- Diverse
- Participatory
How many of these points describe your company? This could be a great starting point for a organisational analysis to cope with the credit crunch but also with all kind of contemporary changes. Nowadays, everything has reached an incredible speed. If I take a look at how quickly we have to fulfil customers requirements etc. it’s just scary how fast some changes happen. We’re expected to deliver in no time. If you don’t, then the customer is looking around for options. Assuming you’re not in a monopoly…. you just have to satisfy these needs.
What I want to end with is: BE OPEN. Embrace the change and question yourself in a critical way. In a way you never have done it before. You’ll see it’s really amazing and relieving.
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