Knowledge Power Guide

  Organizational leadership provides a direction for the employees. Effective leaders demonstrate an optimism and positive energy to their subordinates to achieve organizational goals successfully. Strong leaders should possess effective communication skills. Furthermore, to become an effective leader, she/he should have various personal traits such as; self-awareness, visionary, confidence, empathy, creativity, adaptability etc. Factors such as situation, followers’ style, place and need have a significant impact on the leadership style. Examples Bill Gates Steve Jobs Jack Ma Author: D.T.Wickramage Date   : 26 July 2023

  Inventory is the goods that are available to sell including raw material which are used to produce organization’s products. In general, inventory can be classified into three categories as raw material, work in progress and finished goods. In accounting, inventory is considered as a current asset which is planned to sell within a year. Raw materials are the materials which are used for the production of goods. Work in progress inventory refers to the items which are partially processed and waiting for the completion. This inventory can be seen on the production flow. Finished products refers to the products which are completed and ready to sale. Such inventories have been gone through the entire production process.  Author: D.T.Wickramage Date   : 25 July 2023

  Supply chain management plays a crucial role within an organization. It could be identified as a fundamental business process in an organization. Supply chain operations are comprised with different systems, activities and processes that work together to shift the goods from suppliers to customers. Several parties such as; suppliers, warehouse, procurement, manufacturing, and distribution are involved in this process (Hand, 2022) . The effectiveness of supply chain is essential for the organization’s success. There are five basic components in supply chain management as; planning, sourcing, making, delivering and returning. Planning comprised with forecasting the demand and plan the requirement through data and analysis. After calculating the requirement, the next step is sourcing which commences from selecting the suppliers to purchase raw materials, components and services. Once the supplier selection is completed then order processing and receiving will be taken place. The nex...

  Author: D. T. Wickramage Date   : 25 July 2023

  Lean Management Principles The core principle of lean management is reducing waste and continually improve the business processes. Implementing lean practices in supply chain enables the organization to deliver a value to the customers continuously. In lean manufacturing there are five principles as; value, map the value stream, create a flow, establish a pull system and perfection. These principles show a pathway in order to transform the existing operations to a higher level (Skaar, 2019) . The first lean principle is value. The value is identified from the customer’s view. Value is the customer is paying for the product or service. The manufacturer or the service provider’s role is to minimize the waste and cost in order to meet the customer’s needs at the optimal price. Mapping the steps in the value stream is the second lean principle. It means visually displaying the flow of material and information in the production process. Through the value stream mapping value added act...

  What is Management? Management is the process of planning, organizing, leading and controlling organizational resources in order to achieve the goals of the organization effectively and efficiently. It is a vital part in an organization as it assists to achieve the organizational goals, enhances the efficiency of the organization etc. Management is referred as an art as well as a science. The person who is engaged in management activities is known as “Manager”. Author : D. T. Wickramage Date    : 21 July 2023