Course Business Impact

Knowing When to Take Leadership Risks What are the warning signs of possible failure? Risk-averse tendencies Ethical lapses Wavering focus Loss of purpose Loss of passion How do I address the signs of possible failure? Consider outcomes and motivations Recognize personal weaknesses and build accountability Set specific plans Adhere to plans to maintain a sense of purpose Keep the passion in your work Overview/Description This Business Impact illustrates why professionals must take care not to allow fear of failure to turn innovative behavior into risk-averse behavior. Target Audience Individuals responsible for leading teams either occasionally, for example as project managers, or more permanently as team leaders or line managers.

Five Steps to Perfection: Implementing Lean What are the five fundamental steps of lean? Specify value:  define value from the customer's perspective. Express this in terms of a specific product or service that meets the customer's needs. Map:  use value stream mapping to map the value delivery process. Identify all of the steps required to provide value to the customer and eliminate obvious inefficiencies. Facilitate flow:  eliminate barriers so that value flows directly to customers. Redefine organizational goals so that it becomes in everyone's interests to make value flow. Establish pull:  empower customers to pull value on an as-needed basis. Make only what customers want when they want it. Enable perfection:  improve value delivery continuously by repeating the first four steps regularly. Strive for an ideal balance between process waste elimination and value delivery to customers. Overview/Description All types of organizations can use lean...

Using Audits to Help Prevent Business Fraud What financial susceptibilities within a company can be revealed by audits? individual authorizations no separation of duties lack of security measures no computer controls What controls, prompted by a successful audit, can protect vulnerable areas? separation of duties accurate inventory system computer controls cross-reference of financial documentation multiple authorizations Overview/Description Business fraud is a potential issue for any company. This Business Impact stresses the need for employers to protect themselves by using audits to detect fraudulent activities. Target Audience Financial personnel and any individuals interested in gaining essential business finance knowledge

Underperforming Employee – Now What? What are the possible outcomes after a manager establishes a turnaround agreement with an underperforming employee? The employee begins meeting expectations and becomes a solid contributor. The employee meets the turnaround agreement requirements, but self-selects out of the job. The employee doesn't meet the turnaround agreement requirements, which provides Human Resources with documentation supporting termination or transfer. Overview/Description Most managers have dealt with underperforming employees at one time or another. This Business Impact examines how to use turnaround agreements effectively. Target Audience HR Professionals with dedicated roles within the HR and learning and development functions, including administrative, executive and management roles, along with those in training for such positions.

Turning Problems Around with Reverse Brainstorming What are the steps involved in conducting a reverse-brainstorming session? Have the group clearly identify and communicate the issue that needs to be resolved. Rephrase the issue, instructing the group members to consider how they would cause or worsen the very problem they're trying to resolve. Brainstorm the reverse problem to generate solutions. Reverse the solutions discovered in brainstorming so that they address the original problem. Evaluate the possible solutions to see which are viable. Overview/Description This Business Impact explores the technique of reverse brainstorming - a process that helps teams to think obliquely and explore problems in an unconventional manner. Target Audience Individuals who want to develop or improve their problem-solving and decision-making skills

Using Conflict to an Organization's Advantage Challenge: What happens within organizations if conflict is not effectively managed? It leads to decline in productivity. It has destructive implications and fosters interpersonal tension. It dissipates the energy of teams and individuals. How can managers turn conflict into a positive force? Support efforts to communicate constructive feedback and criticism. Clarify statements and eliminate jargon. Suggest alternative, positive language in place of destructive criticism and solutions. Request participants to adhere to boundaries and avoid emotional arguments. Insist that inappropriate behavior such as personal attacks or interruptions cease. Overview/Description Using Conflict to an Organization's Advantage explores how to manage conflict proactively, and turn it to a team's advantage in a project. Target Audience Individuals responsible for managing personnel either occasionally, for example as projec...

What's Your Gross Profit Margin Really Saying? How is the gross profit margin calculated? Gross profit margin = (Revenue - Cost of Sales) / Revenue How is the gross profit margin useful? It indicates how efficient a company is in producing its goods and services. It provides a general indicator of a company's financial health. It provides a basis for comparison within industries. It can be used to judge earning expectations and return on investment. Overview/Description A company's gross profit margin provides useful information about its financial health. This impact explores the significance of GPMs. Target Audience Any individuals interested in gaining essential business finance knowledge

Weighing the Costs of Project Change What are the steps for performing a cost-benefit analysis? List and calculate both the direct and indirect costs List and calculate the benefits Compare the results What are the tools and techniques to use for quality planning? Design of experiments (DOE) Cost of quality (COQ) Benchmarking Affinity diagramming Force field analysis Nominal group techniques Matrix diagrams Flowcharts Overview/Description Even with an extremely thorough project plan in place, change requests are inevitable. This Business Impact explores how project managers should handle such requests. Target Audience Individuals who have interest in knowing more about Project Management, including those in positions that require them to carry out a project management role to individuals that are full-time project managers wishing to hone their skills further.

Wanted - Innovation Leaders What do organizations risk by failing to promote a culture of innovation? Creativity becomes stifled. Employees lose confidence in creative abilities. Products, strategies, tools, and processes stagnate. The competitive edge is lost. What steps should management take to nurture innovation leaders? Actively solicit, encourage, and support innovative thinking and ideas. Openly promote and celebrate successfully implemented innovations. Champion and distribute ideas to stakeholders, knowledge experts, and powerbrokers. Invest in training and mentoring for employees. Make innovation a process to be mastered. Overview/Description Innovation is important to growth. This impact explores how to nurture innovation leaders. Target Audience Individuals responsible for leading teams either occasionally, for example as project managers, or more permanently as team leaders or line managers.

Value Stream Maps for Non-manufacturing Processes What kind of office wastes can be addressed by Value Stream Mapping? long lead times work queues excess paperwork and redundant approvals incomplete and inaccurate information complex tracking procedures What are the steps to Value Stream Mapping for non-manufacturing processes? Identify the value stream or process to be mapped. Decide where improvements should be made in business processes or functions. Map the current state. Chart and analyze the current flow of data, resources, and effort to complete the process or function. This will help to identify areas in need of improvement. Map the future state. Draft a new process flow without the redundancies and inefficiencies of the original. Achieve the future state. Implement the new process flow and monitor for improvements. Revise as required. Overview/Description Value Stream Maps are designed to yield efficiency improvements. This impact explores how they can be ...

Writing for Business When embarking on any written communication, you need to consider the audience and purpose: Audience : Before you begin, clearly define your audience. Put yourself in the shoes of your readers and be clear about their needs. Consider what the audience expects from the communication and whether it's a formal or informal communication. Purpose : Consider the purpose of every written communication, as failure to do so can lead to frustration on the part of the audience and failure to achieve your goal. Think about whether you need to inform, or persuade. Also, decide whether the tone is informal, or formal. Keep in mind the central message of your communication and remove any superfluous or irrelevant detail. Conciseness is key. Make sure to carefully proofread any written communication. Overview/Description Now, more than ever before, professionals use written communication, so mastering the skill of writing clearly is essential. This Business Im...

Connecting Customers and Solutions Your goal is to collaboratively guide the customer to the solution they need. You can generate interest in solutions by: Adopt ing  a strategic approach:  Envision business outcomes from the customer's perspective by truly understanding their context and how your solutions can benefit them. Be clear about how your solution impacts their future. Communicating   authentically:  Demonstrate that you are willing to work alongside customers to devise the very best solution. Position your solution using trust-building and persuasive messages that build connections with them. Offering differentiation and insight:  Keep interest moving forward toward a sale by identifying aspects of a solution that are different from another solution. Educate, challenge assumptions, and bring unbiased insight into the process. Overview/Description Preparing for your interactions with a strategic mindset is essential in connecting your cust...

Confrontation: What's the Best Approach What skills do managers need to develop to ensure that confrontations with employees are positive? Assertiveness Negotiation Collaboration When confronting employees, how should managers negotiate with them effectively? Identify what's important to them Collaborate with them to work out mutually satisfying alternatives Overview/Description Managers often find confronting employees difficult and unpleasant. This Business Impact explores strategies for turning these confrontations into positive, win-win experiences. Target Audience Any individuals interested in developing their conflict resolution skills.

Conducting Interviews: Asking the Right Questions What is the purpose of a job interview? To evaluate the candidate applying for the job. To determine whether the candidate is qualified for the position. To determine whether the candidate is a good fit for the organization. What are the different techniques an interviewer can use to get information about the candidate? The traditional interviewing technique, which involves asking relatively straightforward questions about the candidate's background. The situational interviewing technique, which involves asking how the candidate responds to a typical situation. The case interviewing technique, which involves asking how the candidate would respond to a detailed hypothetical situation. The behavioral interviewing technique, which involves asking the candidate for examples from his past that demonstrate a specific skill. Overview/Description Most organizations rely on the job interview as the primary tool for selec...

Communicating with a Cross-cultural Audience What should be avoided when speaking to a culturally distinct audience? Slang, idioms, and sayings. Humor, unless research shows the audience will definitely understand and appreciate it. Negative or double questions. What are some tips for building rapport with a culturally distinct audience? Plan in advance. Research the accepted cultural etiquette. Learn at least a few words of the local language. Listen actively. Overview/Description Cultural differences affect how people communicate in business. This impact examines pitfalls to avoid when communicating with a cross-cultural audience. Target Audience Any individuals interested in gaining cross-cultural communications skills.

Using Web Analytics to Increase Sales What kind of data does web analytics provide? User information such as location, date and time, frequency and duration of visits, and browser and hardware details Session metrics including page views, page-by-page clickstreams, and user browsing behaviors Product statistics detailing popularity, sales volume, and browser-to-buy ratios User search results and keywords What benefits does web analytics provide your business? You can identify the best referral sites for your advertising You can determine which products are more popular and which promotions are most effective You can track buyer habits to determine interests and target cross-selling opportunities You can identify clickstreams and errors to optimize your web site's layout Overview/Description Website activity can provide valuable sales data. This impact explores how web analytics can increase sales. Target Audience Anyone who wants to develop or refine t...