Notes, summaries, assignments, exams, and problems for Competitive examination

Improvement methods:

1. Lean manufacturing is a system for maximizing product value. Six Sigma is a problem-solving methodology that uses its collection of tools to fix a specific project over a specific time period. All Six Sigma’s resources are targeted on this one project until the problem is fixed. While Lean Manufacturing encourages daily, general improvements, Six Sigma demands data-based, specific improvements for specific projects.

Six sigma:

Set of techniques and tools for process improvement. Their strategies seek to improve the quality of the output of a process by identifying and removing the causes of defects and minimizing variability in manufacturing and business processes.

The 6 Sigma method thus poses as a fundamental principle:... Continue reading "Lean Manufacturing and Six Sigma: Methods for Quality Improvement" »

Chapter 10: Communication Theory in Practice

Communication Process Problems Identified

The primary issue was the medium used: email. Email inherently lacks context and rich information, leading to difficulties in encoding and decoding the message effectively.

Written Communication: Pros and Cons Analysis

It depends on the specific context. While written messages can reduce misunderstanding when well-crafted, several disadvantages were evident:

• Misinterpretation Risk: Receivers may still misinterpret the message, especially if the sender's writing skills are poor.
• Lack of Flexibility: Written messages cannot be immediately clarified or adjusted. This problem was intensified because Kevin Cole couldn’t reach his boss for immediate clarification.

Nonverbal

Analysis Process Framework

When analyzing a company, we should divide the analysis in two points: External and Internal. The focus of these analyses is to find their main Strengths, Weaknesses (internal analysis), Opportunities, and Threats (external analysis). After research we can finally build our SWOT analysis of the company.

External:

• Trends = PESTLE - allows the company to make specific choices when planning the company's future, from how the brand should be presented, to any changes within the structure of the company's organization, to the development of new products.
• Sector = Porter’s 5 forces - Analytical model used to help identify the structure of an industry, and to help companies determine their competitive strategies.

Internal Analysis:

Exclusive Possession and the Bruton Tenancy

In the case of Bruton v London and Quadrant Housing Trust, a non-proprietary lease was granted based on exclusive possession, even though the landlord did not have a legal estate in the land and was only a licensee. Martin Dixon, in his evaluation of Bruton, stated that a non-proprietary lease based on exclusive possession is actually a licence. However, the House of Lords was trying to protect the occupiers under a lease, therefore establishing this concept.

Nonetheless, despite having exclusive possession, many still do not acquire a lease in situations such as:

• Family circumstances, due to the absence of an intention to create legal relations.
• Employees who only have exclusive possession as a requirement

Industrialization Strategies

Integral Industrialization

Followed in core countries, where all industries are industrialized. The pattern is to re-diversify the industry. The economy is articulated with a domestic market. Specialization is low, meaning it is very diversified.

Import Substitution Industrialization

Applied in the periphery, this involves industrialization to substitute imports. Countries industrialize to replace products they used to import. Income from basic products is used to develop industry.

Export Substitution Industrialization

Aims to replace the export basket. Focuses on exporting high-tech products to increase profits. These countries manage to acquire some technology transfers developed by multinationals.

Trade Policy Debates

Liberalism

Real-Time Bidding (RTB)

Definition

Buying and selling online ad impressions through real-time auctions, occurring as a webpage loads.

Return on Investment (ROI)

Definition

A performance measure evaluating investment efficiency.

Formula

ROI = (Current Value of Investment - Cost of Investment) / Cost of Investment

Quality Score

Definition

Google's rating of keyword and ad quality/relevance, impacting cost-per-click (CPC) and ad rank.

Negative Keywords

Definition

Keywords preventing ad display for specific searches.

Impressions

Definition

The number of times your content is displayed.

Call-to-Action (CTA)

Definition

A statement prompting an immediate response, guiding potential customers.

Conversion

Definition

A valuable website action beyond a simple visit, specific... Continue reading "Understanding Key PPC Metrics & Concepts" »

English Language Essentials: Numbers and Grammar

Numbers 1-100

• One
• Two
• Three
• Four
• Five
• Six
• Seven
• Eight
• Nine
• Ten
• Eleven
• Twelve
• Thirteen
• Fourteen
• Fifteen
• Sixteen
• Seventeen
• Eighteen
• Nineteen
• Twenty
• Thirty
• Forty
• Fifty
• Sixty
• Seventy
• Eighty
• Ninety
• One Hundred

Common Irregular Verbs: Present and Past Simple

Master these essential irregular verbs to improve your English fluency.

Present

Understanding the BCG Matrix: Product Portfolio Strategy

The Boston Consulting Group (BCG) Matrix is a strategic tool used to analyze a company's product portfolio based on market share and market growth. It categorizes products into four quadrants, each with distinct characteristics and strategic implications.

Stars: High Growth, High Share

Characteristics of Stars

• Stars are products with high market share in high-growth markets.
• They are highly profitable and generate significant cash.
• Their high growth also means they require substantial cash to finance working capital and build capacity.
• Therefore, although profitable, Stars can have positive or negative net cash flow.
• Over time, as market growth slows, Stars often evolve into Cash Cows.

Strategic

Efficiency Ratios

Inventory Turnover

Determines if sales are sufficient to turn over or utilize inventory effectively. It indicates whether too much or insufficient inventory is being purchased.

Assets Turnover

A higher Assets Turnover Ratio (ATR) suggests that the company's management is utilizing its assets efficiently to generate sales.

Receivables Turnover

A higher receivables turnover indicates that a company is more efficient than its competitors in collecting its accounts receivables.

Profitability Ratios

Return on Sales (RoS)

"For every dollar sold, the company earns x profit." Measures operational efficiency.

Return on Equity (RoE)

"For every dollar invested by shareholders, the company earns x profit." Measures profitability relative to shareholders'... Continue reading "Key Financial Ratios for Business Performance Analysis" »

Golden circle:

This relates to the innovation. If a company is able to attract those who share its beliefs, it is also able to connect easier with innovators.

This is a graph made up of three circles, each inside the other. Each circle has a meaning and a way to apply it to our business efficiently.

We can explain the operation of the Golden Circle in such a way that while most companies ask themselves the answers to the question 'what' as their starting point, they are fully aware of the 'how', but very few companies are clear about the 'why'.

The 'what' responds to what we do and what we want to do. The 'how' responds to the processes through which we carry out our actions, and the 'why' would respond to the reason why we develop our business.... Continue reading "The Golden Circle: Driving Innovation and Quality Management" »