Developing a framework for Six Sigma in financial service institutions : empirical evidence from expert interviews

Six Sigma is considered to be an important management philosophy to obtain satisfied customers. But financial service organisations have been slow to adopt Six Sigma issues so far. Despite the extensive effort that has been invested and benefits that can be obtained, the systematic implementation of Six Sigma in financial service organisations is limited. As a company wide implementation framework is missing so far, this paper tries to fill this gap. Based on theory, a conceptual framework is developed and evaluated by experts from financial institutions. The results show that it is very important to link Six Sigma with the strategic as well as the operations level. Furthermore, although Six Sigma is a very important method for improving quality of processes others such as Lean Management are also used This requires a superior project portfolio management to coordinate resources and projects of Six Sigma with the other methods used. Beside the theoretical contribution, the framework can be used by financial service companies to evaluate their Six Sigma activities. Thus, the framework grounded through literature and empirical data will be a useful guide for sustainable and successful implementation of a Six Sigma initiative in financial service organisations.

Using strategic movement to calibrate a neural compass : a spiking network for tracking head direction in rats and robots

The head direction (HD) system in mammals contains neurons that fire to represent the direction the animal is facing in its environment. The ability of these cells to reliably track head direction even after the removal of external sensory cues implies that the HD system is calibrated to function effectively using just internal (proprioceptive and vestibular) inputs. Rat pups and other infant mammals display stereotypical warm-up movements prior to locomotion in novel environments, and similar warm-up movements are seen in adult mammals with certain brain lesion-induced motor impairments. In this study we propose that synaptic learning mechanisms, in conjunction with appropriate movement strategies based on warm-up movements, can calibrate the HD system so that it functions effectively even in darkness. To examine the link between physical embodiment and neural control, and to determine that the system is robust to real-world phenomena, we implemented the synaptic mechanisms in a spiking neural network and tested it on a mobile robot platform. Results show that the combination of the synaptic learning mechanisms and warm-up movements are able to reliably calibrate the HD system so that it accurately tracks real-world head direction, and that calibration breaks down in systematic ways if certain movements are omitted. This work confirms that targeted, embodied behaviour can be used to calibrate neural systems, demonstrates that ‘grounding’ of modeled biological processes in the real world can reveal underlying functional principles (supporting the importance of robotics to biology), and proposes a functional role for stereotypical behaviours seen in infant mammals and those animals with certain motor deficits. We conjecture that these calibration principles may extend to the calibration of other neural systems involved in motion tracking and the representation of space, such as grid cells in entorhinal cortex.

From bust to boom : towards a strategic cognition perspective on Australian mining firms’ adaption

While the role of executives’ cognition in organisations’ responses to change is a central topic in strategic cognition research, changes in firms’ environment are typically not measured directly but described either as an event (for example, new industry legislation) or represented by a time period (e.g. when a new technology impacted an industry). The Australian mining sector has witnessed a historically significant change in demand for its products and we begin by developing measures of changes in supply and demand for key commodities during the period 1992-2008. We identify sub-groups of firms based on their activities and commodity sector and examine the relation of these variables to executives’ cognition and to firms’ CapEx. We find industry, firm and cognitive variables are related to both strategic cognition and firms’ CapEx.

Strategic project evaluation for open pit mining ventures using real options and allied econometric techniques

Open pit mine operations are complex businesses that demand a constant assessment of risk. This is because the value of a mine project is typically influenced by many underlying economic and physical uncertainties, such as metal prices, metal grades, costs, schedules, quantities, and environmental issues, among others, which are not known with much certainty at the beginning of the project. Hence, mining projects present a considerable challenge to those involved in associated investment decisions, such as the owners of the mine and other stakeholders. In general terms, when an option exists to acquire a new or operating mining project, , the owners and stock holders of the mine project need to know the value of the mining project, which is the fundamental criterion for making final decisions about going ahead with the venture capital. However, obtaining the mine project’s value is not an easy task. The reason for this is that sophisticated valuation and mine optimisation techniques, which combine advanced theories in geostatistics, statistics, engineering, economics and finance, among others, need to be used by the mine analyst or mine planner in order to assess and quantify the existing uncertainty and, consequently, the risk involved in the project investment. Furthermore, current valuation and mine optimisation techniques do not complement each other. That is valuation techniques based on real options (RO) analysis assume an expected (constant) metal grade and ore tonnage during a specified period, while mine optimisation (MO) techniques assume expected (constant) metal prices and mining costs. These assumptions are not totally correct since both sources of uncertainty—that of the orebody (metal grade and reserves of mineral), and that about the future behaviour of metal prices and mining costs—are the ones that have great impact on the value of any mining project. Consequently, the key objective of this thesis is twofold. The first objective consists of analysing and understanding the main sources of uncertainty in an open pit mining project, such as the orebody (in situ metal grade), mining costs and metal price uncertainties, and their effect on the final project value. The second objective consists of breaking down the wall of isolation between economic valuation and mine optimisation techniques in order to generate a novel open pit mine evaluation framework called the ―Integrated Valuation / Optimisation Framework (IVOF)‖. One important characteristic of this new framework is that it incorporates the RO and MO valuation techniques into a single integrated process that quantifies and describes uncertainty and risk in a mine project evaluation process, giving a more realistic estimate of the project’s value. To achieve this, novel and advanced engineering and econometric methods are used to integrate financial and geological uncertainty into dynamic risk forecasting measures. The proposed mine valuation/optimisation technique is then applied to a real gold disseminated open pit mine deposit to estimate its value in the face of orebody, mining costs and metal price uncertainties.

Government initiative and start-up firms’ eco-innovation : A case study through the ecological modernisation lens

Government programs to finance small firms or start-ups have attracted a little empirical attention. From an economical perspective, the effect of government grants is evaluated by a measure of innovation or firm productivity. Yet, this paper takes a different approach from economical view aiming to address the research question “How do start ups firms view the relationship between government grants and their co-efficient innovation effort?” Semi-structured interviews with grant recipients (start-up business owners revealed that the grants assist firms to leverage their resource limitations but at the same time the grants also act as a major roadblock for their product development success.

How can design methodologies build strategic renewal in SMEs?

Many firms develop successful businesses around competencies and over time these competencies can become core rigidities and barriers to new ways of working. This paper investigates how firms respond to a design innovation program apply design methodologies to their business. Early findings from a study of companies engaged in a design innovation program indicate that applying design principles to multiple aspects of their business provides a new strategic focus, tools for a better understanding of their business and the marketplace, new economic activity, awareness of the need for an innovative culture and strategic renewal.

Some reflections about P2M : the place of the mirror

The purpose of this paper is to provide some insights about P2M, and more specifically, to develop some thoughts about Project Management seen as a Mirror, a place for reflection…, between the Mission of organisation and its actual creation of Values (with s: a source of value for people, organisations and society). This place is the realm of complexity, of interactions between multiple variables, each of them having a specific time horizon and occupying a specific place, playing a specific role. Before developing this paper I would like to borrow to my colleague and friend, Professor Ohara, the following, part of a paper going to be presented at IPMA World Congress, in New Delhi later this year in November 2005. “P2M is the Japanese version of project & program management, which is the first standard guide for education and certification developed in 2001. A specific finding of P2M is characterized by “mission driven management of projects” or a program which harness complexity of problem solving observed in the interface between technical system and business model.” (Ohara, 2005, IPMA Conference, New Delhi) “The term of “mission” is a key word in the field of corporate strategy, where it expresses raison d’être or “value of business”. It is more specifically used for expressing “the client needs” in terms of a strategic business unit. The concept of mission is deemed to be a useful tool to share essential content of value and needs in message for complex project.” (Ohara, 2005, IPMA Conference, New Delhi) “Mission is considered as a significant “metamodel representation” by several reasons. First, it represents multiple values for aspiration. The central objective of mission initiative is profiling of ideality in the future from reality, which all stakeholders are glad to accept and share. Second, it shall be within a stretch of efforts, and not beyond or outside of the realization. Though it looks like unique, it has to depict a solid foundation. The pragmatic sense of equilibrium between innovation and adaptation is required for the mission. Third, it shall imply a rough sketch for solution to critical issues for problems in reality.” (Ohara, 2005, IPMA Conference, New Delhi) “Project modeling” idea has been introduced in P2M program management. A package of three project models of “scheme”, “system” and “service” are given as a reference type program. (Ohara, 2005, IPMA Conference, New Delhi) If these quotes apply to P2M, they are fully congruent with the results of the research undertaken and the resulting meta-model & meta-method developed by the CIMAP, ESC Lille Research Centre in Project & Program Management, since the 80’s. The paper starts by questioning the common Project Management (PM) paradigm. Then discussing the concept of Project, it argues that an alternative epistemological position should be taken to capture Page 2 / 11 the very nature of the PM field. Based on this, a development about “the need of modelling to understand” is proposed grounded on two theoretical roots. This leads to the conclusion that, in order to enables this modelling, a standard approach is necessary, but should be understood under the perspective of the Theory of Convention in order to facilitate a situational and contextual application.

Evaluating the economics of the Australian National Hand Hygiene Initiative

The National Hand Hygiene Initiative, implemented in Australia in 2009, is currently being evaluated for effectiveness and cost-effectiveness by a multidisciplinary team of researchers. Data from a wide range of sources are being harvested to address the research questions. The data are observational and appropriate statistical and economic modelling methods are being used. Decision makers will be provided with new knowledge about how hand hygiene interventions should be organised and what investment decisions are justified. This is novel research and the authors are unaware of any other evaluation of hand hygiene improvement initiatives. This paper describes the evaluation currently underway.

Strategic Management Practices in the Construction Industry : a Dynamic Capabilities View

This book is an empirical study of strategic management practices in the construction industry. It examines the dynamic capabilities paradigm within the context of the Indonesian construction industry. The characteristics of asset-capability combinations were found to be significant determinants of the competitive advantage of the Indonesian construction enterprises, and that such advantage sequentially contributes to organizational performance. In doing so, this study fills an important gap in the empirical literature and reinforces the dynamic capabilities framework’s recognition as a rigorous theory of strategic management. As the dynamic capabilities framework can work in the context of Indonesia, it suggests that the framework has potential applicability in other emerging and developing countries

Extreme science and engineering : a higher education widening participation initiative at QUT

The QUT Extreme Science and Engineering program provides free hands-on workshops to schools, presented by scientists and engineers to students from prep to year 12 in their own classrooms. The workshops are tied to the school curriculum and give students access to professional quality instruments, helping to stimulate their interest in science and engineering, with the aim of generating a greater take up of STEM related subjects in the senior high school years. In addition to engaging students in activities, workshop presenters provide role models of both genders, helping to breakdown preconceived ideas of the type of person who becomes a scientist or engineer and demystifying the university experience. The Extreme Science and Engineering vans have been running for 10 years and as such demonstrate a sustainable and reproducible model for schools engagement. With funding provided through QUT’s Widening Participation Equity initiative (HEPPP funded) the vans which averaged 120 school visits each year has increased to 150+ visits in 2010. Additionally 100+ workshops (hands-on and career focused) have been presented to students from low socio-economic status schools, on the three QUT campuses in 2011. While this is designed as a long-term initiative the short term results have been very promising, with 3000 students attending the workshops in the first six months and teacher and students feedback has been overwhelmingly positive.

The role of strategic intelligence in anticipating transnational organised crime: A literary review

Transnational Organised Crime (TOC) has become a focal point for a range of private and public stakeholders. While not a new phenomenon, the rapid expansion of TOC activities and interests, its increasingly complex structures and ability to maximise opportunity by employing new technologies at a rate impossible for law enforcement to match complicates law enforcement’s ability to develop strategies to detect, disrupt, prevent and investigate them. In an age where the role of police has morphed from simplistic response and enforcement activities to one of managing human security risk, it is argued that intelligence can be used to reduce the impact of strategic surprise from evolving criminal threats and environmental change. This review specifically focuses on research that has implications for strategic intelligence and strategy setting in a TOC context. The review findings suggest that current law enforcement intelligence literature focuses narrowly on the management concept of intelligence-led policing in a tactical, operational setting. As such the review identifies central issues surrounding strategic intelligence and highlights key questions that future research agendas must address to improve strategic intelligence outcomes, particularly in the fight against TOC.

Strategic Intelligence in Law Enforcement: A Review

In an age where the role of police has morphed from simplistic response and enforcement activities to one of managing human security risk, it is argued that intelligence can be used to reduce the impact of strategic surprise from evolving criminal threats and environmental change. This review specifically focusses on research that has implications for strategic intelligence in law enforcement. The review findings highlight the absence of detailed research of law enforcement strategic intelligence. Findings suggest that current law enforcement intelligence literature focuses narrowly on the management concept of intelligence-led policing in a tactical, operational setting. As a result there is little theory on how to improve strategic intelligence outcomes. This is despite the fact that intelligence –led policing is envisaged as a management tool to guide strategic decision making. the review identifies central issues surrounding strategic intelligence and highlights key questions that future research agendas must address to improve strategic intelligence outcomes

Education for strategic environmental behavior

This article reviews four bodies of research that shed light on how to promote active care for the environment in children and youth: research on sources of proenvironmental behavior, socialization for democratic skills and values, the development of a personal sense of competence, and the development of collective competence. The article begins with an overview of studies of formative childhood experiences reported by environmental activists and educators, followed by correlational and experimental studies with young people regarding factors associated with their taking action for the environment. Because behaviors with the largest potential benefits for the environment require political engagement, the article also reviews experiences associated with young people’s interest and engagement in public issues. Action for the environment in the home or in public arena like schools and communities requires a personal sense of competence and a sense of collective competence, or confidence in one’s ability to achieve goals by working with a group. Therefore experiences that promote the development of these assets are summarized as well. The conclusion compares major findings in these different fields and discusses implications for environmental educators.