Lean Product Management – Enhancing Product Managers' Ability to Create Value

The purpose of this master’s thesis was to study the opportunity to apply Lean practices to product management function which happens in an office environment. Since product management plays an important role in the company’s success story, it’s important to have it functioning as effectively as possible. The goal was to find those Lean tools and methods that fit the best to the needs of product management. The research was conducted as a qualitative action research which comprises a comprehensive literature review and a single case study. Theoretical information about Lean Thinking and product management was collected from articles, literature and Internet sources. Moreover, empirical data was collected by conducting interviews in the Case Company’s product management department in order to gain an in-depth understanding of product management’s problematics. The results indicate that most of the product management challenges could be overcome by applying Lean practises. Based on the usability rate, which has been discussed in the empirical part of this study, the most suitable Lean practises for product management function are: value stream mapping, Kanban and KPIs.

How Is Credit Risk Estimated? Discussion and Evidence based on Cross-Industry Sample Utilizing the KMV Model

The purpose of this thesis is to focus on credit risk estimation. Different credit risk estimation methods and characteristics of credit risk are discussed. The study is twofold, including an interview of a credit risk specialist and a quantitative section. Quantitative section applies the KMV model to estimate credit risk of 12 sample companies from three different industries: automobile, banking and financial sector and technology. Timeframe of the estimation is one year. On the basis of the KMV model and the interview, implications for analysis of credit risk are discussed. The KMV model yields consistent results with the existing credit ratings. However, banking and financial sector requires calibration of the model due to high leverage of the industry. Credit risk is considerably driven by leverage, value and volatility of assets. Credit risk models produce useful information on credit worthiness of a business. Yet, quantitative models often require qualitative support in the decision-making situation.

Cardiac Imaging in the Diagnosis of Coronary Artery Disease: The Value of Quantitative Imaging of Myocardial Perfusion and Deformation

Atherosclerosis is a chronic and progressive disease of the vasculature. Increasing coronary atherosclerosis can lead to obstructive coronary artery disease (CAD) or myocardial infarction. Computed tomography angiography (CTA) allows noninvasive assessment of coronary anatomy and quantitation of atherosclerotic burden. Myocardial blood flow (MBF) can be accurately measured in absolute terms (mL/g/min) by positron emission tomography (PET) with [15O] H O as a radiotracer. We studied the coronary microvascular dysfunction as a risk factor for future coronary calcification in healthy young men by measuring the coronary flow reserve (CFR) which is the ratio between resting and hyperemic MBF. Impaired vasodilator function was not linked with accelerated atherosclerosis 11 years later. Currently, there is a global interest in quantitative PET perfusion imaging. We established optimal thresholds of [15O] H O PET perfusion for diagnosis of CAD (hyperemic MBF of 2.3 mL/g/min and CFR of 2.5) in the first multicenter study of this type (Turku, Amsterdam and Uppsala). In myocardial bridging a segment of the coronary artery travels inside the myocardium and can be seen as intramural course (CTA) or systolic compression (invasive coronary angiography). Myocardial bridging is frequently linked with proximal atherosclerotic plaques. We used quantitative [15O] H O PET perfusion to evaluate the hemodynamic effects of myocardial bridging. Myocardial bridging was not associated with decreased absolute MBF or increased atherosclerotic burden. Speckle tracking allows quantitative echocardiographic imaging of myocardial deformation. Speckle tracking during dobutamine stress echocardiography was feasible and comparable to subjective wall motion analysis in the diagnosis of CAD. In addition, it correctly risk stratified patients with multivessel disease and extensive ischemia.

Performance of value and momentum strategies in the Swedish stock market

This thesis investigates the performance of value and momentum strategies in the Swedish stock market during the 2000-2015 sample period. In addition the performance of some value and value-momentum combination is examined. The data consists of all the publicly traded companies in the Swedish stock market between 2000-2015. P/E, P/B, P/S, EV/EBITDA, EV/S ratios and 3, 6 and 12 months value criteria are used in the portfolio formation. In addition to single selection criteria, combination of P/E and P/B (aka. Graham number), the average ranking of the five value criteria and EV/EBIT – 3 month momentum combination is used as a portfolio-formation criterion. The stocks are divided into quintile portfolios based on each selection criterion. The portfolios are reformed once a year using the April’s price information and previous year’s financial information. The performance of the portfolios is examined based on average annual return, the Sharpe ratio and the Jensen alpha. The results show that the value-momentum combination is the best-performing portfolio both during the whole sample period and during the sub-period that started after the 2007-financial crisis.

Customer Value Creation in Born Global Companies

The purpose of this master's thesis is to study customer value creation in born global companies. The main objective is to identify the types of value enabling customer value creation in born global companies, and to establish their relative importance. After an introduction to the born global academic literature and the customer value creation literature, the empirical part consists of a multiple case study, examining the state of customer value creation in the case companies, along with the subsequent analysis. The results of this research indicate that high-tech born global companies perceive customer value creation as a crucial function of their operations, but their value creation thinking is often one-dimensional. Technology based born globals often place high value on the product and the technology behind it, mainly striving to incorporate performance- and relationship value in their value offerings, but they're unable to utilize their opportunity creation to the fullest, and they lag behind their more established competitors that are able to diversify their value offerings.

Dynamic capabilities as enablers of value co-creation between an MBA school and its students

This study presents an understanding of how a U.S. based, international MBA school has been able to achieve competitive advantage within a relatively short period of time. A framework is built to comprehend how the dynamic capability and value co-creation theories are connected and to understand how the dynamic capabilities have enabled value co-creation to happen between the school and its students, leading to such competitive advantage for the school. The data collection method followed a qualitative single-case study with a process perspective. Seven semi-structured interviews were made in September and October of 2015; one current employee of the MBA school was interviewed, with the other six being graduates and/or former employees of the MBA school. In addition, the researcher has worked as a recruiter at the MBA school, enabling to build bridges and a coherent whole of the empirical findings. Data analysis was conducted by first identifying themes from interviews, after which a narrative was written and a causal network model was built. Thus, a combination of thematic analysis, narrative and grounded theory were used as data analysis methods. This study finds that value co-creation is enabled by the dynamic capabilities of the MBA school; also capabilities would not be dynamic if value co-creation did not take place. Thus, this study presents that even though the two theories represent different level analyses, they are intertwined and together they can help to explain competitive advantage. The MBA case school’s dynamic capabilities are identified to be the sales & marketing capabilities and international market creation capabilities, thus the study finds that the MBA school does not only co-create value with existing students (customers) in the school setting, but instead, most of the value co-creation happens between the school and the student cohorts (network) already in the recruiting phase. Therefore, as a theoretical implication, the network should be considered as part of the context. The main value created seem to lie in the MBA case school’s international setting & networks. MBA schools around the world can learn from this study; schools should try to find their own niche and specialize, based on their own values and capabilities. With a differentiating focus and a unique and practical content, the schools can and should be well-marketed and proactively sold in order to receive more student applications and enhance competitive advantage. Even though an MBA school can effectively be treated as a business, as the study shows, the main emphasis should still be on providing quality education. Good content with efficient marketing can be the winning combination for an MBA school.

Ethical leadership as a way to promote work-related well-being

The purpose of this study was to clarify the connections of ethical leadership with the work-related well-being of employees. Additionally, the role of occupational health care in ethical leadership that promotes work-related well- being was analyzed. The objective of the study was to produce knowledge to support the development of ethical leadership and work-related well-being as well as to find ways for occupational health care to support organizations in these actions. The target groups of this study consisted of the managers (N=43) and employees (N=336) working in one organization in the Finnish energy industry. The population was studied in November 2014 using census. The data was gathered with two different web-based surveys containing structured and open questions. The survey for managers consisted of background questions and statements concerning ethical leadership, work-related well-being and occupational health care. The employee questionnaire consisted of questions about background and statements about work-related well-being and ethical leadership. The structured questions were analyzed with SPSS Statistical Program and the open questions using inductive content analysis. At least 80 % of the managers saw their actions as ethical in all but one part of ethical leadership. The work-related well-being of the employees was found best in the area of ability to work (91 % agreed) and lowest in the area of experience of ethical leadership (67 % agreed). The results showed a strong positive connection between ethical leadership and all the components of work- related well-being. The managers and employees were generally quite happy with the services of occupational health care but managers saw some problems with the collaboration with occupational health care. Several ways to improve work-related well-being and collaboration with occupational health care were found. One of the most important things was thought to be offering ways to maintain ability to work and making these actions visible. Investing in ethical leadership and work-related well-being is extremely important for the success of an organization and the societal benefits cannot be forgotten either. The role of occupational health care in promoting the health and well-being of employees is substantial. Occupational health care should offer managers more tools to recognize difficult situations and acting in them as well as encourage managers to seek help from occupational health care without hesitation in problematic situations of leadership.

Value Creation of Professional Services

The aim of this qualitative thesis is to research, how professional services create value, and what are the key factors affecting on this process. A model describing value creation process in professional services will be explained, based on the existing literature and three in depth discussions with professional service representatives. Professional services are such services that are tend to base on problem solving and require high skills and knowledge of a professional. These services often have a consultative or an advisory nature, and they often involve both client and a company in service process. As the service is often delivered in somewhat collaboration so is the value created. The results of this thesis revealed that value is created in collaboration or co-operation in professional services. Therefore, value co-creation, as a concept, is exact to describe the value creation process in professional services. This thesis also revealed that value is co- created in continuous communication between a client and a company and no value or only a little value can be created if there is no effective communication during the professional service process.

Oppisopimuskoulutus yritysten tuottamana koulutuspalveluna: tavoitteista vaikutuksiin

Työpaikoilla tapahtuvan koulutuksen merkitys korostuu yhteiskunnassa kaikilla tasoilla nyt ja tulevaisuudessa. Tämä väitöstutkimus määrittelee oppisopimuskoulutuksen yritysten tuottamana koulutuspalveluna osana ammatillista tutkintoon johtavaa koulutusta, jota tuotetaan työpaikoilla ja yrityksissä. Väitöstutkimuksessa tarkastellaan niitä tavoitteita, joita yrityksissä oppisopimuskoulutukseen liittyy ja vaikutuksia, joita koulutusta tuottamalla yrityksessä syntyy. Tutkimuksen kohteena ovat eri alojen pienet ja keskisuuret yritykset (pk-yritykset), jotka ovat tuottaneet oppisopimuskoulutusta ja joilla on siitä vuosien kokemus. Lisäksi tutkimukseen osallistui pk-yrityksiä, joille oppisopimuskoulutus ja siihen liittyvä toiminta on vierasta. Tutkimus tuo uutta tietoa vain vähän tutkittuun aikuisten oppisopimuskoulutukseen, mutta ei sulje pois nuorten oppisopimuskoulutukseen liittyviä kysymyksiä. Tutkimus yhdistää oppisopimuskoulutuksen ja koulutuksen tuottamisen yrityksissä, mikä uudistaa sekä oppisopimuskoulutukseen, ammatilliseen koulutukseen, palvelun tuottamiseen että osaamiseen liittyvää teoreettista viitekehystä. Lisäksi tutkimus tuo yrityksille sekä oppisopimuskoulutuksen hallinnollisille tahoille palvelun tuottamisen ja siihen liittyvien tavoitteiden ja vaikutusten näkökulman. Väitöstutkimuksen teoreettinen viitekehys perustuu ja jakautuu kolmeen osaan: palveluun ja sen tuottamiseen, osaamispääomiin ja niiden eri muotoihin sekä vaikutuksiin palvelutuotannossa. Teoreettinen viitekehys kuvaa monimuotoisesti oppisopimuskoulutuksen ilmiötä, jonka olemus muuttuu sen mukaan, miten, kuka tai mikä taho sitä arvioi tai tarkastelee. Väitöstutkimus on empiiriseltä luonteeltaan kvalitatiivinen tutkimus, jonka aineisto on kerätty teemahaastatteluilla vuoden 2013 lopulla ja vuoden 2014 alussa. Aineisto on analysoitu sisällönanalyysillä aineistolähtöisesti. Tutkimusote pohjautuu abduktiiviseen päättelyyn. Tutkimustulokset esitetään ja luokitellaan niin tavoitteiden kuin vaikutusten osalta inhimillisen, rakenteellisen ja suhdepääoman kautta. Tutkimuksen mukaan oppisopimuskoulutuksen vaikutukset nähdään positiivisina ja neutraaleina, eikä alakohtaisia eroja vaikutusten osalta juuri ole. Myönteisten vaikutusten saavuttamiseen liittyy tärkeänä osana arvon luomisen ja tuottamisen kokemus molemmilla koulutukseen osallistuvilla osapuolilla. Lisäksi myönteisten vaikutusten taustalla ovat yrityksen sitoutuminen sekä työn ja koulutuksen johtamisosaaminen. Yrityksissä on tärkeää, että imago kouluttajana on hyvä. Oppisopimuskoulutuksen tuottamisesta syntyneet vaikutukset ovat asetettuja tavoitteita laajemmat, erityisesti rakenteelliseen pääomaan liittyvien vaikutusten osalta. Oppisopimuskoulutuksen vaikuttavuus yrityksessä syntyy asetettujen tavoitteiden ja vaikutusten välisestä suhteesta. Kokonaisuutena voidaan todeta, että oppisopimuskoulutuksen vaikuttavuus ja suorituskyky yrityksissä ovat hyvät, vaikka koulutuksen laatu vaihtelee jonkin verran. Oppisopimuskoulutuksen käynnistäminen, aloittaminen ja tuottaminen liittyvät usein niin sanottuihin oppisopimusagentteihin eli sellaisiin kehityshakuisiin henkilöihin, joilla jossakin elämäntilanteessa on ollut myönteisiä kokemuksia oppisopimuskoulutuksen mahdollisuuksista. Tutkimuksen mukaan oppisopimuskoulutuksen kustannukset koostuvat työsuhteesta, tietopuolisen koulutuksen aikaisesta työstä poissaolosta sekä ohjauksesta ja arvioinnista, mutta koulutusta pidetään taloudellisesti kannattavana. Oppisopimuskoulutuksen tuottamista estävät pääasiassa viestinnän ja tiedottamisen puute, koulutusmahdollisuuden tunnistamatta jääminen, yritysten heikko koulutuskulttuuri sekä epäselvät mielikuvat ja käsitykset. Nuorten oppisopimuskoulutuksen toteuttamisen hidasteina ovat tutkimuksen mukaan työsuhteeseen ja talouteen liittyvät seikat, nuorten kasvun vaiheeseen sisältyvät tekijät sekä monenlaiset pedagogiset ja eettiset kysymykset. Lisäksi tutkimuksessa havaittiin, että nuori on käsitteenä ja viiteryhmänä epämääräinen. Ammatillisen koulutuksen ja oppisopimuskoulutuksen eri muodot ja monet käsitteet myös aiheuttavat epäselvyyttä molemmissa tutkimuksen konteksteissa eli yrityksissä, joissa oppisopimuskoulutusta tuotetaan sekä yrityksissä, joissa sitä ei tuoteta.

Ethical leadership as a way to promote work-related well-being

The purpose of this study was to clarify the connections of ethical leadership with the work-related well-being of employees. Additionally, the role of occupational health care in ethical leadership that promotes work-related well- being was analyzed. The objective of the study was to produce knowledge to support the development of ethical leadership and work-related well-being as well as to find ways for occupational health care to support organizations in these actions. The target groups of this study consisted of the managers (N=43) and employees (N=336) working in one organization in the Finnish energy industry. The population was studied in November 2014 using census. The data was gathered with two different web-based surveys containing structured and open questions. The survey for managers consisted of background questions and statements concerning ethical leadership, work-related well-being and occupational health care. The employee questionnaire consisted of questions about background and statements about work-related well-being and ethical leadership. The structured questions were analyzed with SPSS Statistical Program and the open questions using inductive content analysis. At least 80 % of the managers saw their actions as ethical in all but one part of ethical leadership. The work-related well-being of the employees was found best in the area of ability to work (91 % agreed) and lowest in the area of experience of ethical leadership (67 % agreed). The results showed a strong positive connection between ethical leadership and all the components of work- related well-being. The managers and employees were generally quite happy with the services of occupational health care but managers saw some problems with the collaboration with occupational health care. Several ways to improve work-related well-being and collaboration with occupational health care were found. One of the most important things was thought to be offering ways to maintain ability to work and making these actions visible. Investing in ethical leadership and work-related well-being is extremely important for the success of an organization and the societal benefits cannot be forgotten either. The role of occupational health care in promoting the health and well-being of employees is substantial. Occupational health care should offer managers more tools to recognize difficult situations and acting in them as well as encourage managers to seek help from occupational health care without hesitation in problematic situations of leadership.