Integrating skills profiling and purchasing portfolio management:an opportunity for building purchasing capability

Kralijc’s (1983) purchasing portfolio approach holds that different types of purchases need different sourcing strategies, underpinned by distinct sets of resources and practices. The approach is widely deployed in business and extensively researched, and yet little research has been conducted on how knowledge and skills vary across a portfolio of purchases. This study extends the body of knowledge on purchasing portfolio management, and its application in the strategic development of purchasing in an organization, and on human resource management in the purchasing function. A novel approach to profiling purchasing skills is proposed, which is well suited to dynamic environments which require flexibility. In a survey, experienced purchasing personnel described a specific purchase and profiled the skills required for effective performance in purchasing that item. Purchases were categorized according to their importance to the organization (internally-oriented evaluation of cost and production factors) and to the supply market (externally-oriented evaluation of commercial risk and uncertainty). Through cluster analysis three key types of purchase situations were identified. The skills required for effective purchasing vary significantly across the three clusters (for 22 skills, p<0.01). Prior research shows that global organizations use the purchasing portfolio approach to develop sourcing strategies, but also aggregate analyses to inform the design of purchasing arrangements (local vs global) and to develop their improvement plans. Such organizations would also benefit from profiling skills by purchase type. We demonstrate how the survey can be adapted to provide a management tool for global firms seeking to improve procurement capability, flexibility and performance.

Portfolio size, non-trading frequency and portfolio return autocorrelation

In this paper we re-examine the relationship between non-trading frequency and portfolio return autocorrelation. We show that in portfolios where security specific effects have not been completely diversified, portfolio autocorrelation will not increase monotonically with increasing non-trading, as indicated in Lo and MacKinlay (1990). We show that at high levels of non-trading, portfolio autocorrelation will become a decreasing function of non-trading probability and may take negative values. We find that heterogeneity among the means, variances and betas of the component securities in a portfolio can act to increase the induced autocorrelation, particularly in portfolios containing fewer stocks. Security specific effects remain even when the number of securities in the portfolio is far in excess of that considered necessary to diversify security risk. © 2014 Elsevier B.V.

Pharmacy undergraduate students:career choices and expectations across a career choices and expectations across a four-year degree programme

Report commissioned by the Pharmacy Practice Research Trust

The early career researcher's toolkit:translating tissue engineering, regenerative medicine and cell therapy products

Although the importance of translation for the development of tissue engineering, regenerative medicine and cell-based therapies is widely recognized, the process of translation is less well understood. This is particularly the case among some early career researchers who may not appreciate the intricacies of translational research or make decisions early in development which later hinders effective translation. Based on our own research and experiences as early career researchers involved in tissue engineering and regenerative medicine translation, we discuss common pitfalls associated with translational research, providing practical solutions and important considerations which will aid process and product development. Suggestions range from effective project management, consideration of key manufacturing, clinical and regulatory matters and means of exploiting research for successful commercialization.

Joining the dots:using structured e-portfolio assignments to enhance reflection

Although there has been an increased interest in the use of electronic portfolios in higher education over the last five years, relatively little is known about the potential of such tools to support the development of higher order abilities for students, such as reflection, in a structured way that is suitable for assessment. This paper reports the findings from a small-scale research which sets out to compare the outcomes of reflective assignments in two cohorts of participants in a Postgraduate Certificate in Professional Practice in Higher Education in the UK. Participants in the programme were asked to submit reflective accounts using an e-portfolio system as part of their formal assessment. One cohort completed the assessment using some generic guidelines of how to reflect and construct an e-portfolio page without a given template or structure, whereas another cohort was given a specific template with clear assessment criteria to gauge the assembly of their reflections. The authors, who are also tutors in the programme, analysed the submitted reflections following open coding procedures. The analysis found a tendency for the reflection in the first cohort to be merely descriptive without progressing to speculating objectively about answers to relevant analytical questions about the process involved in the ability under scrutiny. In contrast the assignments of cohort two were found to be more insightful in terms of assimilating random bits of materials, thoughts and self-questions into complete reflective accounts. These findings bring some evidence to support and indeed promote a more structured approach to reflective practice, which can be further enhanced through a carefully created e-portfolio template and associated assessment criteria.

How education should link with career paths

How good is your pharmacy practice? And what does “good” look like? Take a look back at the education and training you have received in your career to date. Has it stood you in good stead? Certainly there is a need to establish a model of professional education and development that produces good pharmacists — you should be able to demonstrate your competence regardless of your sector of work. It may help if we move away from the view that excellence in pharmacy practice is primarily defined by where you practise and the kind of job that you do. The Modernising Pharmacy Careers programme’s aspirations to integrate the undergraduate degree with the preregistration training year are bold and to be applauded — provided the outcome delivers changes that are more than superficial. The new model needs to deliver greater integration of education with practice, while retaining an adequate science base. Theory should be put into the context of practice-based, cross-sector learning needs and opportunities. For example, is the classroom really the best environment in which to learn dispensing? Pharmacokinetic theory could be put into context through creatively designed work placements. And it might make more sense to learn patient counselling in a community pharmacy, and so on. Is it resources we lack to make this happen? Or do we lack the collective will to be imaginative, to be radical and to conceive new approaches to professional education? Implicit in this new approach to education is the expectation that pharmacists should teach and mentor and, conversely, that those who teach should also engage in relevant practice. University education must produce graduates whose knowledge and competence are useful to employers. Moreover, graduates must be adequately prepared to enter any area of the profession endowed with professional self-confidence (something, arguably, that needs further development within the pharmacy psyche). Of course, becoming qualified is just the beginning. Post-qualification, pharmacists need structured career paths that foster this professional confidence, support learning and ensure recognition. To this end, the Royal Pharmaceutical Society-led professional curriculum group is working to define knowledge, skills and experience for all areas of advanced practice. More than ever, the profession needs to adopt a culture of learning, teaching and practice research that is unified. The question is: how do we move away from merely collecting qualifications (trophies) to developing meaningful careers? Pharmacists in all areas and at all levels of the profession need to consider their own willingness to make this shift. The RPS and MPC are leading the way, but are we following?

Getting round pegs into round holes:getting students onto the right engineering programme

Aston University offers a Foundation year in Engineering and Applied Science. The purpose of this programme is to prepare people with the necessary skills and knowledge required to enrol on an undergraduate programme in Engineering and Applied Science. It is acknowledged there are many misconceptions as to what engineering is. This is further compounded by the lack of knowledge of the different engineering disciplines both by pre-university students and careers teachers [1]. In order to ameliorate this lack of knowledge, Aston University offers a unique programme where students are given the opportunity to have a ?taste? of four Engineering Disciplines: Mechanical Engineering, Electrical Engineering, Chemical Engineering and Computer Science. Alongside these ?taster? sessions, the students study a Professional Skills module where they are expected to keep a portfolio of skills. In their portfolios they comment on their strengths and weakness in relation to six skill areas: independent enquirer, self-manager, effective participator, creative thinker, reflective learner and team worker. The portfolio gives them the opportunity to perform a self-skills audit and identify areas where they have strengths and areas which require work to improve to become a competent professional engineer. They also have talks from engineers who discuss with them their careers and the different aspects of engineering. The purpose of the ?taster? sessions, portfolio and the talks are to encourage the students to critically examine their career aspirations and choose an engineering undergraduate programme which best suits their ambitions and potential skills. The feedback from students has been very positive. The ?taster? sessions have enabled them to make an informed choice as to the undergraduate programme they would like to study. The programme has given them the technical skills and knowledge to enrol on an undergraduate programme and also the skills and knowledge to be a successful learner.