The notes are based on David Chancellor (2013): On the changing role of Chief Financial Officers (CFOs):
1. "Still expected to maintain responsibility (and accountability) for the financial health of the organization"
2. "Are being expected to play a greater role in other areas of the business, particularly human resources and information (IT)."
3. "Wheras business technolgy was once regarded as operational - rather than strategic - it now provides CFOs with the ability to access critical areas of the business, developing, analyzing and changing key performance indicators (KPIs)that measure the effectiveness of operations."
4. "... chief executive officers expect their CFOs to deliver new business financial models that clearly define the role that digital technology will play."
Reference
Chancellor, D. (2013) "Taking a leading role" Business Executive Issue 129, pp. 19-21, published by the Association of Business Executives, UK.
Friday 23 August 2013
Monday 12 August 2013
Managerial intellectual learning of systems thinking for Finance Managers (a speech)
A speech on “Managerial intellectual learning of systems thinking for Finance Managers in the digital era”
By Joseph Kim-keung Ho
This speech is for a group of Finance Managers working in Wholly Foreign Owned Enterprises in China, as a Continuous Professional Development (CPD) event for them. This speech will be video-taped by ABRS who is also the organizer of this event. I will deliver my speech in the following 2 parts, in 4 sessions:
Part 1: The essence of managerial intellectual learning of systems thinking
Session 1.1: Why do managers need to improve managerial intellectual learning capability?
Session 1.2: Why do Finance managers need to learn systems thinking?
Part 2: How to improve managerial intellectual learning for Finance Managers
Session 2.1.: On the managerial intellectual learning process model in the digital era
Session 2.2: How to improve managerial intellectual learning and the role of e-coaching
1.1 Why do managers need to improve managerial intellectual learning capability?
To start with, I feel it necessary to address a fundamental question: “Why should we take up managerial intellectual learning at all?”. There appear to be a number of reasons for that and these reasons are quite personal in nature. These can be:
Human nature
Learn for employability
Learn for fun
Learn for intelligence
Learn to become a scholar-practitioner
I can imagine that different people will accept some or even none of the reasons above. Some of my students maintain that they need to be forced to learn and that the present education system and professional examination system have spoilt their mood to take up intellectual learning. From my literature review, I find two concepts quite clearly formulated and appear reasonable as offering a reason and a way to take up intellectual learning. They are:
a. Gain successful intelligence (re: R.J. Sternberg; pls refer to the reference list of this document for further details); I quote the definition on successful intelligence for your reference here: “The ability to achieve one’s goals in life, given one’s socio-cultural context, by capitalizing on strengths and correcting or compensating for weaknesses, through a combination of analytical, creative and practical abilities”
b. Practise life based learning (LBL) (re: M. Staron): The main viewpoints of LBL are: (i) “All learning is interrelated, so it is not easy to separate learning at work from the other types of learning adults do”, and (ii) “Learning is a multi-dimensional experience and we engage in a lot of learning other than professional development”
As I am aware of, there are learners, whom we can call “intellectual learners”, who are comfortable with intellectual learning as it is a main part of their personality; these intellectual learners: (i) tend to assume a great deal of initiative in learning, (ii) feel secure because they have read widely,and (iii) are organized, logical, concise and able to conceptualize. (re: http://personal.cityu.edu.hk/~sspltr/p1/preparation/Lecture_notes/Intellectual_thinking.html).
1.2 Why do finance managers need to learn systems thinking?
The academic literature on systems thinking introduces specific systems approaches that provide guidelines/ steps, e.g. expansionism, and producer-product relationship, for effective problem-solving; systems thinking has also been applied in various management disciplines, including Accounting and Finance – systems thinking is an important part of the body of knowledge in Accounting and Finance. Thus, the systems literature should be studied by Finance Managers for their professional development. In this regard, I refer you to Jackson (2000), Flood and Jackson (1991), Ackoff (1981) as useful readings. I can use the diagrams on “a system” and “soft systems methodology of Checkland” to further introduce Systems Thinking.
2.1.: On the managerial intellectual learning process model in the digital era
There are many pathways on managerial intellectual learning, including:
Professional exam-based learning
Classroom learning
Workplace learning
Life based learning
Some are active, while others are passive; and, some are expensive while others cost much less. They all work on our intellectual learning process; for Bloom (1956), such a learning process will go through several levels, from the bottom level of remembering concepts; to the middle level of understanding and applying concepts, finally, we reach the top level, at which we analyze, evaluate with theories, as well as create new theories. Another theorist, Perry, maintains that the process goes through the following levels: (re: Intellectual Development: http://www.personal.psu.edu/scs15/Reading/development.html
)
LEVEL 0: DUALISTIC LEVEL
Exhibit black/ white thinking which relies on authority figures to provide right answers
Perceive their intellectual job as to memorize and repeat the correct answer which was given by the authority figure.
LEVEL 1: MULTIPLICITY
“Are more able to accept questions with gray answers”
“Still are very tolerant of their own pre-conceived notions and are unwilling to challenge them or be inclined to look at other points of view. “
LEVEL 2: RELATIVISM
“Understand that knowledge and values depend on context and individual perspectives”
“Begin to see the need for commitment to a course of action even with gray areas – based on critical evaluation and not external authority”
LEVEL 3: COMMITMENT WITH RELATIVISM
“Make commitments based on personal value”
“Attempt to resolve conflicts and acknowledge that these may never fully be resolved “
There are teaching strategies that are useful to facilitate learners to move up the levels of learning, e.g.: (re: Intellectual development: http://www.personal.psu.edu/scs15/Reading/development.html)
Provide appropriate balance of challenge and support
Assign open-ended real world problems
Have students work in small groups – automatically expose them to multiplicity of ideas
I would like to point that, in the digital era, there are aspects of the environment that are favourable for learning, e.g.
Access to lots of information, anytime and anywhere
Virtual community support
Multi-channels, multi-tasks
Just-in-time learning
On the other hand, there are also unfavourable ones, including the followings:
Information overload
Lack of concentration
The habit of reading and writing is vanishing
Lack of patience to learn
Ho (2013a) proposes a managerial intellectual learning process on systems thinking in the Internet era. The process includes 3 phases:
Phase 1: Data Management
Phase 2: Absorbed reading
Phase 3: MPSB knowledge compilation
2.2: How to improve managerial intellectual learning and the role of e-coaching
The managerial intellectual learning process model of Ho (2013a) highlights the role played by e-coaches. [Note: Coaching is a teaching, training or development process via which an individual is supported while achieving a specific personal or professional result or goal.” (re: Coaching: http://en.wikipedia.org/wiki/Coaching]. See also Ho (2013b) on how e-learning support can be provided in the digital social media ecosystem.
When we examine the more specific case of managerial intellectual learning for Finance Managers, I would like to consider the case of ACCA Professional Exam, as I am more familiar with their exam scheme. The case is: After graduation with a First Degree in Accounting and Finance, Accounting students can study for ACCA professional exam. Very often, they are required to sit for the following 5 papers:
P1: Governance, Risk and Ethics
P2: Corporate Reporting
P3: Business Analysis
P4: Advanced Performance Management
P6: Advanced Taxation
My question is: is such a scheme good for managerial intellectual learning? [This question is not the same as asking you whether ACCA is a good professional qualification.]
In Ho (2013c), I have made an explicit comparison of the various modes of Management Education, which is related to our discussion on managerial learning here. In that paper, I also discuss my personal research interest in Multi-perspective, Systems-based Research.
Finally, I would like to make some advices on managerial intellectual learning, which are also relevant to Finance managers:
You need:
The right mindset
The right environment
The right process
A contingency approach of learning
Forget your previous painful learning experience, if you still have that memory
Consider the following mottos of learning
Just do it (or “the future is the next second”)
Have a nice time: enjoyable learning
Life based learning
Issue-driven learning
Learning should be free-of-charge, or almost free.
Learning should be liberating
- End -
Related links on videos
References
Ackoff, R.L. (1981) Creating the corporate future, Wiley
Bloom’s Taxonomy: http://en.wikipedia.org/wiki/Bloom's_Taxonomy
Coaching: http://en.wikipedia.org/wiki/Coaching
Flood, R.L. and Jackson, M.C. (1991) Creative Problem Solving, Wiley
Ho, J.K.K. (2013a) “A Research Note: An exploration on the intellectual learning process of systems thinking by managers in the digital social media ecosystem” European Academic Research Vol. 1(5) August, PP. 636-649
Ho, J.K.K. (2013b) “A research paper: Providing e-learning support to part-time students in business disciplines using Facebook from the Multi-perspective, Systems-based (MPSB) perspective”, Systems Research and Behavioural Science 30, pp. 86-97.
Ho, J.K.K. (2013c) “An endeavor to render an impressionistic image of Enlightening Management Education in Multi-perspective, Systems-based Research”European Academic Research, September, (TO BE PUBLISHED)
Intellectual Development: http://www.personal.psu.edu/scs15/Reading/development.html
Intellectual learner: http://personal.cityu.edu.hk/~sspltr/p1/preparation/Lecture_notes/Intellectual_thinking.html
Jackson, M.C. (2000) Systems Approaches to Management, Kluwer Academic/ Plenum Publishers
Life based learning: http://lrrpublic.cli.det.nsw.edu.au/lrrSecure/Sites/Web/13289/focus/life_based_learning.htm
Successful intelligence (pdf): http://www.psicorip.org/Resumos/PerP/RIP/RIP036a0/RIP03921.pdf
By Joseph Kim-keung Ho
This speech is for a group of Finance Managers working in Wholly Foreign Owned Enterprises in China, as a Continuous Professional Development (CPD) event for them. This speech will be video-taped by ABRS who is also the organizer of this event. I will deliver my speech in the following 2 parts, in 4 sessions:
Part 1: The essence of managerial intellectual learning of systems thinking
Session 1.1: Why do managers need to improve managerial intellectual learning capability?
Session 1.2: Why do Finance managers need to learn systems thinking?
Part 2: How to improve managerial intellectual learning for Finance Managers
Session 2.1.: On the managerial intellectual learning process model in the digital era
Session 2.2: How to improve managerial intellectual learning and the role of e-coaching
1.1 Why do managers need to improve managerial intellectual learning capability?
To start with, I feel it necessary to address a fundamental question: “Why should we take up managerial intellectual learning at all?”. There appear to be a number of reasons for that and these reasons are quite personal in nature. These can be:
Human nature
Learn for employability
Learn for fun
Learn for intelligence
Learn to become a scholar-practitioner
I can imagine that different people will accept some or even none of the reasons above. Some of my students maintain that they need to be forced to learn and that the present education system and professional examination system have spoilt their mood to take up intellectual learning. From my literature review, I find two concepts quite clearly formulated and appear reasonable as offering a reason and a way to take up intellectual learning. They are:
a. Gain successful intelligence (re: R.J. Sternberg; pls refer to the reference list of this document for further details); I quote the definition on successful intelligence for your reference here: “The ability to achieve one’s goals in life, given one’s socio-cultural context, by capitalizing on strengths and correcting or compensating for weaknesses, through a combination of analytical, creative and practical abilities”
b. Practise life based learning (LBL) (re: M. Staron): The main viewpoints of LBL are: (i) “All learning is interrelated, so it is not easy to separate learning at work from the other types of learning adults do”, and (ii) “Learning is a multi-dimensional experience and we engage in a lot of learning other than professional development”
As I am aware of, there are learners, whom we can call “intellectual learners”, who are comfortable with intellectual learning as it is a main part of their personality; these intellectual learners: (i) tend to assume a great deal of initiative in learning, (ii) feel secure because they have read widely,and (iii) are organized, logical, concise and able to conceptualize. (re: http://personal.cityu.edu.hk/~sspltr/p1/preparation/Lecture_notes/Intellectual_thinking.html).
1.2 Why do finance managers need to learn systems thinking?
The academic literature on systems thinking introduces specific systems approaches that provide guidelines/ steps, e.g. expansionism, and producer-product relationship, for effective problem-solving; systems thinking has also been applied in various management disciplines, including Accounting and Finance – systems thinking is an important part of the body of knowledge in Accounting and Finance. Thus, the systems literature should be studied by Finance Managers for their professional development. In this regard, I refer you to Jackson (2000), Flood and Jackson (1991), Ackoff (1981) as useful readings. I can use the diagrams on “a system” and “soft systems methodology of Checkland” to further introduce Systems Thinking.
2.1.: On the managerial intellectual learning process model in the digital era
There are many pathways on managerial intellectual learning, including:
Professional exam-based learning
Classroom learning
Workplace learning
Life based learning
Some are active, while others are passive; and, some are expensive while others cost much less. They all work on our intellectual learning process; for Bloom (1956), such a learning process will go through several levels, from the bottom level of remembering concepts; to the middle level of understanding and applying concepts, finally, we reach the top level, at which we analyze, evaluate with theories, as well as create new theories. Another theorist, Perry, maintains that the process goes through the following levels: (re: Intellectual Development: http://www.personal.psu.edu/scs15/Reading/development.html
)
LEVEL 0: DUALISTIC LEVEL
Exhibit black/ white thinking which relies on authority figures to provide right answers
Perceive their intellectual job as to memorize and repeat the correct answer which was given by the authority figure.
LEVEL 1: MULTIPLICITY
“Are more able to accept questions with gray answers”
“Still are very tolerant of their own pre-conceived notions and are unwilling to challenge them or be inclined to look at other points of view. “
LEVEL 2: RELATIVISM
“Understand that knowledge and values depend on context and individual perspectives”
“Begin to see the need for commitment to a course of action even with gray areas – based on critical evaluation and not external authority”
LEVEL 3: COMMITMENT WITH RELATIVISM
“Make commitments based on personal value”
“Attempt to resolve conflicts and acknowledge that these may never fully be resolved “
There are teaching strategies that are useful to facilitate learners to move up the levels of learning, e.g.: (re: Intellectual development: http://www.personal.psu.edu/scs15/Reading/development.html)
Provide appropriate balance of challenge and support
Assign open-ended real world problems
Have students work in small groups – automatically expose them to multiplicity of ideas
I would like to point that, in the digital era, there are aspects of the environment that are favourable for learning, e.g.
Access to lots of information, anytime and anywhere
Virtual community support
Multi-channels, multi-tasks
Just-in-time learning
On the other hand, there are also unfavourable ones, including the followings:
Information overload
Lack of concentration
The habit of reading and writing is vanishing
Lack of patience to learn
Ho (2013a) proposes a managerial intellectual learning process on systems thinking in the Internet era. The process includes 3 phases:
Phase 1: Data Management
Phase 2: Absorbed reading
Phase 3: MPSB knowledge compilation
2.2: How to improve managerial intellectual learning and the role of e-coaching
The managerial intellectual learning process model of Ho (2013a) highlights the role played by e-coaches. [Note: Coaching is a teaching, training or development process via which an individual is supported while achieving a specific personal or professional result or goal.” (re: Coaching: http://en.wikipedia.org/wiki/Coaching]. See also Ho (2013b) on how e-learning support can be provided in the digital social media ecosystem.
When we examine the more specific case of managerial intellectual learning for Finance Managers, I would like to consider the case of ACCA Professional Exam, as I am more familiar with their exam scheme. The case is: After graduation with a First Degree in Accounting and Finance, Accounting students can study for ACCA professional exam. Very often, they are required to sit for the following 5 papers:
P1: Governance, Risk and Ethics
P2: Corporate Reporting
P3: Business Analysis
P4: Advanced Performance Management
P6: Advanced Taxation
My question is: is such a scheme good for managerial intellectual learning? [This question is not the same as asking you whether ACCA is a good professional qualification.]
In Ho (2013c), I have made an explicit comparison of the various modes of Management Education, which is related to our discussion on managerial learning here. In that paper, I also discuss my personal research interest in Multi-perspective, Systems-based Research.
Finally, I would like to make some advices on managerial intellectual learning, which are also relevant to Finance managers:
You need:
The right mindset
The right environment
The right process
A contingency approach of learning
Forget your previous painful learning experience, if you still have that memory
Consider the following mottos of learning
Just do it (or “the future is the next second”)
Have a nice time: enjoyable learning
Life based learning
Issue-driven learning
Learning should be free-of-charge, or almost free.
Learning should be liberating
- End -
Related links on videos
References
Ackoff, R.L. (1981) Creating the corporate future, Wiley
Bloom’s Taxonomy: http://en.wikipedia.org/wiki/Bloom's_Taxonomy
Coaching: http://en.wikipedia.org/wiki/Coaching
Flood, R.L. and Jackson, M.C. (1991) Creative Problem Solving, Wiley
Ho, J.K.K. (2013a) “A Research Note: An exploration on the intellectual learning process of systems thinking by managers in the digital social media ecosystem” European Academic Research Vol. 1(5) August, PP. 636-649
Ho, J.K.K. (2013b) “A research paper: Providing e-learning support to part-time students in business disciplines using Facebook from the Multi-perspective, Systems-based (MPSB) perspective”, Systems Research and Behavioural Science 30, pp. 86-97.
Ho, J.K.K. (2013c) “An endeavor to render an impressionistic image of Enlightening Management Education in Multi-perspective, Systems-based Research”European Academic Research, September, (TO BE PUBLISHED)
Intellectual Development: http://www.personal.psu.edu/scs15/Reading/development.html
Intellectual learner: http://personal.cityu.edu.hk/~sspltr/p1/preparation/Lecture_notes/Intellectual_thinking.html
Jackson, M.C. (2000) Systems Approaches to Management, Kluwer Academic/ Plenum Publishers
Life based learning: http://lrrpublic.cli.det.nsw.edu.au/lrrSecure/Sites/Web/13289/focus/life_based_learning.htm
Successful intelligence (pdf): http://www.psicorip.org/Resumos/PerP/RIP/RIP036a0/RIP03921.pdf
Sunday 11 August 2013
Lean Management - some resources
The following resources are on Lean Management:
1. Principles of Lean
2. Lean manufacturing
3. Lean tools
4. A brief history of Lean
1. Principles of Lean
2. Lean manufacturing
3. Lean tools
4. A brief history of Lean
Tuesday 6 August 2013
Time-based competition - some notes
The following notes are on the topic of Time-based competition (TBC):
1. Basic description
2. The concept of time-based competition (paper)
3. Global market and time-based competition (paper)
Brief notes
* "Companies engaged in TBC seek to reduce the amount of time devoted during each staege of the general cycle by eliminating non-value adding activities, shortening time and/or efficiently coordinating value adding activities." (Sapkauskiene and Leitoniene, 2010)
Reference
Sapkauskiene, A. and Leitoniene, S. (2010) "The Concept of Time-Based Competition in the Context of Management Theory" Inzinerine Ekonomika - Engineering Economics 21(2), pp. 205-213,
1. Basic description
2. The concept of time-based competition (paper)
3. Global market and time-based competition (paper)
Brief notes
* "Companies engaged in TBC seek to reduce the amount of time devoted during each staege of the general cycle by eliminating non-value adding activities, shortening time and/or efficiently coordinating value adding activities." (Sapkauskiene and Leitoniene, 2010)
Reference
Sapkauskiene, A. and Leitoniene, S. (2010) "The Concept of Time-Based Competition in the Context of Management Theory" Inzinerine Ekonomika - Engineering Economics 21(2), pp. 205-213,
Monday 5 August 2013
Management of Operations and Quality
The subject of Management of Operations and Quality includes the following topics:
1. Objectives and scope of Operations and Quality Management
2. Inventory Management
3. Just in Time
4. Supply Chain Management
5. Competitiveness
6. Project Management
7. Work Study
8. Business Process Reengineering
9. Time Based Competition
10. Totaly Quality Management, including Quality Costing and Statitstical Process Control
11. Problem Solving Teams
References
Slack, N., Chambers, R. and Johnston, R. (2006) Operations Management, 5th edition, Financial Times/ Prentice Hall
Oakland J (2004) Total Quality Management, 3rd edition, Butterworth-Heinemann
Hoyle, D. (2006).Quality Management Essentials, Butterworth-Heinemann
Russell & Taylor (1997).Operations Management – Focusing on Quality and Competitiveness, 2nd edition, Prentice Hall
Schneider B (2004).Service Quality, Sage Publications
Seaver M (2003).Gower Handbook of Quality Management, 3rd edition, Gower
Facebook folder (with exercises)
1. Objectives and scope of Operations and Quality Management
2. Inventory Management
3. Just in Time
4. Supply Chain Management
5. Competitiveness
6. Project Management
7. Work Study
8. Business Process Reengineering
9. Time Based Competition
10. Totaly Quality Management, including Quality Costing and Statitstical Process Control
11. Problem Solving Teams
References
Slack, N., Chambers, R. and Johnston, R. (2006) Operations Management, 5th edition, Financial Times/ Prentice Hall
Oakland J (2004) Total Quality Management, 3rd edition, Butterworth-Heinemann
Hoyle, D. (2006).Quality Management Essentials, Butterworth-Heinemann
Russell & Taylor (1997).Operations Management – Focusing on Quality and Competitiveness, 2nd edition, Prentice Hall
Schneider B (2004).Service Quality, Sage Publications
Seaver M (2003).Gower Handbook of Quality Management, 3rd edition, Gower
Facebook folder (with exercises)
Economics of the Market, Income & Employment
The subject of Economics of the Market, Income & Employment includes the following topics:
1. Production possibility frontiers
2. Opportunity cost
3. Market mechanism: supply & demand functions, role of prices, elasticity of demand and supply
4. Production influences: product curves and efficiency; long and short run cost influences; growth of organizations
5. Theory of the firm: perfect competition, monopolistic competition, monopoly
6.Aggregate demand, aggregate supply, national income
7. Inflation
8. Policy debates: Keynes vs monetarists
References
Mankiw, N, G (2012) Principles of Economics, 6th Edition, Cengage Learning
Griffiths A & Wall S (2007) Applied Economics, 11thedition, Financial Times/ Prentice Hall
Sloman, J. Hinde, K. (2006) Economics for Business (Paperback), Financial Times/Prentice Hall
Internet resources:
* Microeconomics
* Macroeconomics
* Facebook folder (with exercises)
1. Production possibility frontiers
2. Opportunity cost
3. Market mechanism: supply & demand functions, role of prices, elasticity of demand and supply
4. Production influences: product curves and efficiency; long and short run cost influences; growth of organizations
5. Theory of the firm: perfect competition, monopolistic competition, monopoly
6.Aggregate demand, aggregate supply, national income
7. Inflation
8. Policy debates: Keynes vs monetarists
References
Mankiw, N, G (2012) Principles of Economics, 6th Edition, Cengage Learning
Griffiths A & Wall S (2007) Applied Economics, 11thedition, Financial Times/ Prentice Hall
Sloman, J. Hinde, K. (2006) Economics for Business (Paperback), Financial Times/Prentice Hall
Internet resources:
* Microeconomics
* Macroeconomics
* Facebook folder (with exercises)
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