Just-in-time purchasing: a case study

This article presents a case study on how Hutchinson Technology Incorporated (HTI) organized and implemented just-in-time (JIT) purchasing.     

Just-in-time in the infrastructure

We know that just-in-time (JIT) manufacturing is a set of philosophies, not a set of techniques. These same philosophies are embraced by the total quality management (TQM) school. The most important element of this philosophy is that of continuous improvement--the acceptance of constantly changing objectives as a departure from reliance on standard requirements. This fundamental concept drives other philosophical aspects such as improving utilization of resources (employee involvement, reduction of waste) and long-term success (customer focus, vendor partnerships). Clearly, these philosophies are applicable to all organizations and functions. Perhaps some of these philosophies are manifest by certain JIT principles that we might consider when we design organizational routines and practices. Why not apply what has been proven in the factory to the seemingly bureaucratic behaviors in the office.     

Just-in-time inventory systems innovation and the predictability of earnings

Firms that adopt just-in-time (JIT) inventory practices do so in order to realize cost savings and improve product quality, but an unexpected benefit to such firms could be a more predictable earnings stream. We examine the relationship between implementation of just-in-time inventory practices and the predictability of future quarterly earnings for a matched-pair sample of 82 firms, half of which have publicly announced that they have adopted JIT inventory practices. We find that one- and four-step-ahead forecasts of quarterly earnings, using either a Brown–Rozeff [Journal of Accounting Research (1979) 179–189] ARIMA or a seasonal random walk expectation model, are more accurate for the firms that have adopted JIT.     

A psychological typology and its relationship to entrepreneurial success

This research indicates that typologies covering multiple types of entrepreneurs are applicable within the realm of entrepreneurial personality. Four such personality types - personal achievers, real managers, expert idea generators, and empathic supersalespeople - are identified, and shown to be related to subsequent entrepreneurial success. The evidence indicates that entrepreneurial talent may be gauged in terms of the number of these patterns present in a given individual. Those with more patterns are more likely to achieve a substantial level of success. These results have implications for anyone whose work touches upon the field of entrepreneurship. This paper is concerned primarily with how the typology was developed and how the relationship of each type to entrepreneurial success was established. The career routes that fit each type (and which must be followed to obtain success) are considered.     

Adaptive algorithms for maximizing overall stock return

Deciding which stocks to purchase and how to optimally allocate the total investment among them is a nontrivial task for every investor. In this article, we propose two adaptive techniques that would provide an optimal allocation maximizing the return over the investment period. The first approach is the adaptive power method (PM) which is a modification of the proper orthogonal decomposition method. The adaptive PM uses only the currently available information to compute the optimal allocations, yet its long-term solution approaches the dominant eigen solution, even though that solution would require having a priori knowledge of all stocks’ performance. The second approach is derived from the well-known Least Mean Square (LMS) method, where the optimal allocation can be computed by adaptively steering the overall return toward a desired value. The experimental results have indicated promising gains even when the general market trend is downward.     

Boundary behavior of supply: A continuity property of the maximizing correspondence

The normal cone correspondence, which assigns to each point of a convex set the cone of normal vectors to the set at this point, is well known not to be lower hemi-continuous. Sufficient 'conditions for a weaker approximability condition of some points in the graph of this correspondence are given. The result is applied to study the boundary behavior of supply functions of producers who maximize profit on a convex set.     

Organizational success and success criteria: Conceptual issues and an empirical illustration

This paper deals with the concept of “organizational success” and success criteria. The discussion reveals that success may be conceptualized and measured in several ways. A variety of criteria for describing, explaining and predicting organizational success dealt with in the literature are explored in a small-scale study conducted in the newspaper industry. The findings show that commonly used success criteria, based on both unobtrusive and obtrusive data, are more or less unrelated, mapping different and only partly understood aspects of organizational success. Theoretical and management implications are highlighted.     

Beyond TV: Viewdata & its potential for fund raising

Viewdata, a two-day information service that links computers with home TV sets, is likely to revolutionize American fund raising when it arrives in the U.S., claims the author. She presents the system's actual and possible applications for fund raising, drawing upon the experience of two charitable organizations in the United Kingdom that are already using viewdata with great success.     

Inferring welfare maximizing treatment assignment under budget constraints

This paper concerns the problem of allocating a binary treatment among a target population based on observed covariates. The goal is to (i) maximize the mean social welfare arising from an eventual outcome distribution, when a budget constraint limits what fraction of the population can be treated and (ii) to infer the dual value, i.e. the minimum resources needed to attain a specific level of mean welfare via efficient treatment assignment. We consider a treatment allocation procedure based on sample data from randomized treatment assignment and derive asymptotic frequentist confidence interval for the welfare generated from it. We propose choosing the conditioning covariates through cross-validation. The methodology is applied to the efficient provision of anti-malaria bed net subsidies, using data from a randomized experiment conducted in Western Kenya. We find that subsidy allocation based on wealth, presence of children and possession of bank account can lead to a rise in subsidy use by about 9% points compared to allocation based on wealth only, and by 17% points compared to a purely random allocation.     

Fund-raising gala: a glittering success

Calgary District Hospital Group used the opening of a shopping/entertainment center as a fund raiser. The event made everyone a winner.     

On the maximizing behavior of a monopoly planner

Conclusions The model developed here leads to some useful conclusions. If we consider an economy without trade where the supply of inputs varies in response to the level of current real consumption paid to inputs, then the relevant social input constraint for the planners is not a single production possibilities locus, but the planners feasibility constraint developed here. This constraint traces the locus of points on a family of production possibility surfaces that would be generated by each alternative quantity of inputs. The rate of product transformation along the planners' feasibility function will differ from the rate of product transformation along the production possibilities locus by an amount that reflects the marginal input supply. In such an economy, whenever the arguments of the planners' welfare function are not identical with the arguments of the input supply function, the necessary conditions for the planners' optimum will be non-optimal with reference to usual market socialist welfare criteria. At equilibrium, the marginal rate of product substitution in the planners' welfare function will not equal the marginal rate of product transformation on the production possibilities function. In addition, when the tastes of planners and of consumers diverge, the necessary conditions for the planners' optimum imply the exercise of some monopoly power by the planners. For given input supply conditions and given production functions, the magnitude of the monopoly effect increases to a limiting value as the diverge of tastes between planners and consumers increases.     

Approaches to career success: An exploration of surreptitious career‐success strategies

Theorists have forwarded a vast range of career‐success determinants, including sociodemographic, social capital, personality, and other behavioral factors. We suggest that existing studies have overconcentrated on the overt behavioral determinants of career success to the detriment of the covert, clandestine, and concealed. Our analysis of two detailed qualitative case studies involving 112 indepth interviews with executives, managers, supervisors, and front‐line staff in a large financial services organization and a medium‐sized fashionable restaurant group uncovered five main strategies of surreptitious career success.These strategies are obligation creation and exploitation, personal‐status enhancement, information acquisition and control, similarity exploitation, and proactive vertical alignment. Our findings indicate that just over 79% of those interviewed (88 of 112) referred to, at some point in their careers, premeditated strategies to enhance their careers that they concealed from coworkers. Consequently, we argue that surreptitious actions are central to employee career‐focused activities and fundamental to a more complete understanding of the complexities of career‐oriented employee behavior. © 2006 Wiley Periodicals, Inc.     

Project management: a methodology for success

Project management's ultimate measurement is the successful integration of new technology into the culture of the organization. The first and most crucial step in any implementation is the specification and subsequent selection of the equipment or technology. It is important to make the "right" choice--one where the technology provides value-added services to the users so it helps them do their jobs better now and in the future. Making a "wrong" choice can severely impact even the best-managed implementation (and project managers' careers). There is simply no margin for error--so getting it right the first time is not merely an option, it is a prerequisite for success.     

The 1990s: prescription for success

MCH materiel management has successfully utilized an information system to achieve the objectives of the past decade, and it is now well into accomplishing the objectives of the 1990s. Those objectives revolved around revenue enhancement, which will occur through further integration of the information system throughout the institution. Currently the information system links accounts payable, general ledger, budgeting, and, to a lesser degree, nursing and the ancillaries. However, the plan is to enhance its integration to all departments in order to control and track not only official inventory but all patient chargeable items. This system will be able to ensure that all patient chargeable items are infact billed. One should consider, for example, the revenue effect in the surgery department, considering the dollar volume of noninventory purchases. Thus it becomes apparent that for materiel management in the 1990s there are many opportunities and challenges. Management must be able to utilize the resources available to find success and excel toward achievement of future goals.