What really works

When it comes to improving business performance, managers have no shortage of tools and techniques to choose from. But what really works? What's critical, and what's optional? Two business professors and a former McKinsey consultant set out to answer those questions. In a ground-breaking, five-year study that involved more than 50 academics and consultants, the authors analyzed 200 management techniques as they were employed by 160 companies over ten years. Their findings at a high level? Business basics really matter. In this article, the authors outline the management practices that are imperative for sustained superior financial performance--their "4+2 formula" for business success. They provide examples of companies that achieved varying degrees of success depending on whether they applied the formula, and they suggest ways that other companies can achieve excellence. The 160 companies in their study--called the Evergreen Project--were divided into 40 quads, each comprising four companies in a narrowly defined industry. Based on its performance between 1986 and 1996, each company in each quad was classified as either a winner (for instance, Dollar General), a loser (Kmart), a climber (Target), or a tumbler (the Limited). Without exception, the companies that outperformed their industry peers excelled in what the authors call the four primary management practices: strategy, execution, culture, and structure. And they supplemented their great skill in those areas with a mastery of any two of four secondary management practices: talent, leadership, innovation, and mergers and partnerships. A company that consistently follows this 4+2 formula has a better than 90% chance of sustaining superior performance, according to the authors.     

Policy Assignments for Central Bank Activities

This paper contrasts different policy assignments for central bank operations. Two types of asset market transactions (domestic, foreign) and two policy targets (interest rate, exchange rate) are examined within a portfolio-balance model. It is demonstrated that assigning domestic asset transactions to the internal target, and foreign asset transactions to the external target, produces stable policy paths, while the opposite assignment does not. [310]     

Sustainable development of agricultural systems: competing objectives and critical limits

The sustainability of agricultural systems has become a major focus for debates about future human survival. Much of the argument appears to rely on simplistic interpretation of ecological models, and fails adequately to define what sustainability objectives are being sought. We explore the implications of two alternative approaches to agricultural sustainability: the Critical Limits view which would require future farming systems to accept the ecosystem-imposed limits on the number of people in the world and the lifestyle they can enjoy; and the Competing Objectives view would balance agricultural sustainability with economic viability, reduction of environmental harm and fulfilling public demands for food and landscape benefits. The development of farming systems of the future will depend on which of these views is adopted by planners and policy makers.This paper challenges some of the ecological assumptions underlying the Critical Limits approach and questions the conventional view that extensive farming systems are more sustainable agriculturally than intensive systems. We may be able to deal more effectively with the environmental side effects of intensive farming systems by treating them as unwanted externalities and taking direct action to avoid or remove them rather than attempting to change fundamentally the nature of modern farming systems.To cope with the increasingly complexity and inter-connectedness of modern farming systems in the context of globalisation and potential perturbations like climate change, we need a pluralistic approach to policy, which can cope with the high levels of uncertainty in these areas and which allows maximum flexibility of response to changing circumstances.     

Analysis of intermodal freight from China to Indian Ocean: A goal programming approach

This paper presents an intermodal network optimization model to examine the competitiveness of 36 alternative routings for freight moving from China to and beyond Indian Ocean. The proposed model, which is built upon the principles of goal programming, is able to handle multiple and conflicting objective functions such as minimizing transportation cost, transit time and transit time variability while ensuring flow continuity and transit nodes compatibility among the rail, road, ocean vessel, airplane and inland waterway transports. Transportation time and cost obtained from comprehensive industry sources are then fed into the intermodal transport network connecting two important Chinese origins and four Indian destinations, from which the most attractive routes are identified. In addition, the paper investigates several non-dominated transportation cases through sensitivity analysis tests, and analyzes the potential competitiveness and possible influences of future route developments to current transportation patterns in Asia.     

Technology readiness and usage: a global-identity perspective

The past several decades have witnessed the rapid globalization of consumption markets and widespread diffusion of information and communication technologies. However, the use of technology by consumers is not a foregone conclusion. We investigate the role of global self-identity on the orientation toward technology readiness and usage. Relying on a social-identity model of motivation as our theoretical framework, we propose a model which incorporates global self-identity (i.e., cosmopolitanism/parochialism and global/local identification) and self-regulation (i.e., promotion and prevention focus) in predicting technology readiness and usage in a self-service technology context. The proposed model is tested in two different cultures, the U.S. and China, and is contrasted with two theoretically-competing models as well. Results provide support for the hypothesized model, and a number of limitations, implications, and directions for future research are discussed.     

Vocational skills in the accounting professional profile: the Chartered Institute of Management Accountants (CIMA) employers' opinion

The increasingly dynamic environment in which accountants work has necessitated a reorientation of accounting education. In some countries this issue has raised great interest amongst accounting educators and practitioners. The ongoing debate has already resulted in the publication of several statements and research papers that have raised the question of the relevance of the role of vocational skills in accounting education. Examples of these vocational skills are communication skills, interpersonal skills, and problem-solving skills. This paper reports on the importance that the employers of management accountants gave to a specified set of vocational skills and capabilities and the level of ability of these skills exhibited by students. In order to prioritize future developments an integrated analysis of the two attributes, importance and exhibited level, is enabled by the use of strategic mapping. The results of this study suggest that the employers perceive deficiencies in several capabilities that they have identified as being quite important. These deficiencies exist, in the employers' opinion, both prior to recruitment and on professional qualification. The research also indicates that, in the opinion of these employers, the development of these skills should be a central concern for universities and professional bodies. The employers also indicated that vocational skills should be attained in an integrated way.