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Saturday March 19 2016
Cost management is key to Indian competitive advantage
Thesynergyonline Management Bureau
NOIDA, MARCH 17 : In an effort to help improve management practices in the industry and devising better cost management strategies, leading management institute IMS Noida today began its three-day periodic Management Development Programme that brings together leading academics, industry insiders and experts in the field.
This programme will discuss Strategic Cost Management, a crucial subject in management studies that pertains to the economics of reducing costs without compromising on quality and delivery.
Professor Rajendra Patel from IIM Ahmedabad will offer his valuable inputs and new perspectives on methods and techniques for appropriate cost planning, importance of managing costs and aligning them with the business strategy of an entity.
The forces of globalization, liberalization and privatization have not only knitted the world economies closer together but the spill-over eﬀects of the changes happening in world are today felt more strongly and swiftly by all the economies. It is cost effectiveness that prompt hundreds of western companies to outsource jobs to low-cost destinations like India. Cost effectiveness is the key to competitiveness in a highly connected world like ours. Hence, there is greater need today to recognize different costing systems and strategies and devise better managerial decisions and business strategies to constantly remain cost effective.
"As a discipline, management studies needs to constantly evolve itself to include in its paradigm the changing needs of the time, which keep throwing up new challenges into the discipline. Cost management is an area of management that needs constant re-thinking and evolution to keep tiding over the rising costs. Today, Indian organizations may be benefitting from the outsourcing boom because of low labor costs; however, the wages are bound to increase and they need to devise other strategies to keep costs low and their competitive advantage high. The management development programme is an initiative from our end to help the management sector improve on various fronts. We are, therefore discussing cost management as it forms of the basis of any enterprise and management," said Dr KJS Anand, Executive Director, IMS Noida.
The first day of the programme began with inauguration and lamp lightening by Dr Debarshi Mukherjee, Chairperson, Centre for e-Commerce, IMS, Noida and Dr KJS Anand, Executive Director, IMS, Noida. The day introduced the participants to the basics such as costing terminology, cost objects, cost drivers, break-even analysis using concept of relevant costs, conventional method of indirect cost allocation, activity-based costing in product industry, service industry, relevant costs for alternative choice decisions etc. While the day 2 of the programme will discuss aspects of Management Control & Organizational Performance, ProPt Centres & Transfer Price issues, Analysis of Financial Performance, Corporate Performance Measurement in Multi Divisional Companies, Performance Measurement – Balanced Scorecard – Beyond Financial Numbers, Day 3 will deal with issues Target Costing ,Value Engineering, Just-in-Time, Theory of Constraints, Life Cycle Costing etc.
"With India emerging as the third largest startup ecosystem in the world, there is growing demand for efficient and innovative management graduates who are adept and trained at devising new strategies to resolve problems. While globalization has made more markets easily available, improved connectivity and helped fasten business processes, it has also increased competition and challenges to new businesses manifold. Hence, management development programmes are necessary to provide relevant training to the executives of different sectors of the economy operating at different levels in the organizational hierarchy, through real-world case studies, group discussions, and interactive presentations. I am honored to receive to the opportunity from IMS, Noida to share my knowledge and experience with all the management people," said Prof Rajendra Patel.
Constructive use of minds can free Indian society from many problems we face today, says President
Thesynergyonline Management Bureau
NEW DELHI, NOVEMBER 30 :
Speaking on the occasion, the President said ," India is a country of 1.2 billion creative minds. The constructive use of these billions of minds can free the Indian society from many of the problems which we are facing today. It is for each one of us as an individual to make a commitment and to dedicate oneself to solving the problems of society and country. "
The President called upon the faculty, students, and alumni of IIM-Ahmedabad to continue to engage with creative minds from industry, business, entrepreneurs, society leaders and with those who work at the grassroots.
He said the Institute must address the pressing issues confronting today's society. It must strive to be a beacon of knowledge, nurture other institutions with generous mentorship, and maintain a culture that blends the drive for excellence and performance with the spirit of collaboration and compassion.
The President said National Innovation Foundation and IIM-Ahmedabad, has given a global identity to the Indian model of social innovation. He encouraged the Institute to continue investing energy and resources in nurturing innovations that accelerate the nation's economic progress and create a sustainable inclusive society.
The President said innovation is key to economic development and reflects the maturity of a nation and society to respond to the emerging needs and challenges. It is a continuous process and needs to be nurtured at each and every step.
Innovation, higher education and industry need to be closely networked for maximum benefit of the society. Any innovation happening either at the grassroots level or in the higher educational institutions must be linked to the industry for commercialization of the innovation.
The President said the children of India have proved that innovative spirits can dispel any amount of inertia and replace it with exciting new possibilities. He feels optimistic about the future when he sees the younger generation which does not want to live indefinitely with unsolved problems. Innovations from creative youngsters are the best examples of "Samvedna se srijansheelta" (innovation from compassion or empathy).
"To the well-organized mind, death is but the next great adventure." - J.K. Rowling, Harry Potter and the Sorcerer's Stone
Doyen of management education
Thesynergyonline Management Bureau
NEW DELHI, MARCH 24 :
And so Professor Ishwar Dayal, a doyen of Indian management education and founder director, IIM, Lucknow passed away today morning at New Delhi after prolonged illness. He was 90.
Despite his advanced age Prof Dayal was mentally agile playing the role of Chief Mentor of Birla Institute of Management Technology, BIMTECH, Greater Noida since 2012.
Prof. Dayal served as the first full-time Director of the fourth national level management institute-- Indian Institute of Management (IIM) Lucknow. In 1963, Prof. Dayal started teaching at IIM, Kolkata and later moved to IIM, Ahmedabad.
He also served as the founding Dean of International Management Institute, New Delhi, Director, Indian Institute of Public Administration, New Delhi and leader of UNDP/ILO Project on Management Development in Nigera.
He served several business organizations for nearly 15 years and held senior management positions at Alembic, Philips and Metal Box.
News of Prof. Ishwar Dayal's demise was received with grief by leaders in management education and corporate world across the country.
In a tribute Dr Rajan Saxena, VC, NMIMS, Mumbai said, "I am saddened by this news. My association with Prof. Ishwar Dayal goes back to 1982 when he took over as founding Director of IIM Lucknow. We have lost a great teacher, an institution builder, a friend, mentor and an amazing leader."
In his message Dr. H Chaturvedi, Director BIMTECH said, "Prof Dayal was a fountainhead of ideas, strong conviction and institution builder. We were fortunate to have been mentored by Prof Dayal in our journey of excellence. We shall miss the presence of a great teacher."
Prof. Dayal went to University of California to study mechanical engineering and later specialized in Clinical Psychology. He took up post graduate studies in New York and London.
Prof. Dayal has been consultant to many large organizations in India such as Power Finance Corporation, Life Insurance Corporation, Indian Oil Corporation, Indo-Burma Petroleum, Air India, Indian Airlines, National Thermal Power Corporation, Mafatlal Industries, DCM, Voltas, Bank of Baroda among others.
He has served on several Government commissions and committees. In 1990 he chaired a Ministry of Human Resource Development committee to recommend on Policy Perspectives for Management Education that presented the report 2001.
Prof. Dayal has served on the Corporate Boards of several organizations. He was Chairman, DCM Ltd., for two and half years, and member of the Board of Bharat Electronic Ltd., Indian Oil Corporation, National Textile Corporation, U.P. Roadways Corporation among others. He was on the Governing Board of management schools.
Prof. Dayal has published 27 books and monographs and over 240 papers in journals and periodicals in India and abroad.
"What you deserve will be down to you, and you alone."
PMA president Adesh Jain wins Lifetime Achievement Award
Thesynergyonline Management Bureau
NEW DELHI, DECEMBER 09 :
And so the Minister of State for Skill Development & Entrepreneurship (Independent Charge) Mr Rajiv Pratap Rudy has conferred the Lifetime Achievement Award on National President of Project Management Associates (PMA) Mr Adesh in recognition of his efforts to create a project-oriented India.
Mr Jain, who is also the Chairman of International Institute of Projects and Program Management (I2P2M), is globally acclaimed for his initiative to train managers in project management and create a right mindset for the same.
This latest recognition is another feather in Mr Jain's cap. Among his other major achievements, he was elected in 2005 the first non-European President of IPMA in its history of 49 years, and the Government of Turkey released a postal stamp (limited edition) in his honour in 2010 during the IPMA World Congress. He was also awarded the Honorary Chairmanship of China Construction Project Management Committee (CPMC) in Beijing in 2006.
Mr Jain had organized India's first project management International conference in association with UNDP and since then has been passionately involved in creating a project-oriented India.
" If you make a hiring mistake, make the change quickly. Don't ignore problems. Don't assume it will get better."
AuthBridge takes stride forward
"Somebody once said that in looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if you don't have the first, the other two will kill you. You think about it; it's true. If you hire somebody without [integrity], you really want them to be dumb and lazy." - Warren Buffett
And so AuthBridge Research Services , India's background screening and risk management consultancy company is all set to take stride forward in further strengthening its position as one of India's leading background acreening companies.
"Research is the process of going up alleys to see if they are blind. The desire for safety stands against every great and noble enterprise. Naive people tend to generalize people as—-good, bad, kind, or evil based on their actions."
But today our very survival depends on our ability to stay awake, to adjust to new ideas, to remain vigilant and to face the challenge of change. Look at everything always as though you were seeing it either for the first or last time.
Apropos of this the company recently launched its new website. It is the bright new face of the company that reflects its constantly evolving processes and business outlook.
With an eye to the future and belief in the value of smart technology the company's investment In the latest technology is a continuing process. The processes continually evolve to meet the unique needs of individual clients. Many of the processes are automated, a primary reason for AuthBridge's ability to maintain a record of meeting tight turnaround-times.
The company claims that efforts to get businesses to re-look at their HR practices and change attitudes are paying off.
The unique selling points (USPs) of the company are client satisfaction, passion for quality and strongly established processes. These are not merely marketing words but based on the fact that a third of the current business is the result of recommendations from established loyal clients.
The company also provides substance abuse testing, risk advisory and corporate fraud investigation solutions to a host of Fortune 500 companies.
"Try not to become a man of success. Rather become a man of value." - Albert Einstein
Cyrus P Mistry confers degrees
Thesynergyonline Management Bureau
NEW DELHI, MARCH 14 :
So was the convocation held by The Institute of Management Technology (IMT), Ghaziabad and Institute of Management Technology, Hyderabad for the class of 2014 at Ghaziabad campus. Mr Cyrus P. Mistry, Chairman, Tata Sonsd, delivered the convocation address on this occasion.
The ceremony was presided over by Mr Bakul Nath, vice president, Board of Governors, Institute of Management Technology (IMT).
Director of IMT Ghaziabad, Dr Bibek Banerjee addressed the outgoing batch, "During your stay at IMT, you have been nourished on a rich diet of knowledge, skills and attitude, intended to make you fit to excel in the world of practice. In order to ensure success and accomplishment in your professional life, you will need to connect the dots – the theory and simulations with real-world situations and challenges, and combine these inputs with your own ingenuity and judgment, in order to solve the kind of problems that you will be faced with.
According to Henry Ford , " The man who thinks he can and the man who thinks he can't are both right. Which one are you?"
"Nothing comes as an accomplishment instantly. Success does not come overnight. Patience is the key! Grow up and be the tree; but remember it takes dry and wet seasons to become a fruit bearer, achiever and impact maker!"
According to Dr V Panduranga Rao, Director, IMT Hyderabad, "The ultimate aim of education is to make you a better human being and to be able to place the well-being of a larger less fortunate group over your personal goals. It has been attempted to imbibe in you the spirit of learning through questioning and discussion and inculcate logic, reasoning, team spirit, tolerance for ambiguity, sincerity, dedication and enterprise through classroom and extracurricular activities. It is expected of you to be at the forefront in creating opportunity for others, in furthering the cause of national growth and in raising the bar of professionalism."
According to Mr Cyrus P Mistry, Chairman, Tata Sons "The most significant of the challenges beset upon the industry in the world is to ensure high standards of ethical conduct and good corporate governance that stakeholders expect from corporate sector. Long term commitment to values need to be demonstrated by the industry leaders. In an increasingly interdependent world, young managers are required to develop the sensitivity to societal concerns, and use the many tools that are available."
The theme of convocation, Norming Excellence, commits to inculcate, refine and polish everyday aspects of life, the ability to look at ordinary things from a different perspective is gained, a hitherto unavailable point of view which impels and warrants a different action to the same input.
This leads to a marked difference in the way we go about with routine tasks at the workplace, an increase in efficiency and effectiveness as well as the ability to glean new insights and identifying hidden patterns.
The chief guest awarded diplomas to PGDM (Post Graduate Diploma in Management), DCP (Dual Country Program), PGDM-Executive and the PGDM-Part time students. The students belong to the following specialisations: Marketing, Finance, Human Resources, Information Technology and International Business. The event was also marked with the traditional IMT Ghaziabad way of felicitating the distinguished alumnus of the year, Mr Suprakash Chaudhuri, MD, SAP India and sub-continent.
Asia Pacific Institute of Management
NEW DELHI, JANUARY 07 : It is not the fruits of scientific research that elevate man and enrich his nature. but the urge to understand, the intellectual work, creative or receptive.- Albert Einstein
Mr Rajendra Singh Executive Director (HRD) and Mrs Meenakshi Davar, General Manager (HRD) Power Grid Corporation of India and Dr S P. Chauhan, Officiating Director, Asia-Pacific Institute of Management New Delhi, as signatories at an MoU signing ceremony in New Delhi on Tuesday.
Asia-Pacific Institute of Management (AIM) signed a memorandum of understanding (MoU) with Power Grid Corporation of India (PGCIL or PowerGrid). The main objective of the MoU is to start long-term collaboration between Asia-Pacific Institute of Management and PowerGrid.
The MoU will help in various areas of business and organization development by exchanging intellectual resource and infrastructure of both the organizations. Some of the areas identified for such collaboration are Management Development Programs, Executive Education, Consultancy, Summer Internship, Research, Conference and Case Writing and International Assignments, etc.
Mr Rajendra Singh Executive Director (HRD) and Mrs Meenakshi Davar, General Manager (HRD) Power Grid Corporation of India and Dr S P. Chauhan, Officiating Director, Asia-Pacific Institute of Management New Delhi, were present as the signatories.
As a partner to Power Grid, Asia-Pacific Institute of Management, New Delhi, has established a remarkable long term relationship with one of the Maharatna’s of India, which would not only unfold new horizons of development but also provide an opportunity for similar relationship with other Maharatnas and Navratnas of India.
"Fortune sides with him who dares."
FinNiche holds risk management conclave 'RISCON 13'
Thesynerrgyonline Management Bureau
NEW DELHI, NOVEMBER 19 :
RISCON aims at identifying and obtain possible solutions to risks deeply associated with various aspects of the financial world.
After capturing and influencing the minds of people in its journey of 4 years, RISCON '13 now focuses its attention on the risks and advantages associated with the various government reforms influencing the Indian economy.
The theme for RISCON'13 is "Emerging Paradigms of India- Opportunities in Risk". The conclave is an attempt to provide a platform for sharing and addressing the various concerns in this domain and analyzing more effective ways for mitigating these risks. It aims to achieve this through a series of knowledge sharing sessions, panel discussion by industry experts and inter B-School events.
Noticeables on the occasion as guest speakers are:
The topics to be covered in the sessions are : • Direct Benefit Transfer - Empowerment through Financial Inclusion • Emerging Markets
The Panel Discussion to be held on November 17 will include eminent panellists such as Mr R.J. Massillammani, Ex-CEO, Titan & Faculty, IMT-G- Moderator , Mr R.K. Sinha, Vice President, RvaluE Consulting , Mr Mohit Bhakuni, MD & CEO, Contify , Mr Bhuvan Asthana, Vserv.mobi
B-schools should include industrial relations' challenges in PG degree course in HR
Thesynergyonline Economics Bureau
NEW DELHI, NOVEMBER 13 :
“Mutual respect, trust and understanding between both employees and management is imperative for good and harmonious industrial relations,” said the Chief Labour Commissioner, Mr B.K. Sanwariya while inaugurating an industrial relations conference on ‘Leveraging IR for Workplace Harmony & Growth’ organised by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).
“Analysis of work satisfaction, happiness index and productive index are key to real harmonious relations and also to build mutual trust, understanding and respect between both parties,” said the Chief Labour Commissioner. “A few personal actions, ego problems and lack of time management are factors that largely affect industrial relations.”
Suggesting certain other ways to improve industrial relations, Mr Sanwariya said, “We should promote social dialogue through statutory and non-statutory provisions to develop understanding between management and trade unions.”
“Some informal dialogue should also take place outside the workplace like family get-togethers, organising cultural activities where managements’ and workers’ representatives along with their families participate and discuss their personal things as it would develop inter-personal relationships in a harmonious way,” he added.
“Globalisation will bring into focus to a great extent, the outsourcing business i.e. outsourcing of functions and using contract workers,” said Mr S.Y. Siddiqui, chairman, ASSOCHAM National Council on Labour Affairs & COO, Maruti Suzuki India Limited while addressing the ASSOCHAM conference.
“This is a huge issue for the country at the moment but there is hardly anything that has been suggested as future framework,” said Mr Siddiqui. “A professional management framework will be required to manage the outsourcing business and contractual manpower.”
He also stressed upon the need for simplification of labour relations framework.
Amid others who spoke at the ASSOCHAM conference included: Prof. J.S. Sodhi, director, Shree Ram Centre for IR, HR, Economic and Social Development; Mr S.C. Aggarwal, senior managing committee member, ASSOCHAM and CMD, SMC Global Securities Ltd. and Mr Ravi Wig, senior managing committee member, ASSOCHAM.
Career College holds 2-day "Six Sigma
MUMBAI, AUGUST 01 :
The fundamental objective of the Six Sigma methodology is to implement a measurement-based strategy that focuses on process improvement and variation reduction through the application of Six Sigma improvement projects.
It has saved huge amounts of money and improved the customer experience for a large number of organizations across the world, yet it is applied in an inconsistent and often reductive fashion in many companies. Hence it is recommended to train the employees and students.” The interested candidate may contact the institute.
BHEL bags AIMA Managing India Award
President presents AIMA Managing
Thesynergyonline Management Bureau
NEW DELHI, APRIL 11 :
Speaking on the occasion, the President congratulated all the award winners for contributing to the country’s progress. He expressed the hope that they would ignite the minds of other managers and entrepreneurs to think big towards nation building.
He said that he had an unshakable faith in the bright future of the Indian economy. The winners of Managing India Awards exemplify this conviction, he said.
The President said that to mark India’s growing stature, management principles should find application not only in business and industry, but also in other important processes such as social change and governance. He said that how change is managed would determine our progress. This is a need that the Managing India Awards denote, and is also a reality epitomized by this year’s award winners, he added.
The President said that to develop our manpower as partners of progress, all-round efforts are necessary. He stated that greater number of technical institutes is required to be set up. Existing technical institutes that lag behind in quality must be up-graded.
The President said that technology would determine our domestic industry’s ability to beat competition. He stated that our research and innovation efforts must aim at technology up-gradation to simplify production processes, improve quality and seek efficiency gains.
The President stated that our country needs visionary business leaders to manage India’s transition to a knowledge economy. He said that we also require the Indian industry to act as a catalyst for deepening our growth process. Our industry should aim at inclusion of all as participants in economic development, he added.
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