Erdem Özdemir 030070307 - 8th Week Definitions

Safety Lead Time

Product Management

New-Better Definition

Lead time is the time to procure or manufacture an item. In material requirements planning, lead time for all items covered by MRP is part of the MRP database. Due to unforeseen events, it may take more time than the planned lead time to pur­chase or make an item.

When safety lead time is employed, shop orders or purchase orders are released and scheduled to arrive one or more periods earlier to allow for po­tential delays. Consequently, purchase orders and production orders are released earlier and are the MRP logic would require. Safety lead time can be used in practice with safety stocks use safety lead time when there is an uncertainty in the timing of delivery from a vendor who misses delivery dates.

(Encyclopedia of Production and Manufacturing Management, 2000, Paul M. Swamidass, P657)

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Lead time is the time to procure or manufacture an item. In material requirements planning, lead time for all items covered by MRP is part of the MRP database. Due to unforseen events, it may take more time than planned lead time to purchase or make an item. When safety lead time is employed, shop orders or purchase orders are released and scheduled to arrive one or more periods earlier to allow for potential delays. Consequently, purchase orders and production orders are released and are the MRP logic would require. Safety lead time can be used in practice with safety stocks use safety lead time when there is an uncertainty in the timing of delivery from a vendor who misses delivery dates.

Swamidass M.P., Encyclopedia of Production and Manufacturing Management, p. 655

 Project Justification

Management Planning
New - Better Definition

This activity is typically undertaken by senior management. It involves the evalua­tion of potential projects (projects identified via the strategic planning process and new initiatives), the approval of the undertaking of a project feasibility study, the re­view of the project's business case (including cost-benefit), and the regular review of the progress of the project in achieving the business case. It is often called project governance.

This is a very complex process and few organizations have really managed to im­plement it successfully. As we discuss later, the senior management members under­taking this process are rarely educated in the management and governance of projects and, in most organizations, they lack the basic information framework to make effective decisions.

Project justification and approval are supported by the strategic planning process and by the feasibility study activity. The strategic planning process is critical in en­suring that the IT and business projects being undertaken are designed to assist the organization in achieving its desired outcomes. As detailed by Peter Keen (1991), Henry Mintzberg (1994), Michael Porter (1985), and many others, the organization's strategic plan involves analysis of the competitive, economic, social, and legislative environment and the internal capability (systems, technology, and human resources) of the organization. The strategic planning process identifies target markets, prod­ucts, and services and determines major projects that are required to successfully meet these targets.

(Radical Project Management, 2002, Rob Thomsett, P 50)

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Project justification should be based on valid objectives that are aligned to the business or strategic goals of the stakeholders. On traditional projects, once the project is justified, it continues on usually without any rejustification, unless serious problems emerge that can mandate the project be canceled.
Large, complex projects exist for the duration of the yearly funding cycle. At the end of each year, project rejustification is necessary for the next yearly funding cycle. Even if the rejustification is completed successfully, politics may dictate that the funds be redirected to some other project. This can happen if funding was allocated for the entire project.

(Harold Kerzner, Internation Institute for Learning, Carl Belack, Managing Complex Projects, pg: 117)

Zero-Sum Approach

Management
New-Better Definition

A zero-sum strategy is any behavior that attempts to produce profit for oneself while resulting in loss for another— it is the classical "I win, you lose" situation. Employing zero-sum strategies has both short-term and long-term consequences. Short-term profits gained through zero-sum strategies inevitably result in loss of relationships, and are therefore unsuitable for long-term purposes. Those habitually employing zero-sum games must continuously seek out naive participants to play the game, as "repeat customers" are unlikely. The especially deceitful strategist, however, may devise methods to delay discovery and be able to profit long-term.

Peoples of all cultures do things that lead them to prosper at the expense of the group. True public altruism is unlikely to evolve because it is vulnerable to incursion by cheaters who prosper on the good deeds of others while contributing nothing in return. A selfish infiltrator could readily dominate an altruistic group with its descendants, who will continue to reap the advantages of others' sacrifices while making none of their own.

Psychopathy may be an evolutionary survival strategy, encompassing cheating characteristics that allow a distinct cluster of traits (superficial charm, cleverness, deceit, impulsivity, irresponsibility, callousness, guiltlessness, and exploitativeness) to enhance reproductive and economic success. Psychopaths cannot be "cured"—any attempts to teach them social skills or raise self-esteem can make them even more menacing to others.

(Quantum Consciousness: 

A Philosophy of the Self's Potential Through Quantum Cosmology, 2004, Lily Splane, P242)

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A zero-sum approach empowering the poor by increasing their rights might focus on the distribution of assets or rights between the rich (or middle class) and the poor. A zero-sum approach to political rights focus on increasing the political representation of the poor relative to that of the rich. For example, voting turnout rates for the poor could be increased, potentially electing more erpresentatives who reflect poor people's interests rather than the interests of the nonpoor.
(Deepa Narayan-Parker, Measuring Empowerment, pg:368)