Question 1
The quality depends on the role of the people which defines it. Most consumers have time difficulties in defining quality but are able to depict it once it is seen. This is how quality is achieved in organizations, not just by what is followed by the organization to please the customer whether it is a manufacturing sector or a service providing sector. (Kinlaw, 2006) As the case is, the 5 central features highlighted to achieve quality are:
1) Business Excellence
Excellence is the quality or the state of excelling. In the Business and organizations, excellence is to be considered of an important value or goal offered to customers in the short period of time in terms of efficiency and maximising of profitability.
Business
…show more content…
The organization had four values to be followed including integrity, recognition, quality and teamwork. The strategic goals that were established by the organization to achieve quality were recognising the total quality of Mortgage Express. It provided a first class competitive service so that it could enable the employees to achieve the best training and to enhance the career building development. This had an impact on the creation of a long-term shareholder value (Kinlaw, 2006), and thus the leadership vision and goals were achieved by the strategic initiatives as a key action every year. The performances of the employees were reviewed every year and self-assessment was proven to be an invaluable business management tool.
The organization had issues for impossibility to justify the investment into teamwork and reengineering to improve the process for self-assessment. In the case, the approach was to simplify the process of the way work was done in each level; understanding of the performance was achieved for measuring the improvement in the implementation of ideas that were identified through the measurement
…show more content…
The strategy to develop the mortgage lending in the market was not quite possible as Mortgage Express was centralized for lending operation. In the year 1991, the company had withdrawn from the central mortgage lending market which had a huge impact on the 350+ employees that worked for Mortgage Express. The greatest concern for the company was that most staffs were not motivated to remain in the company as the financial returns were highly affected.
Then the top management level had to take up the process of change as a new approach in positive terms which included teamwork and a working climate of involvement. The Directors was led by the CEO, Keith Greenough to have focus on extra miles once the approach is taken in to consideration which is the single and the biggest step taken by the organization to generate loyalty and to maintain a strong morale with the staffs. The company had a benchmarking focus for a concentration on the job satisfaction, shared goals, hands on management and great
The Sub-Prime Mortgage Crisis of 2008 has been the largest financial crisis to take place since the end of the Great Depression. It was the actions of individuals and companies that caused this crisis. For although it could have been adverted, too much money was being made by too many people in place of authority to think deeply on the situation. As such, by the time actions were taken to attempt to rectify the situation, it was already too late. Trillions of dollar of tax payers’ money was spent trying to repair the situation that was caused by the breakdown of ethics and accountability in the private sector. And despite the government’s actions to attempt to contain the crisis, hundreds of thousands lives were negatively affected before, during, and after this crisis.
In other words, the company cannot be good at everything. Moreover, to achieve Service Excellence it is needed to compromise some of the service attributes, mainly by reducing the ones that the targeted group of customers values less, in order to focus on the improvement of the service’s qualities that the customers want most.
Mortgage crisis can evidently be associated with excessive borrowing from the financial institutions without proper considerations of the terms and conditions of the deal. The prospects that surround business in real estate are always promising and this presumption got into the mind of all stakeholders involved in the subprime mortgage lending business. This is because in 2000, the mortgage rates were low and everybody would afford a mortgage. Unfortunately, the financial models were flawed as the rate was adjustable. After many people were nested in the mortgage bracket, greed propelled the rates to levels subprime cannot afford thus leading to foreclosures. It can be concluded that greed, lack of sufficient knowledge and flawed financial models led to the emergency of subprime mortgage crisis.
Quality is an important part of any business rather from a customer’s perspective or a producer’s perspective. Quality from a customer’s perspective is they “want value and quality has become a major factor in the value of products and service” (Russell & Taylor, 2013, pg. 53). “The customer is the most important part of the production line” (Russell & Taylor, 2013, pg. 53). This can be referred to as quality of design meaning “involves designing quality characteristics into a product or service” (Russell & Taylor, 2013, pg. 54). Now let’s look at the quality from a producer’s perspective. This can be referred to a quality of conformance meaning “making sure the product or service is produced according to design” (Russell & Taylor, 2013,
The company's management put a lot of emphasis on taking care of its employees, encouraging an entrepreneurial spirit, treating each other with respect, and being committed
Mortgage loans are a substantial form of revenue for the financial industry. Mortgage loans generate billions of dollars in the financial industry. It is no secret that companies have the ability to make a lot of money by offering a variety of mortgage loan products. The problem was not mortgage loans but that mortgage companies were using unethical behavior to get consumer mortgage loans approved. Unfortunately, the Countrywide Financial case was not an isolated case. Many top name mortgage companies have been guilty of unethical behavior. Just as the American housing market was starting to recover from its worst battering since the Great Depression, a new scandal, an epidemic of flawed or fraudulent mortgage documents, threatens to send not just the housing market but the entire economy back into a tailspin (Nation, 2010).
Every organization uses different business strategies in order to remain in business. Some adopt customer- centric strategies; some uses strategies to maximize their profit. For a long time, many organizations have made quality as their selling point.
Synopsis: Coleen Colombo began employment with BNC the Sacramento California Concord branch in 2003. The Concord office was part of a regional group that subsidized $1.2 billion of loans a month. Coleen was hired as a senior underwriter for the Concord branch. Initially Coleen thrived in her position during one of her performance evaluations; she achieved a top rating of “exceed expectations.” It’s easy to say that Coleen loved her job with BNC, at is before the bottom fell out of the subprime lending market. Coleen and five of her colleagues, all women, said that they were highly compensated successful employees with the company.
Quality is the primary idea for majority of managers and leaders across the world, and the use of tools implemented by great guru like Deming, Juran and Crosby and widely used as well as those instituted by organization of standardization such ISO or PMI have made the face of quality the number one element of comparison among competitors. The quality philosophy is to be implemented at different point within the company depending of the philosophy used, from Deming to Juran and Crosby points about quality are divergent and they also have some common point to share.
Create value and whip diversity; Satisfied employee leads to more profitability. Evaluating employees makes them work hard and engage company goals. By pushing and valuing diverse ideas makes them passionate and part of the huge mission: Provide great human resource services and stand strenuously among the
Performance management is a management tool used to value, monitor and measure a company’s strategies that ensure the efficiency and effectiveness of its product delivery. This management tool does not focus on the organisation and on its employees as well as stakeholders. It is a continuous process that entails that managers make sure that organisational and employee values are corresponding (Aguinis, 2005,p.1/2-1/5). Performance Management brings about the competencies in the employees, increases self-esteem by giving feedback to employees, there is a low number of lawsuits because it helps understand the company better (eThekwini Municipality, 2008,p.10-11). According to Pride, Hughes and Kapoor (2011, p.288) performance management creates motivation for employees; one theory of motivation is of Expectancy, which stipulates that employees satisfaction is driven by expectations of what an organisation will offer in return.
While personnel may be the driving force to achieve goals, they need to be supported with resources, time and any number of items; this evaluation is for management to determine where they can provide assistance to the people. Organizations will often fall short in this area and either not recognize or not want to accept it until documented with measures and evidence. By having the organization evaluated as a whole, it possibly gives credence to their employees that the organization is supportive of their efforts. In turn, employees should be giving maximum effort towards achieving strategic goals by performing tasks as required.
"An article by Beecroft (1999) entitled "The role of quality in strategic management" discusses the significance of quality considerations in the development of effective strategic plan. One primary concern the author saw was the relationship between quality, short and long-term objectives, and bottom line profits. According to the author, "Conformance to design and customer requirements translates to quality, therefore higher conformance is higher quality. Higher quality results in lower costs and increases competitiveness, leading to an increase in sales and market share, more jobs and improved profitability" (p.
Life is all about setting goals and trying to achieve them. The same theory also applies in the managerial industry. The accomplishment of desired results in a business is called performance. One of the major concerns of the top managers of a firm is the actual performance of the firm so its measurement is unavoidable.
The above essay gives clear idea about the teamwork. There are different types of team in the organization, which is very essential for the business. The theories of belbin (1993), Tuckman and Jensen (1977) shows the nine teams role and five stages of development which are very important for any team building and also in belbin theory there is practical example of the company who used the nine team role and win the award and tuckman theory has been criticed by authors, and the example of teamwork given by Apple Inc. Ceo Steve jobs and Microsoft shows important of teamwork in their organization. Therefore I came to the conclusion that teamwork is a for the organization and very helpful in achieving the task on time.